End Of The Year Checklist

Whether it’s reviewing retirement contributions, charitable giving, or ensuring your tax strategy is optimized, these key tasks will help you stay on track and set up for a strong start in 2025.

As the end of the year approaches, we’re here to ensure you don’t miss out on valuable, time-sensitive planning opportunities. While we handle the more complex tasks like tax-loss harvesting and portfolio rebalancing for those who are investing with us via Altruist, there are still a few things you can review to make sure you’re making the most of your money.

1. Maximize Tax-Advantaged Contributions

Reducing your tax burden isn't a complicated process. Leveraging tax advantaged savings is the easiest and our recommended way to reduce your tax burdens and grow your retirement savings. We’ll help ensure that your contributions align with your broader tax and retirement strategy.

• 401(k): Consider increasing your contributions through the end of the year if you haven't already maxed out your 401(k). The maximum allowed for 2024 is $23,000, or $30,000 if you’re over 50. Why you should be maxing our your 401(k)
• IRA: Check that your IRA contributions are on track. Contribution limits are $7,000 per year for those under 50, and $8,000 for those 50 and older.
• HSA: Don’t forget to max out your Health Savings Account contributions for triple tax advantaged savings! You can only contribute a certain amount to your HSA each year, but all contributions roll over from year to year.
  • In 2024, you can contribute up to $4,150 if you are covered by a high-deductible health plan just for yourself, or $8,300 if you have coverage for your family.
  • In 2025, you can contribute up to $4,300 if you are covered by a high-deductible health plan just for yourself, or $8,550 if you have coverage for your family.

2. Use Your FSA Funds

If you have a Flexible Spending Account (FSA), make sure you use any remaining funds before the deadline or confirm rollover options in your plan. The FSA Store is always a great way to stock up your supplies and use these funds!

3. Consider Charitable Contributions

If you need to reduce your tax burden, a charitable donation to your favorite organization is a great tax saving lever to pull. Contributions to qualified organizations reduce your taxable income in addition to proving financial support to great causes.  Let us know if you need guidance on how charitable giving fits into your tax strategy.

4. Review Open Enrollment Benefits
Open enrollment is a good time to reassess your employer-sponsored benefits. Confirm your healthcare choices, make sure you’re maximizing 401(k) matches, and update your beneficiaries as needed.

5. Year-End Tax Strategies

• Tax-Loss Harvesting: For those taking advantage of our professional portfolio management through Altruist, we’ve already evaluated your portfolio for tax-loss harvesting opportunities to help offset gains.
• Rebalancing: We’re also making sure your investment portfolio remains aligned with your financial goals and risk tolerance.

6. Planning for 2025

• Review your goals in RightCapital to make sure they still align with your unique path. Whether you’re aiming to increase retirement contributions, set aside more for future investments, or go on that dream vacation - now is the time to plan ahead!