A 2022 Financial Wrap-Up Checklist

The end of the year is the perfect time to tie up any loose ends with your finances and get ready for the year ahead. To help, we thought we’d send over a checklist to ensure you touch on the most important categories.

Work your way through it little by little, and give me a call if you have questions or feel any of these areas need more attention:

Personal finance
• Review your budget and spending. Make adjustments to your categories as needed.
• Review outstanding debt and set goals for paying it down.
• Revisit savings goals and adjust them as you plan for big-ticket needs or wants.

Taxes
• Review sales of any appreciated property.
• Collect cost basis information on sold securities.
• Review realized/unrealized gains and losses.
• Check loss carry-forwards from last year.
• Identify transactions that could improve your tax situation.
• Have your tax advisor prepare a year-end tax projection.
• Review potential deductions and credits.

Retirement
• Analyze Roth IRA conversion scenarios.
• Max out 401(k) contributions.
• Max out IRA contributions.
• Open a retirement plan if you’re recently self-employed.

Insurance
• Review life insurance needs.
• Review HSA accounts.
• Spend balances in flex spending accounts.
• Discuss disability insurance.
• Review your Medicare enrollment options (if applicable).

Investments
• Revisit investment needs and goals.
• Review asset allocation.
• Review income and savings needs.
• Discuss tax harvesting.