Wrapping Up 2024: Your Year-End Financial Review

The holiday season is upon us, bringing not just celebrations but also the perfect opportunity to reflect on your financial progress and prepare for a prosperous future. For individuals and couples aged 50 to 69 with a substantial nest egg, conducting a year-end financial review is more than just a to-do list item—it’s a crucial step in ensuring your retirement readiness.

At LynnLeigh & Company, we specialize in helping clients like you achieve financial stability, preserve wealth, and secure a comfortable retirement. Let’s unwrap the benefits of a year-end financial review and explore strategies to optimize your financial future.

Why Conduct a Year-End Financial Review?

A year-end financial review isn’t just about crunching numbers; it’s about gaining clarity and confidence for the year ahead. Here’s what it entails:

1. Reassessing Your Goals

Life evolves, and so do your financial goals. Maybe you’re considering early retirement, downsizing your home, or creating a legacy for your loved ones. A review helps you realign your financial plan to reflect these shifts.

2. Maximizing Tax Efficiency

Tax season might feel far away, but strategic moves now can make a big difference. From tax-loss harvesting to charitable contributions, you can minimize your tax burden while aligning with your overall plan.

3. Identifying Investment Opportunities

Are your investments performing as expected? Are they aligned with your risk tolerance and long-term goals? A year-end review is the perfect time to rebalance your portfolio and explore new opportunities.

4. Closing Gaps in Retirement Planning

Have you accounted for rising healthcare costs or potential gaps in Social Security benefits? Revisiting your retirement strategy ensures you’re prepared for the unexpected.

Key Strategies to Strengthen Your Financial Future

1. Review Your Retirement Accounts

Take a close look at your 401(k), IRA, or other retirement accounts. Have you maxed out contributions for 2024? If you’re 50 or older, catch-up contributions can help you boost your savings.

Consider diversifying your accounts to include tax-advantaged options that complement your broader plan. A Roth conversion, for example, might reduce your taxable income in retirement while offering long-term growth.

2. Optimize Social Security Strategies

Social Security benefits are a cornerstone of retirement income for many. However, claiming benefits too early can significantly reduce your lifetime payouts. Work with a financial advisor to determine the optimal time to begin collecting benefits based on your unique circumstances, including spousal strategies that could maximize household income.

3. Address Healthcare and Long-Term Care Costs

Healthcare costs and long-term care are among the biggest financial concerns for retirees. If you’re approaching Medicare eligibility, make sure you’re informed about coverage options and supplemental plans that can bridge gaps. Additionally, explore long-term care insurance to safeguard your assets and provide peace of mind.

4. Plan for Charitable Giving and Estate Transfers

For those focused on legacy planning, charitable contributions can be a tax-efficient way to give back. Whether through donor-advised funds or Qualified Charitable Distributions (QCDs) from IRAs, charitable giving can support causes you care about while benefiting your financial plan.

Ensure your estate plan is up-to-date, including wills, trusts, and beneficiary designations. These steps help protect your assets and ensure they are distributed according to your wishes.

5. Reassess Your Investment Portfolio

Market conditions can shift the balance of your portfolio. A year-end review is the ideal time to rebalance your assets, ensuring they align with your risk tolerance and goals. For instance, increasing your allocation to income-generating investments may provide stability as you approach retirement.

How LynnLeigh & Company Can Help

At LynnLeigh & Company, we understand that retirement planning is complex and deeply personal. Our tailored approach ensures that every strategy is designed with your goals, values, and unique situation in mind. Here’s how we can support you:

1. Holistic Financial Reviews

We analyze every aspect of your financial life, from investments and taxes to healthcare and estate planning. Our comprehensive approach identifies opportunities and mitigates risks, ensuring you’re prepared for whatever comes next.

2. Customized Retirement Strategies

No two retirements are alike. Whether you’re focusing on maximizing Social Security, planning for long-term care, or building a legacy, we provide actionable strategies to help you succeed.

3. Proactive Communication and Support

We’re here for you throughout the year, not just during tax season. With regular check-ins and updates, we help you stay on track and adapt to life’s changes.

Unwrap Your Financial Success This Holiday Season

As 2024 comes to a close, take charge of your financial future with a thoughtful year-end review. Don’t let complexity or overwhelm hold you back. At LynnLeigh & Company, we’re ready to guide you every step of the way.

🎄 Let’s wrap up 2024 with confidence and start 2025 on a strong financial footing. 🎁

📩 Contact us today to schedule your year-end financial review and plan for a brighter future.

LynnLeigh & Company - A Registered Investment Advisor This information is provided by LynnLeigh & Co. for general information and educational purposes based upon publicly available information from sources believed to be reliable – LynnLeigh & Co. advisors cannot assure the accuracy or completeness of these materials. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. The information in these materials may change at any time and without notice.   Past performance is not a guarantee of future returns.

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