{"id":21064,"date":"2025-09-14T16:36:19","date_gmt":"2025-09-14T16:36:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/21064\/"},"modified":"2025-09-14T16:36:19","modified_gmt":"2025-09-14T16:36:19","slug":"4-things-boomers-should-do-for-their-finances-before-the-holidays","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/21064\/","title":{"rendered":"4 Things Boomers Should Do for Their Finances Before the Holidays"},"content":{"rendered":"\n

The holidays are supposed to be an exciting, fun time of year, but for many boomers, they bring added stress: Money. Between gifts, travel, family gatherings and end-of-year expenses, it\u2019s easy to see your budget<\/a> get pushed to its limits. That means it\u2019s harder to stay on track with bigger goals like retirement savings or taxes.<\/p>\n

Learn More: How Much Should the Average Middle-Class Baby Boomer Have in Savings?<\/a><\/p>\n

Read Next: How Much Money Is Needed To Be Considered Middle Class in Your State?<\/a><\/p>\n

The good news? With a bit of planning now, you can enjoy the holidays without the financial hangover in January.<\/p>\n

Keep reading as we walk through simple steps you can take before the holidays to keep spending in check and make sure your retirement plans are still on track<\/a>.<\/p>\n

Between holiday gifts, get-togethers with friends and travel to see family, holiday expenses can start adding up quickly. Without having a plan in place, overspending is almost guaranteed<\/a>.<\/p>\n

Begin by taking some time to plan how much you expect to spend in different categories. Decide how much you\u2019re comfortable spending, then allocate that amount among travel, gifts and eating out. If you\u2019re using credit cards, stick to what you can pay off in full next month. This way, you\u2019ll avoid interest eating into your retirement savings.<\/p>\n

Check Out: 6 Things Frugal Boomers Never Buy<\/a><\/p>\n

The end of the year is the perfect time<\/a> to look at your taxes and make necessary adjustments. Here are a few things to consider.<\/p>\n

Check your withholding or estimated payments. If you\u2019ve had changes in income, like Social Security, part-time work or retirement account withdrawals, you may need to adjust your withholding to avoid a surprise tax bill.<\/p>\n

Max out tax-advantaged accounts. If you\u2019re eligible, max out your IRA or 401(k) contributions.<\/p>\n

Don\u2019t forget FSAs. If you\u2019re using an FSA, make sure you spend any remaining balance before year-end so it doesn\u2019t go to waste.<\/p>\n

Take Required Minimum Deposits (RMDs). If you\u2019re 73 or older, make sure you\u2019ve taken your required minimum distributions to avoid penalties.<\/p>\n

Throughout the year, the stock market fluctuates a lot. By December, your portfolio might be out of balance.<\/p>\n

Check your asset allocation and rebalance if needed. This is especially important if your mix of stocks and bonds isn\u2019t aligned with your goals. If you have taxable accounts, consider whether tax-loss harvesting makes sense to offset gains. And don\u2019t forget to also verify that your contributions are on track to reach your retirement goals<\/a>.<\/p>\n

Story Continues <\/p>\n

A quick year-end review can keep your long-term plan moving in the right direction.<\/p>\n

Healthcare and estate planning<\/a> aren\u2019t what most people want to deal with around the holidays, but they matter before year-end.<\/p>\n

Here are a few things you\u2019ll want to consider.<\/p>\n

Medicare open enrollment ends Dec. 7. Make sure your plan still fits your needs for next year.<\/p>\n

If you have an flexible spending account (FSA), use the funds on eligible medical expenses now. If you have an health spending account (HSA), consider maxing out your contributions if it makes sense for your situation.<\/p>\n

Review wills, powers of attorney, and beneficiary designations. The holidays are a natural time to handle updates since family is often together.<\/p>\n

More From GOBankingRates<\/p>\n

This article originally appeared on GOBankingRates.com<\/a>: 4 Things Boomers Should Do for Their Finances Before the Holidays<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The holidays are supposed to be an exciting, fun time of year, but for many boomers, they bring…\n","protected":false},"author":2,"featured_media":21065,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,18610,61,60,174,175,1830],"class_list":["post-21064","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-holiday-gifts","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance","tag-retirement-savings"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/21064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=21064"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/21064\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/21065"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=21064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=21064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=21064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}