Financial Checklist

The beginning of the year is a good time to make sure you are on your way to meeting your financial goals. Take these smart financial steps in early 2024 to continue on the path to a more secure financial future:

1. Review how much you saved and invested in 2023. Did you make progress toward your short-term and long-term goals? If you did, congratulations! If not, assess what held you back to see if there are steps you can take to save more in the new year.
2. Review your allocation to stocks, bonds and cash. Given the stock market’s strong return in 2023, your portfolio may have a larger equity weighting. Also, with higher interest rates, many investors reduced their holdings in stocks and bonds in favor of money markets. Yet, over the long term, stocks have had the highest returns. It’s always a good idea to review your overall investment allocation.
3. Revisit retirement plan contributions. If you have a 401(k) or a 403(b) plan through your workplace, you can increase your 2024 maximum contribution of pre-tax wages from $22,500 to $23,000. Also consider contributing to your Traditional and/or Roth Individual Retirement Account (IRA). In 2024, the maximum you will be able to set aside in your IRA is $7,000.
4. Make your 2023 IRA contribution. If you haven’t made your 2023 contribution yet, there is still time. Contributions for 2023 can be made through April 15, 2024.
5. Consider catching up. If you are over 50, set aside additional “catch-up” dollars in your 401(k) or 403(b) and your IRA.
6. Take advantage of the triple tax-free benefits of a Health Savings Account (HSA). For those with a high-deductible health plan,* contributions to an HSA are made on a pre-tax or tax-deductible basis, contributed amounts grow tax free over time, and withdrawals for eligible medical expenses are tax free.

Complete Your 2024 Goals

A Jemma Financial Advisor can help you and your family set and achieve your financial goals this year.

*The Internal Revenue Service defines a high-deductible plan as any plan with a deductible of at least $1,600 for an individual or $3,200 for a family.