Essential Year-End Financial Moves to Consider Now Ready for 2025?
While it may not necessarily feel like it, 2024 is rapidly coming to a close — hey, there, 2025! This time of year, it’s important to review your financial health. Whether you’re planning for retirement, managing investments, or preparing for tax season, the last few months of the year offer a great opportunity to make smart financial decisions. Let’s take a look at a few financial moves to consider before the end of the year. MAXIMIZE RETIREMENT CONTRIBUTIONS. If you haven’t already done so, now is the time to maximize contributions to your retirement accounts. For 2024, you can contribute up to $23,000 to a 401(k) if you’re under 50 and an additional $7,500 if you’re over 50. If you have an IRA, the contribution limit is $7,000, with a $1,000
catch-up contribution allowed for those over 50. By fully funding these accounts, you can reduce your taxable income and ensure you’re on track for retirement. REVIEW TAX WITHHOLDING AND MAKE ADJUSTMENTS. Before tax season arrives, take a look at your current tax withholding. If you’ve experienced any major changes this year, such as a new job, marriage, or additional income, your withholding might need adjusting. Keep in mind that if you’ve underpaid throughout the year, you can make a fourth-quarter estimated tax payment to avoid penalties. HARVEST TAX LOSSES. By selling investments that have lost value, you can reduce your taxable income and
improve your overall portfolio. This strategy is especially useful at year’s end when many investors review their portfolios to rebalance and plan for taxes. CONSIDER CHARITABLE GIVING. The holiday season is the perfect time to make charitable donations, not just for the good it does but also for the tax benefits. Donations to qualified organizations can reduce your taxable income if you itemize deductions. Taking these financial steps before the year ends can help set you up for success in the year ahead and minimize tax liabilities to ensure long-term financial stability.
SUDOKU
SPINACH, LENTIL, AND ROASTED BEET SALAD
Inspired by MinamalistBaker.com
INGREDIENTS
Dressing •
1/2 cup green lentils, rinsed clean 1 cup vegetable stock (or water)
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1/4 cup tahini
3 medium leeks, chopped 1 medium beet, quartered
1/2 medium lemon, juiced
• • • •
2 tbsp maple syrup 3–4 tbsp olive oil
1–2 tbsp olive oil
1/4 tsp each salt and pepper 4 big handfuls of spinach
1 pinch each salt and pepper
DIRECTIONS
1. Preheat oven to 400 F and grease a rimmed baking sheet. 2. To a small saucepan over medium-high heat, add lentils and stock and bring to a boil. Reduce heat and simmer for 20–30 minutes uncovered until all liquid is absorbed. Set aside. 3. Add leeks and beets to the baking sheet, drizzle with olive oil, and season with salt and pepper. Bake 15–20 minutes. For crispier beets, bake for an additional 10–15 minutes. Set aside. 4. In a small bowl, whisk all dressing ingredients until combined. 5. In a larger serving bowl, combine spinach, beets, leeks, and lentils. Add dressing and toss to coat.
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