Year-End Financial Planning Checklist

As 2022 comes to a close, it’s a great time to re-evaluate how the year has gone. This year was a stark reminder of the importance of having a solid financial plan and investment strategy created by a trusted advisor. A crucial relationship in pursuing long-term client success.


Here are a few things to review before the New Year.

  1. Portfolio Assessment
    1. While we don’t attempt to time the market or make emotional decisions. Years in which we have bear markets or corrections allow us to review your portfolio and ensure it aligns with your needs/goals. Potentially giving us capital to redeploy into depreciated sectors or asset classes and harvest tax losses to offset potential future capital gains you may incur. A Roth conversion may make sense in some cases, depending on your income tax bracket(pre/post-retirement) and longevity.
  2. Health Care Planning
    1. Health Savings Account – Take advantage of the potential triple tax advantage of tax-deductible contributions, tax-free growth, and qualified withdrawals for covered medical expenses.
    2. Medicare – Near your 65th birthday? Consider enrolling in Medicare during open enrollment before age 65 to avoid penalties. Are your coverage elections still adequate and appropriate for the coming year? October 15-December 7th is open enrollment and allows you to make changes if needed.
  3. Charitable Giving
    1. Charitable giving is a deep and complicated planning technique that can lower potential income taxes or remove an asset from a high-net-worth person’s estate. In a person’s lifetime, the current law states each individual has a $12,060,000 exemption from gift or estate taxes (very broad and may be subject to additional limitations, rules, etc.). Year-end is a great time to maximize giving (whether cash or other property) to lower potential tax implications, maximize tax deferral/growth in qualified accounts, or remove an appreciated asset from an estate. A CERTIFIED FINANCIAL PLANNER™ is well-versed in charitable giving techniques, and a thorough analysis of a client’s financial situation should be performed before recommending a specific strategy.

These ideas are not meant to be a one-size fits all approach for investors/clients. Each item should be carefully and dutifully approached concerning a specific situation. Please reach out if you would like to discuss your situation in detail and see how we may assist you in achieving your goals.

Important Disclosure:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All performance referenced is historical and is no guarantee of future results.

All indices are unmanaged and may not be invested into directly. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that the strategies promoted will be successful.