New Year, New You
New Year, New You
JAN
Use-It-or-Lose-It
January is an excellent time for goalsetting—including financial goals. Click to learn more.
JANUARY
New Year, New You
January is a great time to set goals for the New Year—including financial goals. Work out a budget to track your spending. Set savings or spending goals for the year and plan realistic milestones to help you achieve them.
Better still, involve your spouse to help ensure your goals align. You might even consider scheduling a financial planning date night to map out your financial goals for the year. Senior Executive Vice President of Fisher Investments’ Private Client Group, Jill Hitchcock, discusses how setting aside time to talk with your family about finances could benefit you in her article, “Here’s Why You Need a Financial Date Night.”
Tax Time!
Financial Spring Cleaning
Get an A+ in Financial Planning
Summer Status Check-In
Save on Sales Tax
College Savings Month
Get Smart About Credit
Healthy, Wealthy and Wise
Reflect and Look Forward
Early Bird Gets the Worm
In February, you will begin receiving (or will have already received) various tax documents from the prior year—such as a W2, 1099 or 1095. Don’t want to be caught off guard come tax time? Consider preparing your taxes early. If you owe money, you’ll have time to plan for the extra expense. If you’re getting a refund, file and collect it before the April rush!
Save more!
If possible, you should consider saving more. Try increasing your 401(k) contributions by 1%. Chances are, you won't notice the additional impact from your normal take home income—and it may be a great way to supercharge your retirement savings.
FEBRUARY
Early Bird Gets The Worm
Your tax documents typically begin to arrive around February—consider preparing your taxes early. Click to learn more.
Use-It-or-Lose-It
Take note—March 15 is the deadline to use any remaining Flexible Spending Account (FSA) funds. Click to learn more.
Tax Time!
The deadline to file your taxes is April 15. Plus, an important RMD deadline to kick off the month. Click to learn more.
Financial Spring Cleaning
May is a great time to organize your tax information and update your records. Click to learn more.
Get an A+ in College Planning
File for federal student aid for the upcoming academic year before the June 30 deadline. Click to learn more.
Summer Status Check-in
The halfway point is a good time to reflect on your annual financial goals and make any necessary adjustments. Click to learn more.
Save on Sales Tax
Looking to save on a major purchase? Many states feature a sales tax holiday in August. Click to learn more.
College Savings Month
Get a jumpstart on college savings for your children or grandchildren. Click to learn more.
Get Smart About Credit
Review outstanding debt and make plans for paying it off. Click to learn more.
Healthy, Wealthy, and Wise
Evaluate your health insurance options for next year by participating in an enrollment period. Click to learn more.
Reflect and Look Forward
Look back at the goals you set in January and consider how you might improve upon them next year. Click to learn more.
Use-It-or-Lose-It
March 15 marks the deadline to use any remaining Flexible Spending Account (FSA) funds if your plan allows for a grace period.
FSA funds can be used to pay for over-the-counter and prescription medications, physical exams, dental work, and fertility treatments, among other health-related expenses. If you take medications, it may be beneficial to stock up using your FSA.
For a complete list of qualifying medical expenses, visit the Publication 502(2023), Medical and Dental Expenses page of the IRS website.
Medicare Advantage Open Enrollment Medicare Advantage plan enrollees have until March 31 to switch to a different Medicare Advantage plan or go back to Original Medicare. Keep in mind that if you go back to Original Medicare during this window, you will not be able to purchase a Medicare Supplement (Medigap) policy. Use the Medicare Plan Finder to compare Medicare Advantage plans in your area.
MARCH
Tax Time!
If you haven’t filed already, the deadline to do so (or file an extension) is April 15. If April 15 falls on a weekend or legal holiday, the deadline will be on the next business day.
Feel like you’re paying too much? You have until Tax Day to make deductible contributions (if eligible) to an Individual Retirement Account (IRA) or Health Savings Account (HSA) for the prior tax year. Looking to save on taxes in the future? April 15 is also the deadline to make Roth IRA contributions for prior year.
APRIL
Financial Spring Cleaning
After tax season has passed, store your tax forms and records somewhere secure and discard older documents you no longer need. The IRS generally has three years from the date you file your taxes to audit you (six years if you are self-employed), so you’ll want to keep records of past returns for reference. The IRS has a “How Long Should I Keep Records?” resource that offers guidance depending on your situation. Make sure to shred any unnecessary documents to protect your information.
