It’s a busy time of year between running errands and spending time with family, but don't forget to carve out some time for a financial check-in! This will set you up for continued success in the new year by confirming your financial plan is in good standing and that you’re not at risk for penalties.

With deadlines, corresponding to-dos, and documents to review, here’s your year-end financial planning checklist.

December Deadlines

To start, focus on the to-dos that have a December deadline.

Take your RMDs. Those with RMD needs must review and take by the end of the year to avoid penalties. As a reminder, the RMD age recently changed. For those born…

• Before 1951 will see no change in when to take RMDs
• Between 1951 and 1959, RMDs will begin at age 73 (i.e., 2024 and later)
• In 1960 and after will begin RMDs at age 75 (i.e., 2025 and later).

Deadline: December 31st.

Understand the latest IRS updates in What to Know About the New RMD Rules.

Maximize your retirement contributions. Review and consider increasing your deferral rate for retirement accounts, if you have not already reached the limit. As a reminder, you may contribute $7,000 to your IRA ($8,000 if you’re 50 or older) and $23,000 to your 401(k) ($7,500 if you’re 50 or older).

Deadline: December 31st for 401(k) contributions. April 15, 2025, for IRA contributions.

Learn how to maximize your savings using the Retirement Savings Waterfall approach in 9 Steps to Building a Retirement Savings.

Make gifts. With causes near and dear to our heart, charitable acts are a thoughtful way to give back to others. They can also provide tax and financial benefits when strategically planned around your financial situation.

Deadline: December 31st.

Year-end is quickly approaching, so check in with your advisor to assess your financial situation and plan what’s realistic – remember, some things can take weeks to file and complete!

Planning Guide: 5 Ways to Grow Your Wealth in 2025

2025 is coming fast. With market volatility, changing tax laws, and potential inflation, now is the time to review your financial plan and get ahead. Inside this free guide you’ll find 5 strategies to consider in your financial plan to grow your wealth in 2025, alongside tips to keep your money growing and protected in the new year and beyond.

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Year-End Financial To-Dos

While your financial journey is a year-long commitment, the end of year is an ideal time to check in and assess what else needs to be done to maximize the year.

✔ Check in with your financial plan to see how you’re tracking against your goals. No matter when the last time you reviewed your plan was, this is the time to reflect on what’s happened this year and what’s coming as you plan for the new year.

Learn the 9 must-haves for everyone’s financial plan in What is Your Financial Plan Missing?

✔ Explore a Roth conversion to see if it makes sense to convert your IRA to a Roth IRA as they are not subject to RMDs (for the owner) and grow tax-free.

✔ Double-check estimated taxes and withholdings by reviewing your estimated annual income. If you have had significant changes to your personal tax situation, prioritize reviewing your tax situation and strategies.

Taxes are complicated. Avoid tax surprises and learn more in 4 Reasons You Need a Tax Consultation, Today.

✔ Check your Flexible Spending Account (FSA) and Health Savings Account (HSA) balances. Remember that, unlike HSAs which rollover every year, you can only rollover a certain amount of your FSA to the next year – the amount you can carry over from 2024 to 2025 is $640. The limits for HSA contributions are $4,150 for a single plan and $8,300 for family plans.

Learn more about supercharging your retirement savings with an HSA in HSAs: the Ultimate Retirement Account?.

✔ With a year-end deadline to make charitable gifts, there are several strategies and ways in which you can do so such as, qualified charitable deductions, gifting appreciated stock, and in-kind family gift to fulfill charitable wishes (with added bonuses of tax and financial benefits).

Learn everything you need to know about gifting a Roth IRA to children or grandchildren in Giving the Gift of a Roth IRA.

✔ Schedule (or confirm) your 2025 meetings with your team of professionals – financial advisor, accountant, and estate attorney – to address any questions, gaps, or changes during your review of your plans.

Wondering if you really need to work with a professional? Learn more in Do I Need a Financial Advisor? How to Know When It’s Time.

Final Reminders & Review

Statements, balances, strategies, and plans are all important to keep a pulse on to achieve financial success. Yet, failing to review and make updates to documents can cause more trouble.

• Confirm your Medicare coverage. Open Enrollment starts on October 15th and ends on December 7th each year, so, if you haven’t reviewed your coverage, shopped prices, and selected a plan to meet your needs, then now is the time to do so.
  

  Get all the details you need in Understanding Medicare and Open Enrollment.

• Review insurance policies on homeowners, life, disability, and long-term care accounts to ensure the coverage is adequate.
• Review your estate plan and beneficiary designations to confirm they still align with your wishes.
  

  When was the last time you revisited your estate plan? Chances are something – from taxes to your financial goals – has changed. Learn 4 Signs It’s Time to Update Your Estate Plan.

• Review tax-loss and tax-gain harvesting strategies as you receive year-end capital gains distribution to review with your team to manage any losses or gains, if necessary.
  

  Our 2024 Tax & Wealth Planning Guide

  Our complimentary guide covers everything from key facts and figures, to tips, tricks, and strategies to maximize your tax savings for the 2024 tax year. Download your copy and get the information you need to make this your most efficient tax year yet.

  Download your free copy

• Review your investment strategy and asset allocation after the year to see if your current allocation aligns with your time horizon, risk tolerance, and long-term financial plan.
  

  Alternative investments are just one strategy to consider for diversifying your portfolio. Learn more in The Truth About Alternative Investments.

Planning shouldn’t be something that happens only at the end of the year or with the arrival of the new year. It’s an ongoing process that evolves in response to evolving circumstances – whether that’s life changes, emerging opportunities, market trends, or new regulations. One of the best steps you can take is creating a holistic financial plan, building good financial habits, and consulting with a financial advisor along the way. The window of opportunity for this year is coming to a close, but it’s not too late to review and make adjustments to keep you on a path towards financial growth.

Please consult with an attorney or a tax or financial advisor regarding your specific legal, tax, estate planning, or financial situation. The information in this article is not intended as legal or tax advice.