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Year-end Financial Checklist

Year-end Financial Checklist

December 13, 2022
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Are you financially ready for the new year?


Finances are constantly changing so it is a great time to check some items off your list and prepare for your goals.

  •  Have you maxed out your retirement plans this year?

Preparing for retirement is not a “set it and forget it” endeavor. It requires checking on your plans and contributions regularly to ensure you are optimizing your return. Check that you have contributed the most you can both personally and according to the government. Regulations change often, so check back often. For 2022, the contribution limit for a Roth or traditional individual retirement account (IRA) is $6,000 ($7,000 if you’re age 50 years or older). 

  • Is your insurance coverage sufficient?

Are you properly covered, or could you use a little readjustment? Nothing is more financially devastating than a major accident. Insurance is a vital way to offset debt that can occur surrounding a health, life, house, or auto crisis. Before heading into the new year, make sure you and your family have the proper coverage. 

  • Have you given to charity?

Not only does donating help society, but it can also help you financially. Many gifts to charity can be claimed as a deduction on your tax return. Additionally, consider a Qualified Charitable Distribution (QCD), which is making a charitable donation from an IRA account and can reduce the amount of taxes owed. Remember there are limits to claiming these tax deductions and donations need to be done properly and be backed by a paper trail. Always get advice on the best way to donate. 

  • Are your assets where they should be?

Take a look at your assets. Do you see diversity or the same types of accounts? Diversification is key to a healthy investment portfolio. It reduces risks and increases returns. Investigate your assets to ensure the end of your financial year is strong. Talk with us if you would like an investment plan analysis.

  • Are there any major tax changes coming your way?

Tax changes can take many forms. Did you get married or divorced? Start a new business or sell a house? Any of these events could possibly change your withholding status or result in a drastically different result than you are used to during next year’s tax season. Preparation is key so that you are ready for the new year and don’t get blindsided by a major change in taxes.

Schedule a financial review before the new year to get help planning for your goals.
CALL our office at 866-566-0460 to speak with a local financial professional today.