Year-End Checklist

As we approach the end of another year, it’s a great time to take stock of your finances, reflect on your progress, and revisit your financial goals.

To help you get started, we’ve put together a year-end financial planning checklist. While it’s not exhaustive, it covers several important areas worth reviewing before the end of the year.

  • Review your budget. Assess your spending, savings, and progress toward your financial goals.

  • Review your estate plan. Make any necessary updates to your will, trusts, beneficiary designations, and other estate planning documents.

  • Review your insurance coverage. Ensure your life, health, disability, homeowners, and other insurance policies continue to meet your needs.

  • Review your FSA or HSA. Check your Flexible Spending Account (FSA) balance, deadlines, and eligible expenses. If you have a Health Savings Account (HSA), review your contributions and how the account fits into your overall financial plan.

  • Review your retirement contributions. Evaluate your contributions to employer-sponsored retirement plans, such as a 401(k), as well as your traditional or Roth IRA contributions.

  • Consider a backdoor Roth IRA. If your income exceeds the limits for direct Roth IRA contributions, explore whether a backdoor Roth IRA strategy may be appropriate for you. Be sure to consider the potential tax implications.

  • Consider tax-loss harvesting. Review your taxable investment accounts to determine whether realizing investment losses could help offset capital gains and potentially reduce your tax bill. Click here to learn more.

  • Satisfy any required minimum distributions (RMDs). If you’re subject to RMD requirements, confirm that you withdraw the required amount by the applicable deadline.

  • Consider qualified charitable distributions (QCDs). If you’re eligible, a QCD from an IRA may allow you to support charitable organizations while potentially reducing the amount of your IRA distribution included in taxable income. Click here to learn more.

A little planning now can help you finish the year on solid financial footing and enter the new year with greater confidence.