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  • Ready, Set, Review: Year-End Financial Checklist

    year-end financial checklist

    With December on the horizon, the end-of-year financial to-do lists are starting to appear. This Year-End Financial Checklist from Charles Schwab is a particularly thorough one that divides tasks by those that need to be completed by year-end, by next spring, and at least once a year.

    Recommendations include:

    • If you have either or both, be aware of the deadlines to fund your Health Savings Accounts (HSAs); as well as spend your Flexible Savings Accounts (FSAs).
    • Revisit your tax withholding since changes in dependents, income and marital status can all affect your tax bill.
    • Confirm beneficiary designations to ensure your current designations are still in line with your estate plan.
    • Request credit reports to stay on top of fraudulent activity. Thanks to the Fair Credit Reporting Act, each of the national credit-reporting agencies is required to provide you with a free copy of your credit report, upon request, once every 12 months. Get yours at annualcreditreport.com.
    • Take Required Minimum Distributions (RMD) if you’re 70½ or older. If you qualified for RMDs this year and decide to delay until April 2018, remember to calculate the impact on your 2018 tax bracket.

    Reducing capital gains, contributing to 529s, and funding your IRA are listed for consideration as well.

    As you complete your year-end financial checklist, I would add that when reviewing your 401(k), note that you can increase your contribution to $18,500 next year. For those 50 or older, the amount increases to $24,500. This is the first time since 2015 that 401(k) contribution limits have increased.

    Finally, if you have questions on any of these topics or would like to discuss your financial goals for 2018, please contact us.


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    Everyone’s situation is different; what it takes for you to be financially independent is unique to you. If you’d like to discuss any questions or concerns you have your financial life, please contact us for a no obligation consultation to see how we can help.



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    Ready, Set, Review: Year-End Financial Checklist

    by David Ragland time to read: 1 min