By |Published On: Nov 20, 2023|Categories: Financial Planning|

It’s hard to believe that it’s Thanksgiving already. Your time and attention are valuable so thank you for reading my emails every week. In the spirit of the holiday, here are some year-end finance tips for you.

Some Year-End Tips as a Thank You

As a thank you to “thank you” here are some year-end finance tips that you can implement between now and year end so that your harvest will be bountiful and plentiful.

There are a few weeks left in the year and a lot of times people can lose momentum around now until when the calendar turns. It happens – lots of responsibility, holiday travel, and stress. The time simply evaporates.

Perennial Finance Pointers

To make it easy and convenient for you, here are some year-end pointers:

  1. Lower taxes with investments
  2. Portfolio analysis to find out if you are on track
  3. Contribute the maximum to retirement if you can

1.) – Lower Your Taxes with Investments

First, for tax planning, what investments do you have that have lost money this year? On the other hand, what investments made you money? You can sell some of the money-gaining investments in tandem with the money-losing ones to lower your tax bill.

2.) – Portfolio Analysis to Know if You’re on Track

Next, it’s also a great time to look at your portfolio – everything. Roth IRA, traditional IRA, 401(k), etc. And do an extensive examination of your investments. If you are supposed to be 80% equities and 20% bonds and somehow you are 60% equities and 40% bonds, it’s a great time to move it back in the right direction.

3.) – Contribute the Maximum Amount to Retirement if You Can

Finally, each year, you can contribute a certain amount to retirement. A 401(k) maximum is $22,500, and Roth and Traditional IRA limits are $6,500. If you can afford to contribute the maximum amount, you should do so before December 31st.

By squeezing a few more dollars out of your paycheck and other earnings, the value of compounding will work in your favor when you are in your golden years.

As always, if you have any questions on these tips, you can set up a time to chat.