5 Essential End-of-Year Financial Actions for 2024

December 9, 2024 6 min read

As we approach the end of 2024, it's crucial to review your financial health and make necessary adjustments before the new year begins. Here are five essential actions to consider before December 31st.

1. Review Your Health Insurance Coverage

The annual Open Enrollment Period for health insurance is in full swing, making this the perfect time to evaluate your current coverage. Consider these key points:

  • Has your health situation changed this year?
  • Are your preferred healthcare providers still in-network?
  • Have your prescription medication needs changed?
  • Could you benefit from a different plan structure (HSA-qualified, lower deductible, etc.)?

Don't navigate health insurance decisions alone. Our expert advisors can help you evaluate your options and find the perfect coverage for 2024.

Schedule Your Free Consultation

2. Maximize Retirement Contributions

Take advantage of tax-advantaged retirement accounts before the year ends:

  • 401(k) contribution limit for 2024: $23,000 ($30,500 if age 50 or older)
  • IRA contribution limit: $7,000 ($8,000 if age 50 or older)
  • Consider catch-up contributions if eligible
  • Review employer matching to ensure you're not leaving money on the table

3. Plan Your Charitable Giving

Strategic charitable giving can make a difference in both your community and your tax situation:

  • Bunch multiple years of giving into one year to exceed the standard deduction
  • Consider qualified charitable distributions from IRAs if you're over 70½
  • Donate appreciated securities to maximize tax benefits
  • Keep detailed records of all charitable contributions

4. Review Life Insurance Coverage

Life changes such as marriage, children, or home purchases may necessitate updates to your life insurance coverage:

  • Review your current coverage amount
  • Update beneficiary designations
  • Consider whether term or permanent coverage better suits your needs
  • Evaluate if your family's protection needs have changed

Need help determining the right amount of life insurance coverage? Our advisors can help you protect what matters most.

Explore Life Insurance Options

5. Tax Planning and Harvesting

Take advantage of tax-saving opportunities before year-end:

  • Harvest investment losses to offset gains
  • Consider Roth conversion opportunities
  • Review estimated tax payments
  • Organize documentation for tax deductions

Take Action Now

Don't wait until the last minute to address these important financial matters. Many of these actions have strict December 31st deadlines, and some may require careful planning and documentation.

For personalized guidance on health or life insurance decisions, our team is here to help. We'll ensure you have the right coverage in place for a secure and confident 2024.

Questions about your insurance coverage? Contact us today for a comprehensive review.

Get Expert Advice