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5 Things Seniors Should Include In Their Financial Checklist For 2024 

With the start of the New Year, you must stay ready with a checklist to use your financial resources to achieve your goals. So, what are the things seniors should include in their financial checklist for 2024?

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Amit Sethi
December 30, 2023
Financial Checklist For 2024

Financial Checklist For 2024

You must have learned new financial lessons from the experiences in 2023, and it can greatly help ease the financial challenges you may confront in 2024. But before that, you must make your financial checklist for 2024. A financial checklist can help you keep important events in mind and stay ready to use your financial resources in the best way. So, here are some of the important points that you may include in your financial checklist for 2024.

Investing To Save Taxes Before The End Of The Last Quarter Of FY 2023-24

The beginning of the new year also marks the start of the last quarter of the financial year. So, seniors should accomplish their tax-saving investment goals without waiting for the last day of the financial year. Taking early action can allow you better tax-saving investment options instead of making the last-minute investment in an urgency.

ALSO READ: How To Deal With Retirement Anxiety?

Evaluating Your Insurance Needs In 2024

In the year that has just concluded, you may have taken some health claims, or you may have experienced changes in your health condition. So, you should assess your health insurance needs in sync with changes in your health condition and future expectations of making a health claim. If required, you can plan to increase the size of your existing health policy or get a top-up health insurance scheme.

Review Your Spending In 2023 And Adjust The Spending Plan For 2024

Did you achieve your spending goal in 2023? If not, you should look for ways to adjust the excess spending done in the previous year by cutting down your spending target in 2024. Reviewing your expenses can help you use your retirement corpus effectively towards items which require a greater priority.

ALSO READ: The Why, What And How Of Retirement Planning

Reviewing Your Will

You must review your will every year. In the last year, you may have added some new assets that need to be mentioned in the will. Similarly, to make any change in the list of beneficiaries, reviewing your will regularly, like the start of the new year, can be very helpful.

Get Your Regular Health Checkup Schedule Ready

Health conditions may change quickly in old age, so they must be checked regularly. A regular health checkup can help in avoiding bigger health issues. Also, many health insurance companies allow annual free health checkup facilities to their policyholders; you can make use of it anytime, but doing it at the start of the new year can help you easily remember it.

Set your financial goals for 2024, plan your holidays and make a checklist of people whom you would like to meet and enjoy your retirement time during the year!

The author is an independent financial journalist.

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