Year End Financial Checklist

It’s December! Before the New Year arrives, don’t forget to button up your financial life by checking off these important to-dos, where appropriate for your personal situation.

  • Maximize your retirement account contributions (including catch-up contributions if you are over 50 years old)
  • Donate to charity before December 31 to take advantage of deductions on this year’s taxes
  • Review the beneficiaries on your accounts / policies, and make updates as necessary
  • Determine your Social Security benefit election strategy
  • Review your will and trust provisions to ensure they are still aligned with your wishes
  • Take your RMDs (required minimum distributions) if you are age 70 ½ or older
  • Update your tax withholding in light of a major life event (if you were married, divorced, had kids, etc.)

The last few weeks of the year are always a busy. But, setting aside a bit of time to go through this year-end checklist will be well worth the investment, helping you maintain your financial house and giving you peace of mind as you wrap up the year.