Smart Money Moves for the New Year !

Smart Money Moves for the New Year !

Smart Money Moves for the New Year Setting a financial goal is the second most common New Year’s resolution (right behind improving personal health and fitness). We’ve rounded up the best retirement-focused money moves to start 2024. If you haven’t yet retired, map out your retirement contributions. In 2024, you can save up to $23,000 in a 401(k), plus up to $7,500 in catch-up contributions if you are 50 or older. You can stash up to $7,000 in an IRA, plus an extra $1,000 if you’re 50 or older. If your investment portfolio has strayed from its target allocation-say, 60% stocks and 40% bonds-rebalance it. If you recently retired, plan how much you could safely take out of your retirement accounts this year and lay out your retirement budget. This is also a good time to make sure that your will and other estateplanning documents are up to date and that your property insurance coverage is adequate. If you’ve been retired for a while, plan your required minimum distributions from retirement accounts, and consider calling a family meeting to discuss your estate plan.