Your End Of The Year Financial Checklist

As we approach the end of the year, it’s time to take stock of our financial well-being and ensure that we’re on the right track for the year’s end and beyond. As we head into December, it’s a good time assess our priorities and ensure we’ve covered all the essential tasks. In this blog post, we’ll discuss your End of The Year Financial Checklist, which includes some “do not pass go” items to check off before the end of the year. So, let’s dive in.

  1. Take Your RMD (Required Minimum Distribution):

For those who have reached the age of 72, taking your RMD from retirement accounts is a crucial financial task. The deadline for RMDs is December 31st, so now is the time to calculate the amount you’re required to withdraw from your IRA or 401(k) accounts to avoid penalties. Consult with your financial advisor to ensure you’re taking the right RMD amount.

  1. Check Your Contributions:

Before the end of the year, it’s essential to review and maximize your contributions to various financial accounts. This includes your retirement accounts, such as a 401(k) or IRA, but also other accounts like Health Savings Accounts (HSAs) or 529 Plans for college savings. Making the most of these contributions can help reduce your taxable income and grow your nest egg for the future. Confirm with your HR department or financial professional about your allowable contributions and deadlines.

  1. Manage Cash Flows and Holiday Spending:

Your fall season spending can quickly build up before your eyes, with holiday spending and end of the year bills. To lighten the burden and ultimately avoid financial stress, create a comprehensive budget that accounts for holiday gifts, travel expenses, and entertaining costs. It’s important to strike a balance between enjoying the season and staying within your means, but planning ahead can help avoid any unforeseen surprises.

  1. Tax Planning for the Spring:

Spring might seem far off, but it’s never too early to begin thinking about your tax situation. Take some time to assess your financial portfolio and plan accordingly so again, there are no surprise come tax season. Consider speaking with a tax professional or financial advisor who can provide guidance on effective tax planning strategies. You might also explore opportunities for charitable donations, such as a donor advised fund and explore tax-efficient investment strategies.

In this season of change and preparation, December 1st reminds us to prioritize our financial well-being. Your Year End Financial Checklist is a helpful guide to ensure you’re on the right track as we approach the year’s end. Similar to everything finance, building your personal financial checklist is unique to you and your family’s personal financial situation, so some of the items above may or may not apply to you. However, as we approach the end of the year, these are good concepts and ideas to think about to ensure you are maximizing your opportunities before year end. If you have questions, or are seeking help executing the tasks mentioned above, email us at or schedule a complimentary intro call here.

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