As the year comes to a close, it’s an ideal time to evaluate your financial progress and make adjustments to ensure you’re on track for your goals. Whether it’s maximizing retirement contributions, taking advantage of tax-saving strategies, or setting up your finances for the upcoming year, ALLIANCE Credit Union offers a variety of tools to help you make the most of your savings and investments.
1. Maximize Your IRA Contributions
If you haven’t fully contributed to your IRA this year, now’s the time to consider doing so. IRAs (Individual Retirement Accounts) offer significant tax advantages that can help you save more for retirement while reducing your taxable income. At ALLIANCE, we offer both Traditional and Roth IRAs, allowing you to choose the option that best fits your financial situation. The current maximum contribution limits are $6,500 (or $7,500 if you’re 50 or older), and contributing the maximum amount before the deadline can provide a valuable boost to your retirement savings.
Planning ahead for tax season is another way to stay financially healthy. ALLIANCE members can take advantage of exclusive discounts on tax preparation services, such as TurboTax and H&R Block, helping you save both time and money when filing. You can save up to 20% on TurboTax federal products or enjoy discounts with H&R Block, whether you file from home, in person, or drop off your forms. These tax prep services can also help you maximize deductions related to your retirement savings and other financial strategies.
3. Review and Adjust Your Budget
With the holidays approaching, it’s easy to overspend, but reviewing your budget and making any necessary adjustments will help you stay on track with your financial goals. ALLIANCE Credit Union offers a range of savings products to support your short- and long-term financial plans. Accounts like the Liquid Asset Account give you flexibility while still earning competitive interest, and the iSave Account helps automate your savings goals effortlessly. These tools can help you set aside funds for unexpected year-end expenses or prepare for upcoming financial goals in the new year.
4. Plan for the Upcoming Year
Once you’ve reviewed your progress and maximized your year-end savings strategies, it’s time to start planning for next year. Consider setting new financial goals, such as increasing your retirement contributions or paying off debt. ALLIANCE offers tools and resources to help you stay organized, from budgeting apps to member-exclusive financial advice. Setting clear intentions now can help ensure a more prosperous and stress-free financial future.
By making a few adjustments before the year ends, you can set yourself up for a more secure financial future. Whether it’s taking advantage of ALLIANCE’s tax prep discounts, contributing to your IRA, or utilizing our savings accounts, these strategies will help you maximize your savings and investments as we head into the new year. Reach out to us today to learn more about how ALLIANCE Credit Union can help you reach your financial goals.
