Year End Financial Planning Checklist
Year End Financial Planning Checklist
General Items
- Organize financial documents for easy access
- Schedule a meeting with a financial advisor
- Create a checklist for next year’s financial goals
Income Assessment
- Review total income for the year
- Identify any additional sources of income
- Analyze income trends and fluctuations
Expense Review
- Review total expenses for the year
- Categorize expenses into fixed and variable
- Identify areas for potential cost-cutting
Tax Preparation
- Gather all necessary tax documents (W-2s, 1099s, etc.)
- Review changes in tax laws and credits
- Estimate tax liability and plan for payments
Investment Review
- Assess performance of investment portfolio
- Rebalance portfolio if necessary
- Evaluate contribution limits for retirement accounts
Retirement Planning
- Maximize contributions to retirement accounts
- Review retirement savings goals and timelines
- Consider consulting a financial advisor
Financial Goal Setting
- Evaluate progress towards financial goals
- Set new financial goals for the upcoming year
- Create a budget for achieving these goals
Insurance Review
- Review current insurance coverage (health, auto, home, etc.)
- Assess life insurance needs
- Consider updating beneficiaries if necessary
Generated from Panda Checklist
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