When springtime rolls around each year, many feel the need for a fresh start and new beginnings. It’s a great time to start cleaning out our closets, deep-clean our homes, and freshen up our living spaces. Spring cleaning does not only apply to our living spaces, though – it’s also a great time to spring clean our financial house including our financial and retirement accounts. Here are some tips to get you started on your financial spring cleaning.
Review Your Spending and Savings
Rising costs over the past several months have hit many individuals and families hard, and have impacted their savings and debt. Review your spending for the last few months, since this may reveal areas where you can cut back to keep more money in your pocket.
Revisit your Investing Strategies
Have you given your portfolio a check-up recently? Now is a great time to look at how the market has affected your mix of investments and check your asset allocations. Each campus and System Office have assigned TIAA and Fidelity financial consultants available for 1-on-1 meetings to review your accounts and reset if needed. In addition, CAPTRUST is available to review your retirement blueprint to keep you on track. While digging into your accounts, don’t forget to review your account information and ensure your beneficiaries are up to date.
Plan for Future Tax Years
With springtime also comes tax season. As you are reviewing your 2022 taxes with your tax professional, it may be a good opportunity to discuss how to make the most out of your 2023 tax year. You may benefit from contributing additional pre-tax dollars from your paycheck to the UNC Supplemental 403(b) and 457(b) plans. This could enable you to save additional funds for retirement while reducing your annual tax bill. Speak to your tax professional to discuss your individual circumstances and what may work best for you.
