And just like that, we are in the 4th quarter of 2024! I swear it was just February, I blinked, and fall had officially begun. Leaves are changing, kids are in school (already picking out Halloween costumes), routines are in full-swing, and football is on TV almost every night.

Fall is by far my favorite season for all the reasons outlined above. But also because it is the time of year we, at McKinley Carter, begin our budgeting and outlook planning for the upcoming year. It is a time for us to assess progress, address things that need attention, and make adjustments as needed. We use what we have learned to help make decisions that put us in the best position to succeed, so that we can continue to do the work we love with clients and our community.

We have similar conversations with our clients -- talking through year-end strategies to help them finish strong and be best-prepared for the year ahead. Knowing they have a sound financial plan to act on allows our clients to spend more time focusing on the things that provide them with meaning and purpose, a real return on life.

Below are five actions we like to discuss with clients to help them finish out the year in a strong, impactful way:

1. Contribute to a Charity: Charitable giving is a great way to make an impact and also potentially reduce your taxes. If you have an annual required minimum distribution, consider using a qualified charitable distribution to support your favorite non-profit.
2. Consider Tax-Loss Harvesting: Working strategically to sell positions at a loss can help to offset gains you have had from stronger performing positions. This can help reduce the tax liability of any gains you have taken throughout the year.
3. Maximize Your Contributions to Retirement Accounts: Taking advantage of accounts like a 401(k) or Individual Retirement Account (IRA) can also lower your taxable income. If you are contributing, make sure you are making the most of your ability to contribute. Keep in mind your contributions to accounts like a Roth IRA as well.
4. Set Budgeting, Saving, and Investment Goals for the New Year: Make sure you are saving and investing in a way that will allow you to maintain the goals you have set for yourself. For instance, perhaps a larger allocation to stocks, increasing your 401(k) contribution, or spending differently on day-to-day items can help you achieve long-term successes.
5. Review Your Life Goals: Take time to review your life goals and consider setting new goals. Life transitions happen, and working with a financial professional can provide needed perspective and a path forward. Even if you're confident in your financial autonomy, goals can sometimes change over time. Is 2025 the year you take the whole family to Italy? Do you finally fly first-class? Is now the time to sell that piece of real estate you've owned for years? Enjoy thinking about your future and all the things you want to accomplish for you, your loved ones, and the causes you care about most!

Working through even a couple of the above five actions can help you finish the year well, and set you on track to starting 2025 with purpose. If you, or someone you know, could use help accomplishing your financial goals, or if you need guidance on some other aspect of your financial plan, we, at McKinley Carter, are happy to help. Start the conversation today!