As the calendar page turns toward the year’s end, it is time to take stock and do an annual check on your financial strategy for 2024.

This practice helps to ensure that your personal strategy continues to reflect all the changes that have taken place over the last year, and those you anticipate will take place in the year ahead.

2023 introduced high interest rates and inflation, and economic and political uncertainty. While these factors impact every Canadian differently, everyone can benefit from a review of where they thought they would be vs. where they are as the year comes to an end.  You’ll also want to consider that events like these (or others!) could happen again in 2024.

Here are three quick things to add to your checklist to review with a financial advisor.

1. Self-assessment

• Your investment portfolio should be designed for your specific goals, time horizon, and your comfort with risk. If your goals have changed, perhaps your portfolio needs to as well.

2. Tax Efficiency

• Evaluate the implications of your investments and minimize any unnecessary tax burdens into 2024.

3. Maximize your impact

• Discuss with your financial advisor how best to maximize your charitable contributions from your Registered Retirement Savings Plans (RRSPs); consider making additional contributions for 2023 if you can.

Last point. Remember, change is inevitable. That’s why It’s important to continuously review your plan to help ensure it reflects all the information you have today as you approach the road ahead.

The year-end check is like a year-end financial housekeeping exercise. Take time to celebrate your achievements and face 2024 with hope, purpose and a well-prepared financial strategy for you and your family.

Talk to your financial advisor today about important steps you can take before the end of the year.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor, Nicolle Lalonde.