As tempting as it is to leave your year-end financial to-dos until after the holidays, you’re better off getting them started now.
Here are nine things to do to improve your financial life as the year winds down and you gear up for 2024.
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Tweak your investments.
Meet with your tax and financial planners to review your financial picture, especially if you’re considering retirement soon. See how your portfolio is performing, set your savings targets, and adjust your portfolio based on your tax needs and short- and long-term goals. You may find that you’re in terrific financial shape, that you need to be a more aggressive saver, or that you need to adjust your investments to be sure they’re in line with your risk tolerance. Here are some tips for picking the right advisor.
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Review your will and estate plans.
If you don’t have a will — half of Canadian adults don’t have one, says Angus Reid — create one. Furthermore, review who you’ve named as your medical and financial power of attorney to decide if they are still the right people for the job.
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Consider your aging plans.
Consider how and where you want to age, and if you plan to stay in your house, think about how suitable it is for aging in place. Here’s a checklist to help you figure out what changes you may need to make, or what to look for in a new home in which to enjoy your retirement years.
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Prep for tax deadline.
Since you’re already going through all your financial documents, it’s a good time to organize your receipts and paperwork — income and expenses on investment property, RRSP contributions, business expenses, etc. — to make it easier to prepare your 2023 tax return when tax season rolls around.
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