Four Ways to Maximize Your End-Of-Year Finances

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As we approach the final months of 2023, it’s crucial to focus on financial planning to maximize your earnings and benefits for 2024. This time of year, while often hectic, presents a golden opportunity to lay the groundwork for a prosperous new year. By proactively setting your plans in motion now, you can enter the new year with confidence and a clear path to success. Let’s discuss how you can make this happen.

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1. Review Your Open Enrollment Benefits Package

         •Health Insurance Choices: Evaluate the differences between high deductible and high premium plans based on your healthcare needs and financial situation.

         •HSA vs. FSA: Learn about Health Spending Accounts (HSAs) and Flexible Spending Accounts (FSAs) and how they can help you plan for medical expenses.

         •Dependent Care FSA: Discover how a Dependent Care FSA can provide tax advantages for childcare expenses.

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2. Review Your Retirement Contributions:

         •Assess Your Savings Rate: Calculate your savings rate and ensure it aligns with your retirement goals.

       •Asset Location: Understand the importance of diversifying your savings across pre-tax, Roth, and after-tax accounts.

3.  Plan for Big Expenses:

         •Categorize Expenses: Identify and plan for needs, wants, and emergencies.

         •Budgeting for Needs and Wants: Allocate your savings rate to cover upcoming expenses without resorting to loans or dipping into emergency funds.

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4. Review Investment Account Beneficiaries:

         •Ensuring Correct Beneficiaries: Regularly update the beneficiaries on your investment accounts to reflect any life changes.

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