RALEIGH, N.C. — Fall is a time that can help you get back on track financially, especially if you want to prepare for the holidays or get out of the financial hole you found yourself in over the summer.
What you need to know Fall is a good time to reconsider your financial goals Financial advisor Austin Kobilka says people often set goals at the beginning of the year and don’t revisit them. Kobilka says your fall financial checklist should include rebalancing your portfolio to make sure your investments match your risk tolerance and align with your goals. Other money moves to consider in the fall include increasing contributions to retirement savings accounts, reviewing benefits, and saving for vacations.
Financial advisor Austin Kobilka says people typically set financial goals at the beginning of the year and never revisit them.
“Our spending habits tend to change with the seasons, so many people find it helpful to do a quarterly check-in each spring, summer, fall, and winter,” he said.
“Autumn is a great time to review your finances, because you need to implement some savings strategies before the end of the year and don’t want to jump at the last minute,” Kobilka says.
One item to add to your fall financial checklist is to consider rebalancing your portfolio to ensure your investments match your risk tolerance and align with your goals, says Kobilka. says. He said changes in interest rates can affect investments such as bonds, certificates of deposit and Treasury bills.
Other money moves to consider this fall include increasing contributions, reviewing benefits, and saving for the holidays.
“Think about increasing your retirement savings to get the most out of your account. This year, you can contribute up to $23,000 in a 401(K) and up to $7,000 in an IRA. People 50 and older You can add $7,500 to your 401(K) and $1,000 to your IRA,” Kobilka said.
Kobilka says contributing to a traditional 401(K) or IRA before the end of the year will reduce your taxable income in 2024.
