Is Your Financial House in Order?

The end of any year is always a great time to take steps that can help improve your personal finances.

Here are some items to consider:

• If you're not retired or you have earned income, review your 2023 contributions to retirement accounts such as IRAs.
• If you or your spouse is 73 or older, Required Minimum Distributions (RMD) must be taken before Dec 31. Otherwise, you could incur an additional tax penalty.
• Make charitable contributions that you want to be able to claim as a deduction on this year’s tax forms.
• Compare this year's spending against your budget and make any necessary adjustments for next year.
• Do you expect to earn more next year? Consider putting all or part of your expected increase into savings.
• If you have the ability to control the timing of your income or expenses, consider paying deductible expenses in 2023 (such as state taxes subject to certain limitations) while deferring income (such as rental income or bonuses) until 2024.
• Check your asset allocation and make any necessary changes.  This may be the time to add additional exposure to alternative assets such as gold, commodities or hedge fund like managers as this cycle may require a broader asset allocation.
• Take some time to define your family's financial goals and concerns for next year:
  • Do you want to save more for retirement? Or for college?
  • Is a particular budget category consistently over-budget?
  • Do you expect any unusually large bills next year such as college tuition or a new roof?

 
Taking the time to address these items now can help make next year a great financial success.
 
Contact us if we can help you analyze your situation or achieve your investment goals.