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5 smart actions for the new year

Start 2024 on a strong note by reviewing this beginning-of-the-year financial checklist.

The new year is a great time to reflect, revisit priorities and take actions — big and small — to help you stay on track to reach your financial goals. 

As you consider your financial situation for 2024, your Ameriprise financial advisor is here to help identify strategies that can keep you focused and moving forward. 

Here are five smart actions to consider:

1. Evaluate any changes to your financial situation 

Your financial situation can change a lot in a year. Maybe you are pursuing an exciting new financial goal, such as renovating a home or early retirement. Or perhaps you are dealing with more subtle lifestyle shifts that affect your cash flow, such as workplace benefit changes, the phasing out of childcare expenses or new car loan payments.

Whatever changes you are experiencing — positive or negative — please connect with your financial advisor about your situation. Your financial advisor will offer personalized recommendations and help identify savings opportunities to keep you on track to achieve your financial goals considering your current situation.

See your total financial picture at a glance

By enrolling in Total View, an account aggregation tool located in the secure site on, you can better track your progress toward your financial goals. Connect accounts from other financial institutions, add physical assets such as homes or jewelry and view them all in one secure place.

2. Review your investment portfolio

2023 was an eventful year in the markets, with both upward and downward movements. As such, your investment portfolio may have evolved to a different risk profile. Depending on your goals, this may mean you have too many stocks and too few bonds (or vice versa). Consider connecting with your financial advisor to review your investments — they may recommend small adjustments to your asset allocation, or a rebalance to bring your portfolio back in line with your risk tolerance. In addition, you may want to take the opportunity to reconfirm or revisit your risk tolerance.

“In 2023, inflation moderated considerably, economic growth was much stronger than anticipated, and by the end of the year, the Federal Reserve had paused its aggressive interest rate hikes,” said Ameriprise Chief Market Strategist Anthony Saglimbene. “While major U.S. stock benchmarks saw a solid year of gains, returns were concentrated across a handful of mega-cap technology stocks. At the same time, bond prices faced another challenging year as interest rates moved higher. However, we see opportunities forming for both stocks and bonds in 2024, particularly if the U.S. economy avoids a recession. Now may be an opportune time to meet with your financial advisor to discuss ways to boost portfolio income, explore investment opportunities, and rebalance your portfolio.”

3. Confirm your beneficiary designations

A beneficiary is a person or entity, such as a trust or nonprofit, that you have designated to receive the assets in your financial accounts when you die. They’re incredibly important because they override instructions in your will and allow your assets to pass directly to the beneficiaries without having to go through probate.

As such, all financial accounts (regardless of size) should have specific beneficiaries named — and the beginning of the year can be a convenient time to review and update them. For help, consider reaching out to your financial advisor. They will help you review your beneficiary designations on a regular basis and after major life changes such as a birth, divorce or marriage.

4. Assess your cash reserve

When a financial emergency arises, a cash reserve can help you pay for it and stay on track with your financial goals. Strive to keep three to six months of living expenses in a safe, liquid cash account that is generating interest. A high-interest savings account, money market deposit account or short-term certificate of deposit are good options to consider.

Because your cash reserve is the first line of protection against a financial setback, consider reviewing it annually to make sure it fits your current needs. If you used some of your cash reserve recently or your circumstances have changed — higher expenses with a new child or a new job, for example — it’s worthwhile to replenish it. Similarly, ensure your reserve is keeping pace with inflation by keeping it in an account that earns interest.

5. Start planning for 2023 and 2024 taxes

As the April 15 deadline for filing 2023 federal tax returns draws closer, you will begin receiving tax documents from employers and other institutions. Whether you file yourself or work with a tax professional, consider organizing these materials earlier in the season to prepare for a tax refund or tax payment.

Additionally, it’s not too early to start thinking about your 2024 return and how a year-round tax strategy can help lower your tax burden. For example, if you’re planning to itemize for 2024, think about how you can maximize your deductions or take advantage of certain tax credits throughout the year. The sooner you start planning, the more flexibility you’ll have to pursue tax strategies that could potentially benefit you.

Feel more confident about the year ahead

Your Ameriprise financial advisor is committed to helping you reach your financial goals. Connect with them to review your progress and investment portfolio. You can also track your goals and progress online — any time, from any device.

What changes, if any, should I implement this year to make more progress towards my financial goals? What tax strategies should I be thinking about now to prepare for my 2024 federal tax return? Does my investment portfolio still align with my risk tolerance?

When you’re ready to reach out to an Ameriprise financial advisor for a complimentary consultation, consider bringing these questions to your meeting.

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At Ameriprise, the financial advice we give each of our clients is personalized, based on your goals and no one else's. 

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Background and qualification information is available at FINRA's BrokerCheck website.

This information is being provided only as a general source of information and is not a solicitation to buy or sell any securities, accounts or strategies mentioned.  The information is not intended to be used as the sole basis for investment decisions, nor should it be construed as a recommendation or advice designed to meet the particular needs of an individual investor.  Please seek the advice of a financial advisor regarding your particular financial situation.
The views expressed are as of December 2023, may change as market or other conditions change, and may differ from views expressed by other Ameriprise Financial associates or affiliates. Actual investments or investment decisions made by Ameriprise Financial and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances.
Ameriprise Financial cannot guarantee future financial results.
The initial consultation provides an overview of financial planning concepts.  You will not receive written analysis and/or recommendations.
Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC.

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