YEAR END FINANCIAL TIPS

Before you flip the calendar to a new year, there are some things you may want to check off your to-do list before saying goodbye to 2023.

1.    Review or update your beneficiary designations

Make any needed updates to the beneficiary portion of your bank accounts, retirement accounts, life insurance policies, and annuities. Have you gotten married or had a child within the last 12 months? Or perhaps a loved one has exited your life through a divorce or a death?

2.    Review tax withholdings

Review your tax withholdings and payments. Did you have any big events in the last year, such as marriage, divorce, or having a child?

3. Review your insurance needs

Health insurance, life insurance, homeowners insurance, and auto insurance. It’s important to reevaluate your insurance policies regularly.

4.    Review your portfolio

Take a close look at your investments. We saw how quickly the world changed when the pandemic began. Make sure your financial strategy still fits you. Did you recently inherit some money? Or perhaps your job is less secure than it was last year. As your life changes, your investments and financial portfolio might need another review and alterations.  Be sure to meet with your financial professional to see how changes in your life may have impacted your overall financial portfolio.

5.    Spend eligible flex dollars

A healthcare flexible spending account (FSA) can save you money; as long as you spend the pre-tax dollars before the end of the year. Otherwise you run the risk of losing it.  A tip for next year’s open enrollment period: If you, your spouse, or your child is going to need medical services, you should consider contributing to your FSA at least the amount of your health insurance deductible.

You’re now on your way to moving forward to 2024!

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This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.