As we step into November, it’s hard to believe how fast 2024 has been. Before we all go take some well deserved time to spend with our loved ones, the final push is here, and we have to double check that our things are in order. It’s an ideal time to take stock of key aspects of your financial and insurance portfolio. Here’s a checklist of important items to consider, ensuring you close out the year on a strong, secure note.
Review Your Healthcare Coverage
With a new year on the horizon, now is the time to reassess your medical aid and healthcare options. Whether you’re considering a new medical aid provider, or upgrading your plan, or simply checking that your current coverage aligns with your health needs, it's wise to make adjustments ahead of the new year. Remember that the medical aid year runs from January to December.
Tip: Be sure to confirm if your plan covers any specific treatments or consultations you might need. If you’re thinking of switching options, reach out to our team to discuss what fits your needs best.
Update Your Car and Home Insurance Policies
The holiday season often brings higher road traffic and unpredictable weather, making it essential to review your car and home insurance policies. Double-check your coverage limits, excess payments, and any exclusions. For those looking to expand their coverage or adjust premiums, now is the perfect time.
Tip: Many insurers offer discounts for bundled policies. Ask us if combining your home and auto insurance could help save on premiums.
Ensure Your Will Is Current
It’s easy to overlook, but having an up-to-date Will is one of the most crucial steps in financial planning. If you’ve experienced any major life changes this year—marriage, a new child, or property purchase—it’s wise to review your Will to ensure your wishes are accurately reflected.
Tip: September’s National Wills Month may have passed, but it’s never too late to review your Will and do estate planning. Let us help you secure peace of mind for you and your loved ones.
Consider Year-End Tax Benefits
The end of the year is also the perfect time to review your tax situation. Contributing to retirement annuities, tax-free savings accounts, or making charitable donations can help maximize your deductions before tax season.
Bonus Tip: Even a small additional contribution to your retirement account can have a big impact over time, while reducing taxable income.
5. Revisit Your Emergency Savings
Financially, the end of the year is a great time to evaluate your savings. Aim for at least three to six months’ worth of expenses in an accessible emergency fund. A secure savings plan can ensure that unforeseen expenses don’t derail your financial goals.
If you require any assistance with regard to any of the above, why not reach out to us, and let us guide you with expert financial advice based on your needs, and goals.
Your Financial Planning Partner.
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