By Jonathan Shoffner
Once again, it’s the busy holiday season. Still, try to take the time to consider some financial moves before we turn the calendar to 2025.
First, review your investment portfolio to ensure it is performing as expected and still fits your goals, risk tolerance and time horizon.
Next, if you can afford it, consider adding to your 401(k) and health savings account. And if you have a flexible spending account, you’ll want to spend any unused funds before the year ends, or else risk losing them.
If you have children, consider opening a 529 education savings plan, which allows for tax-free withdrawals for qualified education expenses.
Here’s another suggestion: Contribute to an emergency fund to help cover six months of living expenses or unexpected costs such as a major home or car repair.
And if you’re 73 or older, make sure you take the required withdrawals from your traditional IRA so you can avoid penalties.
Finally, review your estate plans, especially if you’ve recently experienced changes in your family situation such as marriage, remarriage or the birth of a child.
These moves may prove helpful — not only for 2024 but in the years to come.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor Jonathan Shoffner, 1740 Taliaferro Trail, Montgomery, AL 36117, (334) 593-5612. Member SIPC.
All rights reserved, Gumptown Magazine, LLC. Copyright 2024.
