4 Smart Financial Moves Before Year-End

As the end of the year rapidly approaches, it’s the perfect time to take control of your financial planning. We understand that financial to-dos can feel overwhelming, but there's empowerment in making proactive decisions. This article will help you pinpoint four smart, actionable strategies to enhance your financial well-being before December 31st.

Fund Your HSA

For 2025, the HSA limits are $4,300 for individuals and $8,550 for families. HSAs offer triple tax benefits and are powerful tools for both short-term and long-term planning.

Maximize Retirement Contributions

For 401(k) plans, the 2025 contribution limits are $23,500 with an extra $7,500 catch-up if you’re over 50. For traditional and Roth IRAs, the limit is $7,000 with a $1,000 catch-up. Utilizing these opportunities can reduce taxable income and build future wealth.

Explore Roth IRA Conversions

Understanding Roth conversions can be beneficial, especially in a lower tax bracket. It’s not suitable for everyone, and should be considered annually based on individual circumstances.

Strategize Charitable Giving

Explore donation bunching or use a donor-advised fund. For readers over 70½, consider using a Qualified Charitable Distribution (QCD) from an IRA to fulfill required minimum distributions once you turn 73.

Taking a little time now can greatly impact your financial outcomes for the year ahead. Not all strategies are a fit for everyone, so consulting with a financial professional or CPA is advised. Evaluate your options and consider scheduling a financial check-in.