End the Year Strong: 4 Key Financial Moves to Consider

The Clock is Ticking: Take Control of Your Finances

As the end of the year draws near, it's the perfect moment to seize control of your financial planning. We understand that financial tasks can sometimes feel overwhelming, but remember, deciding to act today can lead to a brighter financial future. Let's explore four smart, actionable strategies to enhance your financial well-being before December 31st.

Strategize Charitable Giving

Giving strategically can be a rewarding year-end move. Consider donation bunching or using a donor-advised fund to maximize tax benefits. If you're over 70½, explore using a Qualified Charitable Distribution (QCD) from your IRA. It’s a savvy way to meet charitable goals while fulfilling required minimum distributions once you reach 73.

Fund Your HSA

Health Savings Accounts (HSAs) are powerful tools for short and long-term planning, thanks to their triple tax benefits. For 2025, the contribution limits are $4,300 for individuals and $8,550 for families. Funding your HSA now can be a smart move to secure both your current and future financial health.

Maximize Retirement Contributions

The end of the year is an ideal time to boost your retirement savings. For 2025, you can contribute up to $23,500 to your 401(k), with an additional $7,500 catch-up if you're over 50. For traditional and Roth IRAs, the limit is $7,000, with a $1,000 catch-up contribution. Take advantage of these limits to lower your taxable income and build your future wealth.

Explore Roth IRA Conversions

If you find yourself in a lower tax bracket this year, a Roth IRA conversion could be a valuable strategy worth considering. While not suitable for everyone, converting funds from a traditional IRA to a Roth can have long-term benefits. Review your individual circumstances to determine if this annual consideration aligns with your goals.

Taking a little time now can significantly impact your financial outcomes for the year. Remember, not all strategies are suitable for everyone, so consult a financial professional or CPA for personalized advice. We urge you to evaluate your options or schedule a financial check-in.

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