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It Pays to Plan Ahead

Helpful strategies for year-end financial planning

With 2024 just around the corner, now’s the time to be sure you’re tying up any loose ends with your financials. Keep these tips in mind as the clock winds down on 2023.

Tax Planning

Check in on your investments and consider if your portfolio has any capital losses that may be used to offset capital gains in order to reduce your overall annual tax burden. Know that if your compensation rate is variable, years with lower income often provide opportunities for taking more capital gains than higher earning years.

Retirement Contributions

The 2023 IRS limit for contributing to a Traditional or Roth IRA is $6,500 (or $7,500 for those 50 and older). The deductibility of your contribution depends on your income. For 2023, employees participating in a 401K through their place of employment may contribute up to $22,500 (or $30,000 for those 50 and older).

Estate Planning

Most people don’t enjoy talking about death or money with their families, but it’s important to do so. Gathering to celebrate the holidays offers a unique opportunity to dig deep into these difficult conversations. Year end is an ideal time to adjust your estate plan to accommodate any changes in your life and review the plan with your family.


  • If you would like to gift funds to an individual at the end of the year, you may give up to $17,000 per recipient in 2023 without being subject to gift taxes. Married couples may give a combined gift of up to $34,000 to the same recipient. 

  • If you are age 73 or older and have not yet taken your Required Minimum Distribution from your IRA for 2023, you will need to do so before the end of the year. If you choose to donate RMD dollars directly from your IRA to a qualified charitable organization, the distribution will be excluded from your taxable income for the year, up to $100,000.

Amelia Dow

Chief Executive Officer, Portland Trust Co.

Revisit Your Budget

  • What expenses have accumulated during the year that you may not be using?

    • Think subscriptions, streaming services, or gym memberships that fell by the wayside.

  • What are your current needs?

    • Make note of fixed expenses like rent, mortgage payments, or car payments.

  • Do you have any upcoming expenses to plan for? 

    • Are there children, pets, travel, or large purchases in your future?

  • What resources do you draw from, and will there be changes to those in the next year?

With just a little planning and foresight now, you can make some changes for your (and your family’s) future financial situation. Taking a few moments to finish 2023 strong will allow a great start to 2024!