End-of-Year Financial Planning: Your 10-Step Checklist

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As the year winds down, it’s the perfect time to review and adjust your financial plan. Whether it’s optimizing your investments or preparing for tax season, these ten steps can help you start the new year on the right foot.

Review Your Budget: Reflect on your spending habits over the year. Adjust your budget to align better with your financial goals for the upcoming year.

Maximize Retirement Contributions: If you haven’t already, consider maxing out your retirement accounts like 401(k)s and IRAs. This can reduce your taxable income and bolster your retirement savings.

Evaluate Your Investment Portfolio: Analyze your investments for performance and rebalance if necessary. Ensure your investment strategy still aligns with your risk tolerance and financial goals.

Check Your Emergency Fund: Ensure your emergency fund covers at least three to six months of living expenses. If not, plan to bolster this fund.

Review Insurance Policies: Life changes, and so do your insurance needs. Review your life, health, and property insurance to ensure adequate coverage.

Plan for Taxes: Assess your potential tax liability and explore opportunities for tax-loss harvesting or other strategies to minimize taxes.

Set Financial Goals for the New Year: Establish clear, achievable financial goals for the next year, whether it’s saving for a major purchase, reducing debt, or investing more.

Update Estate Planning Documents: Review and update your will, powers of attorney, and any trust documents, especially if there have been significant life changes.

Donate to Charity: If you’re planning to donate, do it before year-end to qualify for potential tax deductions. Remember to keep all donation receipts.

Schedule a Financial Review: Meet with a financial advisor to review your financial plan and make any necessary adjustments for the upcoming year.

Remember, financial planning is an ongoing process. Use the end of the year as a checkpoint to assess progress and make necessary changes. Here’s to a financially healthy new year!


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EWM does not offer tax or legal advice. Executive Wealth Management (EWM) is a Registered Investment Advisor with the Securities and Exchange Commission. Reference to registration does not imply any specific level of qualification or skill. Investment Advisor Representatives of EWM offer Investment Advice and Financial Planning Services to customers located within the United States. EWM does not offer tax or legal advice. Executive Wealth Management, EWM Tax Solutions, and EWM Legal Services are affiliated but separate companies.


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