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End of the Year Financial Checklist


Posted on Wednesday, October 13, 2021 in Wealth Management

Image of checklist, pen and calculator

“Organizing your financial house” usually ranks toward the top of most New Year’s resolution lists. We’ve compiled a financial checklist to help you get organized for 2022.

  • Review your tax withholdings. Have you had a major life change (e.g. employment, marriage, divorce, or a new child) that affects your income tax? Check to make sure your tax withholding has been properly adjusted.
  • Check to see when you last rebalanced your investment portfolio. Although you don’t need to update your investments every year, many people go far too long without making necessary adjustments as they age.
  • Review IRA and employer retirement plans for the year. Both IRAs and 401(k)s have annual contribution limits, so consider the best options for your situation. The deadline for IRA contributions is usually April 15 for the previous year. Check with your tax advisor to determine tax advantages of the various IRA options.
  • Evaluate your debt. It’s a good time to evaluate your debt, determine which carries the highest interest rates and prioritize your payments. Paying off debt with the highest interest rates first can make a huge difference in reducing your debt more quickly.
  • Consider contributions to a 529 Plan to fund children’s/grandchildren’s education. 529 Plans allow you to make contributions to a tax-free account that may be used to pay for qualifying secondary education expenses.
  • Check up on wills and estate planning. Make sure that the wording of your will reflects your actual intentions and wishes, especially if you have been through a major life change.

Being strategic with your retirement planning reduces stress, saves money, and helps provide confidence for you and your loved ones. We are here to help with all of your financial planning needs and to assure your assets are working toward your financial goals. Call to schedule a financial check-up.

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