It’s hard to believe that 2023 will soon be coming to an end and the holidays will be behind us. As you make plans to turn the calendar page, check out these seven ways to make a fresh start in 2024.

  • Organize for tax time: Prepare for smooth filing: By early February, you should have tax forms in hand. Make sure to organize them in a dedicated spot, as well as any receipts if you itemize. To ensure all is in order, talk to your advisor about coordinating with your tax professional.
  • Get set for 65: This is the age you become eligible for Medicare; a 10% premium penalty applies for each year you go without Part B coverage beyond this birthday in most cases. You have seven months to enroll, starting from three months before your birth month. Ask your advisor about healthcare planning resources that can guide you.
  • Become a benefits whiz: Research your company’s open enrollment schedule and decide if you need to make changes.
  • Fine-tune your health spending: If you participate in a flexible spending account (FSA) or health savings account (HSA), review contribution levels to take full advantage – without exceeding limits, which are adjusted regularly for inflation. If you have an FSA, use available funds before your plan’s use-it-or-lose-it deadline.
  • Finesse your bonus: Plan how you want to use your year-end bonus before it hits your checking account. Consider paying down high-interest debt, shoring up your emergency fund or increasing your 401(k) contribution.
  • Pay yourself first: If you haven’t automated retirement contributions, start now. It’s also a good time to reconfirm your employer match and increase your contributions to allow more time to generate tax-deferred gains.
  • Revisit an IRA: Pre-tax contributions to IRAs can reduce taxable income, and Roth IRAs might be the answer if you’re above income thresholds to make a tax-deductible traditional IRA contribution. You have until tax filing deadline (not including extensions) to contribute for the current tax year.

Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

Withdrawals from tax-deferred accounts may be subject to income taxes, and prior to age 59 1/2 a 10% federal penalty tax may apply. Investment products are: not deposits, not FDIC/NCUA insured, not insured by any government agency, not bank guaranteed, subject to risk and may lose value. © 2023 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC.  © 2023 Raymond James Financial Services, Inc., member FINRA/SIPC. Raymond James financial advisors do not render legal or tax advice. Please consult a qualified professional regarding legal or tax advice. 23-BDMKT-6188 KS 9/23