End of Year Financial Planning Checklist

With the holidays upon us, it can be difficult to make time to get your finances in order. Many people push out closing their year until well into the next year (ever scramble in April to get all your tax work completed?). But there are several time sensitive financial moves you should consider now, in order to successfully close out 2018.

  1. Review your open enrollment options and optimize your selections

    Make sure that you and your spouse are coordinated on health care and dependent spending and 401k and Roth saving goals.

  2. Adjust your tax withholdings

    If you have had a child in 2017, been through a divorce, changed jobs or had a change in income, you will likely need to adjust your withholdings.

  3. Fund long term savings vehicles (401k, Roth IRA, IRA, SEP IRA, 529s).

    Contribution limits for your 401k is $18,000 and IRA is $5,500. Beware that there are limits on IRAs depending on your income. If you are self employed, take the time to fund a SEP IRA, which has much higher limits than a standard IRA or 401k.

  4. Check your health and dependent care flexible spending plans

    Track down your receipts and enter them now. I like to use this wind fall to fund Christmas. If you have not used all of your money, its time to do it now. Also, if you have hit your health care deductible, it may make sense to hit the doctor one more time to take care of anything you have been putting off.

  5. Set an end of year budget.

    There is a lot going on: gifts, travel, family events, parties, family pictures. Start to think, at the very least, about some guard rails that you want to set.

  6. Start Planning for Next Year

    Set up a meeting with your financial planner. Now is the time to start setting some longer term goals for next year and help secure your retirement for tomorrow. Let me guide you through the process and monitor your progress.