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Year-End Financial Strategies to Help You Thrive

Year-End Financial Strategies to Help You Thrive

December 05, 2023

The whirlwind rush toward the year's end is in full swing as December arrives. While navigating the festive season, it’s easy to forget that year-end is an important time to review your financial goals and lay a strong foundation for 2024.

Here are a few areas to help you get a head start in the coming year, especially when addressed by year-end:

Optimize Your Investment Strategies

Viewing your investments through a tax-savvy lens is essential in maximizing their effectiveness. It’s best practice to enlist the help of a seasoned financial professional to analyze your portfolio's gains and losses. There are strategies to consider, such as Tax Loss Harvesting (selling underperforming investments to offset taxes from other gains), assessing the balance between taxable and tax-deferred investments, creating tax-conscious withdrawal strategies, and adhering to guidelines for required minimum distributions (RMDs)1. We can help analyze your portfolio and recommend the best strategies for you.

Review Your Business’s Retirement Plan

For business owners seeking to align their retirement plans with business and employee needs, the end of the year offers a well-timed opportunity for a comprehensive review. This review will consider factors such as your business's historical tax savings (and compare them to the current year), evaluating retirement plan fees, and assessing fiduciary and administrative responsibilities. We can help you navigate this review to make sure your retirement plans work for you and your employees.

Assess Your Family’s Insurance Coverage 

Year-end is an ideal checkpoint to reassess your family's insurance portfolio and anticipated needs for the years to come. Things may have changed this year, and a detailed review of life, disability, and long-term care insurance policies ensures your coverage aligns with your current and future needs.

Refresh Your Legacy Plan

It’s never a bad idea to re-evaluate your estate, and the end of the year is a good time, especially if it’s been four or five years since you last updated your documents. With the help of an estate attorney, we review wills, trusts, charitable giving, Power of Attorney designations, and any health or financial changes that might impact the estate plan and update as necessary.

Your future self will thank you for taking the time to assess your financial plan, even during the year-end rush. Reach out to set up a time to discuss your plan, and we’ll help you start strong in 2024.