Jeff Witz, CFP

"The end of the year presents a good opportunity to regroup, close out 2023 in the strongest position possible, and ready yourself for 2024," writes Jeff Witz, CFP.

"Make the proper beneficiary designation adjustments when warranted and review these annually with your adviser to ensure they remain up-to-date and make financial sense given your current situation," writes Jeff Witz, CFP.

"Portfolio rebalancing is a necessary part of an effective investment strategy, and a routine check of your investments should be completed regularly to ensure they have not drifted too far from their intended percentage targets," writes Jeff Witz, CFP.

"Saving and investing a modest amount regularly and early in your life can have a huge impact on your ability to reach your financial goals," writes Jeff Witz, CFP.

Options include rolling it over into your new employer’s plan or into an IRA.

"Overall, there are plenty of options for keeping cash. The trick is determining the best option for your needs," writes Jeff Witz, CFP.

"There is no simple or universal answer to the question of retirement savings. Many factors must be considered, but your financial adviser should be able to direct you so that you can enjoy a financially stable life once you stop working," writes Jeff Witz, CFP.

Resist the temptation to overspend on unnecessary luxuries and upgrades.

"Another benefit of owning an HSA is that you may keep your HSA open and continue to enjoy tax-free growth and tax-free withdrawals even if you are no longer eligible to make contributions," writes Jeff Witz, CFP.

"When you plan to retire determines how long you must save for and how long investment returns can compound," writes Jeff Witz, CFP.

"Unfortunately, there is no 'one size fits all' answer to when you should start receiving Social Security benefits," writes Jeff Witz, CFP.

"The significant changes in these areas may require you to adjust how much you contribute to certain accounts and how you may approach your budget and tax strategies," writes Jeff Witz, CFP.

"Giving to charity can be a very powerful tax-savings tool. Check if you have any appreciated investment assets you could donate instead of cash," writes Jeff Witz, CFP.

"The way in which real property is titled will affect how it is transferred during the administration of an estate after death," says Jeff Witz, CFP.

"Trusts are a powerful estate planning tool designed to safeguard your children in the event of your premature death," writes Jeff Witz, CFP.

Irrevocable life insurance trusts can be used to pay all or a portion of estate taxes.

Identifying your specific needs is a good starting point.

Being patient and showing discipline are key behaviors.

Your projected retirement tax bracket may help guide selection.

Diversification is key to mitigate impact of rising rates.

Which option you select depends on your goals and what you want to cover.

Having a year-to-year strategy helps you achieve short- and long-term goals.

"The maximum simplified employee pension plan individual retirement account contribution was increased from $58,000 to $61,000, with maximum countable compensation increased to $305,000," writes Jeff Witz, CFP.

Loan repayment assistance programs and refinancing are options.

Be sure to replenish your emergency fund if necessary.

Inflation within healthy ranges can be advantageous for consumers.

A list of potential estate planning mistakes you can help avoid with professional guidance.

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Sticking to your investment strategy can help avoid emotion-driven decisions.