End-of-Year Financial Planning & Review Checklist

Over the past year, we’ve seen higher levels of inflation, rising interest rates, a drop in the stock market, and the threat of a deeper recession, so it’s important to focus on what you can control and proactively manage. We encourage you to review the checklist of some actions you can perform before the end of the year to improve your personal finances and maximize available opportunities.

• Review your 2022 goals/objectives and how you have measured against them, budget, and financial plan, and make adjustments for 2023.

• Review your investment portfolio. Reevaluate your risk profile to be sure your target asset allocation still meets your financial goals.

• Review your portfolio to keep your investments in line with your desired asset allocation.

• Review and adjust how your portfolio is positioned for tax efficiency.

• If you have high deductible health insurance, contribute to a Health Savings Account (HSA).

• Maximize contributions to your retirement plans up to the limit.

• Consider combining charitable donations that would normally be made over several years into one year.

• Consider donating highly appreciated stock or stock mutual funds rather than cash to minimize capital gains.

• Consider tax loss harvesting by selling stock or stock mutual funds with a tax loss before the end of the year. This can help offset gains on other investments that need to be sold to rebalance your portfolio.

• Review your credit reports. You should check your credit reports annually; any fraudulent activity tends to increase around the holidays.

During times of uncertainty, it is crucial to review your finances and make the changes that will improve your long-term financial success.