Wrapping Up 2023

Before we know it, we are back to prepping for the end of another year.

2023 is wrapping up and now would be a good time to review any changes to your finances or life transitions, make any necessary updates and to verify you are still on track toward your financial goals.

Questions to ask yourself may include:

Did you max out your contributions?

Are your beneficiaries up to date?

Did you have any property sales?

Is retirement on the horizon in 2024?

Have you started estate planning?

Are your insurance policies still up to date?

If you find yourself answering “yes” or wondering about any of the above questions, don’t hesitate to call the office at (518) 584-2555. We are happy to help! 

Click here to read the guide “Year-End Financial Checklist” that includes 8 tips for closing out this year.

Did You Know?

Contribution Limits and Deadlines

Taxpayers are able to set aside money to different retirement accounts, but are limited to how much they are able to contribute to their accounts each year. Qualified retirement contributions have tax benefits depending on your circumstance such as the amount you are contributing, your income and your previous contributions. The IRS limits how much money that can be contributed to retirement accounts each year. Accounts that accept contributions include: Traditional and Roth Individual Retirement Accounts (IRA), SEP and SIMPLE IRA accounts, Traditional and SIMPLE 401(k)s and 403(b) accounts.

Social Security Benefits Increase 

Going into year 2023 we saw the highest increase in the past four decades for Social Security benefits at an 8.7% increase. Coming up in 2024, we will be seeing a 3.2% cost of living adjustment (COLA). Well above the average over the past two decades of 2.6%, the increase will add more than $50 to the average monthly benefit of $1,848 starting in January, according to the Social Security Administration. More than 70 million retired senior citizens and disabled workers will benefit from this adjustment. The COLA is calculated by averaging together the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for July, August and September and then comparing that figure with the same data as last year. On average, the annual COLA adjustment helps ensure that a retiree’s benefit amount has the same purchasing power year after year. 

Holiday Season Is Here 

A fun way to experience some of the amazing restaurants that Saratoga Springs has to offer is the 18th Anniversary of Saratoga County’s Original Restaurant Week which will be Monday, November 6 through Sunday, November 12. Start with an appetizer, chose a delicious entrée and top it off with a dessert. Click here to see which restaurants are participating in the $15 lunch specials and $25 or $35 dinner menus.

Holiday season is upon us! Turkey trots, Thanksgiving, Black Friday and Small Business Saturday are all on the way. Thursday November 30th is the 37th Anniversary of the Victorian Streetwalk and Saratoga Tree Lighting Ceremony. From 6pm-9pm right downtown Saratoga Springs on Broadway, will be featuring live music and performers and the tree lightening! Click here for more information.

To browse all the November events happening around Saratoga Springs, click here.