From shopping to social engagements, the holiday season keeps us busy at the close of each year. But despite the seasonal rush, you can quickly reset your mind, body, and finances with a little preparation. Use this end-of-year health and financial wellness checklist to start every new year right. We created a checklist that you can download for free to keep track of where you are in the process so you’ll be well prepared.
Getting yearly checkups becomes even more important with age. Prevent health issues or catch them early by scheduling your next physical, eye exam, dental cleaning, and hearing exam. You may also need to make other appointments, depending on your health and gender.
If you’re over 65 or have a skin cancer risk, it’s a good idea to schedule a skin exam with your primary care physician or a dermatologist. You’re considered to be at greater risk if you have lighter skin or eye color, burn easily, or have a family history of skin cancer, among other factors.
Many adults, especially those 50 and older, get vaccines each year to protect against the flu, shingles, pneumonia, and other illnesses. Your primary care physician can direct you on your best course of action.
Exercise offers so many benefits for both your physical and mental health. Instead of waiting until the new year, when most resolutions fail, why not kick off your fitness plan now? Consider strength training to start, since the muscle you build will protect your ability to walk and climb stairs and allow you to add in flexibility, balance, and aerobic exercise. Those four types of exercises can be especially beneficial if you’re over 50, according to the National Institute on Aging. Since they're so important, we made a free guide you can download to help you get started and track your progress.
Your annual physical may indicate diet changes are necessary, you may desire more energy, or you may want to lose a few pounds. Many diets for seniors can offer the nutrition you need to be your healthiest self.
Getting good sleep is just as important as what you eat and how much you exercise. It’s when your mind and body recover from each day’s activities, helping fend off physical and mental disease. Consider natural ways to better sleep now so that you can get the recommended seven to nine hours every night.
Strengthening mental health is among seniors’ top New Year’s resolutions. That’s because, as you age, you face such challenges as social isolation and loneliness that can lead to depression. Protect your mental health by spending time with a friend or trying an exercise class, which are among the top health tips for retirees.
Do you have an unhealthy habit that you would like to stop? Consider how using tobacco raises your risk of infection, while drinking alcohol increases your risk of falling or interferes with your medication(s). Both also raise your probabilities of developing one or more diseases. When you quit these habits, not only will you realize health benefits, but you may also qualify for lower insurance premiums.
With your annual appointments made for the year, you should also ensure your insurance coverage meets your needs. Medicare’s open enrollment period, which runs from Oct. 15 to Dec. 7, is the time to make changes for your health and financial well-being. Your health insurance agent or advisor can provide the best information for your needs.
It’s easy to overspend at the holidays. But if you’re on a fixed income, sticking to a holiday budget is important. If possible, look back at what you spent last year, and compare it to your current income and expenses to set a safe amount for shopping. Then, make a list of who and what you’ll spend money on this season.
Have you used the funds in your flexible spending account (FSA)? They likely expire at the end of the year, so you may wish to stock up on qualifying health care items or apply the money towards insurance copayments or deductibles. If you have a health savings account (HSA), you may consider making the maximum investment — $5,150 for individuals 55 years and up — for the tax benefits.
If you’re over 50, you can contribute up to $30,500 in your 401(k), 403(b), and most 457 accounts this year. Yet, any amount will help enhance your financial security, whether you’re planning for retirement or already retired and still earning income. If you have high-interest debt or lack an emergency fund or sufficient health insurance, you may consider using funds for those needs.
Have you reached 73 years of age? If so, and you have a retirement account, you’re likely required to withdraw your RMD before the end of the year. The RMD is the minimum amount you must withdraw from your 401(k), 403(b), 457(b), traditional IRA, and other IRA-based plans. If you don’t withdraw it, the RMD may be subject to a 25% excise tax.
A great way to minimize your taxable income is by making charitable donations. In 2024, you can deduct a maximum of 60% of your adjusted gross income. If you’re 70.5 or older, you may be eligible for a qualified charitable distribution (QCD). This distribution, which comes from your retirement account, isn’t taxed or included as part of your taxable income. Plus, in some cases, a QCD may count as your required minimum distribution (RMD).
You may have children heading to college, or you may have set up, or be contributing to, your grandchild’s 529 plan. No matter the case, your deadline to contribute and receive state tax breaks is Dec. 31. Because such contributions may be subject to a gift tax, your 2024 limit is $18,000 per child.
As one year ends and another begins, many people take stock of their lives and reflect on achievements and losses over the year. That makes it a prime time to update your estate plans. Did you divorce? Have your children become adults? Has your financial status changed? Consider all these things and more while updating official documents and beneficiaries. Download our free estate planning checklist to keep track of your progress.
If you receive income in addition to Social Security benefits, you may be among those who need to file a tax return. To prepare, gather your tax-related documents, such as 1099 forms and charitable donation receipts. You’ll also want to know how you’ll file your taxes when the time comes. Free tax help may be available if you’ve reached senior status.
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