FINISH 2024 STRONG: YOUR FINANCIAL CHECKLIST
Here are a few loose ends you may want to tie up before the end of the year.
◆ Maximize Retirement Plan Contributions:Many plans such as 401(k) and 403(b) have a December 31st deadline to make your contributions for the year. And remember, you have until April 15, 2025, to make your 2024 IRA plan contribution.
◆ Make 529 Plan Contributions: The annual gift tax exclusion for 2024 is $18,000 per beneficiary. This means you can give $18,000 to one child’s 529 plan this year. If you are married, you and your spouse can each contribute $18,000 for a total of $36,000.
◆ Donate to Charities: Make charitable contributions before year-end to potentially qualify for a tax deduction. If you don’t need your IRA Required Minimum Distributions (RMDs), consider donating them directly to avoid taxes.
◆ Use Up FSA Funds:If you have a Flexible Spending Account (FSA), make sure you use any remaining funds before they expire (though some plans allow a rollover or grace period, so check your plan details).
◆ Optimize Your Investments:Meet with your financial advisor to review your investments and how you are tracking towards your short-term and long-term goals.
This may seem like a lot, but tackling these tasks now can set you up for a successful financial year ahead! We are here to help you with any questions you have and to help set a plan in motion for you to reach your goals.
“The most serious mistakes are not being made as a result of wrong answers. The truly dangerous thing is asking the wrong questions.”
- Peter F. Drucker, management consultant, educator, and author
THE MONTH IN BRIEF
U.S. Markets
Stocks notched solid gains in November as post-election enthusiasm and holiday shopping combined to fuel the advance.
The Dow Jones Industrial Average led, gaining 7.54 percent. The Standard & Poor’s 500 Index picked up 5.73 percent, while the Nasdaq Composite added 6.21 percent.1
1. WSJ.com, Novemebr 30, 2024
Advisory Services offered through Capital Analysts or Lincoln Investment, Registered Investment Advisers. Securities offered through Lincoln Investment, Broker/Dealer Member FINRA/SIPC. www.lincolninvestment.com M3 Investment Services and the above firms are independent and non-affiliated. Social Security claiming services are not offered through, nor supervised by, TheLincoln Investment Companies.
S&P 500 Index is an index of 500 of the largest exchange-traded stocks in the US from a broad range of industries whose collective performance mirrors the overall stock market. The Dow Jones Industrial Average is a widely watched index of 30 American stocks thought to represent the pulse of the American economy and markets. Investors cannot invest directly in an index. The NASDAQ is an index that tracks the cumulative results on a market capitalization basis of all stocks trading in the NASDAQ system. Investors cannot invest directly in an index.Past performance is no guarantee of future results. 11/24