An End of Year Checklist for Your Finances

As we wind down the year, now is a great time to conduct a yearly review of your finances to be sure you’re on track to meet all your financial goals in the upcoming year and beyond. If you aren’t sure where to start, here are some common items to consider putting on your financial checklist.

Review Retirement Contributions

It’s always a good idea to maximize your 401k or IRA contributions to be sure you’ll get the most out of your retirement savings and any possible employer contributions. Speak with your financial advisor Wyckoff Nj to be sure that your retirement savings is on track and that you won’t need to make any surprise catchup contributions in the future.

Check your FSA

If you have a flexible spending account through your employer with funds that don’t roll over into the new year, make sure you spend down any of the funds in your account so you don’t lose that money.

Review Your Estate

If you have an estate plan, now is a good time to review it to be sure that it’s still applicable to your current and future needs. This includes reviewing your will, trust, and power of attorneys to ensure they have the proper beneficiaries and nothing has been overlooked.

Check Insurance Coverage 

Insurance needs can vary from year to year, so it’s a best practice to review your coverage once a year to ensure that you have the proper coverage level in place. Adjust your policies if necessary to cover any extra assets you may have obtained during the year.

Review Your Budget 

Spending needs may change, requiring you to check in on your budget on an annual basis. Be sure that you’re still spending your money wisely and that you’re putting enough away into a savings account to cover any unexpected expenses that may arise.

Check these items off your yearly financial to-do list and you’ll be in great shape to prepare for a new year.