person writing bucket list on book by Glenn Carstens-Peters courtesy of Unsplash.

Key Financial Moves to Consider Before the End of 2024

Christopher Conner |

Can you believe it? Halloween is just around the corner, and before you know it, Thanksgiving will be here, followed by the full holiday season. 

 

As we gear up to wrap up 2024, now is a great time to take stock of your finances and make some key decisions before the year ends.

 

We’ve prepared a helpful guide with more year-end financial planning tips, and you can access the full document here. In the meantime, here are some highlights to get you started.

 

Key Financial Topics to Address Before 2024 Ends

  1. Review Unrealized Losses in Your Taxable Accounts
    • If you have unrealized losses, it may be worth harvesting those losses to offset your capital gains or ordinary income.

    • This can reduce your tax burden and help position you for smoother financial planning next year.

       

  2. Make Charitable Contributions
    • If you’re over 70½, you might consider a Qualified Charitable Distribution (QCD) from your IRA as a tax-efficient way to give.
    • If you aren’t 70½ yet, a donor-advised fund is another smart option for philanthropic giving.

    • Of course, if you want to make a difference directly, simple charitable contributions always help those in need.

       

  3. Maximize Your Health Insurance Benefits
    • If you’ve already met your health insurance deductible for the year, now is a good time to handle any additional medical needs before the new deductible resets in January.

    • Whether it’s a routine check-up or a procedure you’ve been putting off, it’s worth taking advantage of the coverage while you have it.

       

  4. Year-End Gifting for Estate Planning
    • You can give up to $18,000 per person this year without triggering gift taxes.
    • Making these gifts can help reduce the value of your estate while also benefiting your loved ones or charitable organizations.

 

These steps can help you end the year on a strong financial note and prepare for 2025 with confidence. Take a moment to review your finances and make the most of any opportunities available before the year ends.

 

For the full guide on year-end financial planning, click here. If you have questions, feel free to reach out—we’re always happy to help.

 

Enjoy the season ahead and make it a great day!