{"id":13421,"date":"2024-10-02T17:57:12","date_gmt":"2024-10-02T17:57:12","guid":{"rendered":"https:\/\/zacksim.com\/blog\/?p=13421"},"modified":"2025-01-20T14:49:42","modified_gmt":"2025-01-20T14:49:42","slug":"take-care-of-your-year-end-financial-to-dos","status":"publish","type":"post","link":"https:\/\/zacksim.com\/blog\/take-care-of-your-year-end-financial-to-dos\/","title":{"rendered":"Take Care Of Your Year-End Financial “To-Dos”"},"content":{"rendered":"\n

Diana S. from Memphis, TN asks: <\/em>Hello Mitch, I can\u2019t believe this year is almost over! As we get into the holiday season, I usually get busy and don\u2019t have much time for planning, investing, etc. Do you have a short list of \u201cto-dos\u201d you can share that I should try to get done sooner than later? Thank you!<\/p>\n\n\n\n

Mitch\u2019s Response:<\/strong><\/p>\n\n\n\n

Thanks for writing, Diana. Making sure your \u2018financial house\u2019 is in order before the holiday season is a great idea.<\/p>\n\n\n\n

I have several ideas I can share with you. The first one is to be sure you\u2019ve reached all of your savings goals for 2024, which may mean checking how much you\u2019ve contributed to retirement accounts and whether you have more room to max out. Generally speaking, you have until April 15, 2025 to make retirement account contributions for 2024, but I think it\u2019s best to try to max out this year if possible. If you\u2019re retired, perhaps this just means creating a budget for the last three months of the year, to ensure your spending and saving for the full calendar year is where you want it to be.1<\/sup><\/p>\n\n\n\n

This next tip may not apply to you given your age, but readers should note that the required minimum distribution (RMD) age has risen to 73. If this is your first RMD year, you can wait until April 1, 2025 to take the distribution, but just like my advice above, I wouldn\u2019t wait unless you have a specific tax reason for doing so.<\/p>\n\n\n\n

Is Your Retirement Portfolio Protected Against Life\u2019s Unknowns?<\/a><\/u><\/strong><\/p>\n\n\n\n

Unclear investment goals can lead to uncertainty and nervousness, but it\u2019s important not to let fear of the unknown prevent you from taking advantage of future opportunities.<\/p>\n\n\n\n

I\u2019m offering all readers to download our free guide, How Solid Is Your Retirement Strategy?<\/u><\/em><\/a><\/strong>2<\/a><\/sup> for key strategies to help protect your financial security in retirement, including:<\/p>\n\n\n\n