January
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.”
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
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
MAY
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
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
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.
February
October
November
December
March
Medicare Parts A & B
General Enrollment Period January 1 through March 31
Open Enrollment Period
October 15 through December 7
Medicare Parts C & D