Summary
As 2024 concludes, it's crucial to assess your financial health and implement key strategies: Review Your Budget, Analyze your spending patterns to identify areas for improvement, and set realistic financial goals for the upcoming year. Maximize Retirement Contributions: Aim to fully utilize contributions to retirement accounts like 401(k)s and IRAs to benefit from tax advantages and bolster your retirement savings. Utilize FSA Funds: Spend any remaining Flexible Spending Account balances on eligible medical expenses before the year ends to avoid forfeiture. Engage in Tax-Loss Harvesting: Offset capital gains by selling investments that have incurred losses, reducing your taxable income. Plan Charitable Donations: Make charitable contributions by December 31 to qualify for tax deductions, and consider donating appreciated assets for additional tax benefits. Rebalance Your Investment Portfolio: Adjust your asset allocation to maintain your desired risk level and investment strategy. These steps can enhance your financial stability and position you for success in the coming year.
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Money Moves You Should Make Before the End of the Year