If you have a Flexible Spending Account (FSA), time is running out to use up your remaining balance. Check in with your employer’s rules regarding any balance remaining on Dec. 31 this year so you aren’t left forfeiting your hard-earned funds.
The employee health FSA contribution limits are increasing from $3,200 to $3,300 in 2025.
Max out your retirement contributions
Also starting in 2025, employees aged 60 to 63 will be able to make larger catch-up contributions to their 401(k) plans, with new limits set at either $10,000 annually or 150% of the standard catch-up contribution limit—whichever amount is greater.
Sure, Tax Day isn’t for a few more months. Still, now is a good time to review your tax withholdings and payments. If you had a major life event in 2024—like a marriage, divorce, or child—you probably want to adjust your withholding. Check out the Tax Withholding Estimator from the IRS to effectively tailor how much income tax to withhold.
Update your beneficiaries
A budget is a living document. If you fell off 2024's resolutions back in the spring, it's never too late to get back on track.
Set new financial goals
No matter the current state of your finances, it’s important to be honest with yourself. Sit down and physically write out where you could boost the health of your personal finances. You might even set a values-based budget. Think: Do you have a plan to pay off your debt? Does your spending need to reined in? Are you saving where you could be investing, or vice versa?
Think about your priorities going into the new year. You might consider investing in a financial professional to use as a sounding board, as their perspective could be the nudge you need to create (and achieve) your short- and long-term financial goals.
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