Year-End Financial Checklist to Ensure a Smooth Transition into the New Year

As 2023 comes to a close, it’s the perfect time to wrap up loose ends and set the stage for a financially successful new year. Here are some crucial reminders to consider in the final stretch of the year:

Complete Distributions and Contributions

Take a moment to review your financial accounts and ensure that you’ve completed any required distributions and contributions before the year-end deadlines. This includes contributions to retirement accounts, Health Savings Accounts (HSAs), charitable contributions, and other tax-advantaged plans. By meeting these deadlines, you can maximize your financial opportunities and potentially benefit from tax advantages.

Confirm Required Minimum Distributions (RMDs)

If you’re at the age where Required Minimum Distributions (RMDs) come into play, make sure you’ve taken the necessary distributions from your retirement accounts. Failing to meet these requirements can result in penalties, so it’s crucial to stay compliant and safeguard your retirement savings.

Check Beneficiaries

Life is unpredictable, and circumstances change. Take the time to review and update the beneficiaries listed on your financial accounts, including retirement plans and life insurance policies. Ensuring that your beneficiaries are current and accurate can prevent complications and ensure that your assets are distributed according to your wishes.

Initiate a Family Financial Meeting

Consider starting a family financial meeting tradition as part of your year-end routine. Gathering your loved ones to discuss financial goals, plans, and any changes in the family’s financial situation fosters transparency and alignment in financial decision-making. It’s an opportunity to share insights, discuss future plans, and ensure that everyone is on the same page.

The end of the year is a critical time for financial reflection and planning. By completing necessary distributions, contributions, confirming RMDs, checking beneficiaries, and initiating a family meeting, you can start the new year with confidence and a solid financial foundation. Please reach out to our office for more information on how the list above may apply to you.