Speaking of taxes, if you received a large refund or paid a hefty bill, now is a good time to adjust your tax withholdings. Try using the IRS Tax Withholding Estimator to help determine how much to withhold from your paycheck or retirement account distribution.
MAY
Get an A+ in College Planning
June 30 marks the annual deadline to file the Free Application for Federal Student Aid (FAFSA) for the upcoming academic year. The FAFSA is used to determine your child’s eligibility for federal student aid, as well as certain state and school-specific financial aid. Some states and colleges have their own financial aid deadlines independent from FAFSA. You can look up yours on the Federal Student Aid website.
The FAFSA enrollment period runs from October 1 – June 30. That means the earliest you can file for the following academic year is October 1.
JUNE
Summer Status Check-in
With half the year behind you, now is a great time to look back on the financial goals you set in January. Has your budget held up as you expected? Are you meeting your savings goals? If so, pat yourself on the back and keep it going for the rest of the year! If not, consider making adjustments to get yourself back on track. Staying on track with savings and spending year after year goes a long way toward meeting your long-term goals.
JULY
Save on Sales Tax
Many states have a sales tax holiday in August—meaning they waive the normal state sales tax on items such as clothing, school supplies, severe weather preparedness equipment and even energy-efficient appliances. Consider waiting until then to make these purchases and put the money you save toward your financial goals (or perhaps a late-summer vacation).
AUGUST
College Savings Month
September is National College Savings month, so why not jumpstart college savings for your children or grandchildren by opening (or contributing to) a 529 college savings plan? Contributions to a 529 plan grow tax-deferred, and as long as you use them for qualified expenses (such as tuition, room & board, books, etc.) the withdrawals are tax-free. Many states also offer a tax credit or deduction if you make a contribution to your state-sponsored plan.
Unsure of how much college will cost? Try this handy cost calculator as a starting point. You may also consider preparing a FAFSA application, as October 1 marks the start of the filing period for the following academic year.
SEPTEMBER
Get Smart About Credit
The third Thursday in October marks National Get Smart About Credit Day, which promotes learning about good credit habits. Take a look at your outstanding debt and make a plan for paying it off. Prioritize high interest debt such as credit card debt and personal loans before tackling auto loans and mortgages.
Did you know you are eligible to get a free copy of your credit report from Equifax, Experian, and Transunion once per year? Take a look at your credit reports and check for anything that looks out of place—removing incorrect information can help boost your score, giving you access to better rates.
OCTOBER
Healthy, Wealthy, and Wise
Regardless of your employment status, November is an optimal time to evaluate your health insurance options for next year. Most employers hold their open enrollment period in November, as public and private marketplaces (11/1 – 12/15) and Medicare (10/15 – 12/7) become available. The benefits you enroll in during this time will go into effect on January 1 of next year.
Looking to compare costs and coverage options? Try ehealthinsurance.com for the private marketplace, healthcare.gov for the public (Affordable Care Act) marketplace, and Medicare’s Plan Finder for Medicare plans.
NOVEMBER
Reflect and Look Forward
This is a great time for reflection. Go back and look at the goals you set in January. Did you meet them? Exceed them? Fall short? Reflect on what you did well and what you can improve for next year. Start thinking about next year’s goals. How will they change from this year’s?
DECEMBER
First Time RMD Deadline For your first Required Minimum Distribution (RMD), you may delay taking a distribution until April 1 of the year after you turned 73. The April 1 deadline only applies to your first RMD after reaching age 73. All subsequent RMD deadlines are Dec 31.
Is Your Insurance Right for You? National Insurance Awareness Day falls on June 28 each year. Take this opportunity to review your home, auto, life, disability, and umbrella policies to ensure you have appropriate coverage at the best possible price. Now may be a good time to shop around and see if you can save on your premiums as well.
Tax Day, Redux
Did you file an extension on your taxes? If so, you have until the October 15 deadline to file and pay any taxes due.
End of Year Planning
December 31 marks the deadline to take your 2024 RMDs if you turned 73 last year, or if you turned 73 this year and would like to be accounted for in this year’s taxes. Plus, you can still maximize your employer-sponsored retirement plan before the end of the year by making a one-time contribution.
You also have until the end of the year to make a Roth conversion—but be mindful, you’ll have to pay income tax on any amount you convert! Also, if you plan on doing any charitable giving or gifting to friends and family for the current tax year, be sure to do so prior to the end of the month.
FEB
Early Bird Gets the Worm
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