Checklist
- Max out retirement contributions!
For 2024, you can contribute up to $23,000 to your 401(k), plus a $7,500 catch-up if you’re 50 or older. In 2025, people 60-63 can contribute even more. IRAs let you contribute $7,000, with an extra $1,000 catch-up if you’re 50+. - Review your investments.
Year-end is a great time to make sure your portfolio still aligns with your goals. Let’s set up time in the new year to discuss any changes. - Make a financial inventory.
Create a list of your assets, debts, and key financial info. It’s an easy way to track your financial health. - Plan for RMDs.
If you turned 73 this year, your first RMD is due by April 1, 2025. You can delay it if you’re still working and have a workplace retirement plan. Plan ahead to avoid penalties. - Prep for tax season.
Start organizing your documents now, so tax filing is a breeze. And watch out for any tax changes for 2025. - Consider tax-saving moves.
Charitable donations can lower your taxable income, and if you’re 70½+, you can donate up to $100,000 tax-free. Plus, for those 73+, donations can count toward your RMD. - Check your insurance.
Review your coverage to make sure it still fits your needs, especially if you’ve had any big life changes. - Review your estate plan.
Update your will, trusts, and beneficiary info. With potential changes to estate taxes, now’s a good time to consult an estate plannerKeeping your finances in check is an ongoing process, so stay on top of things. If you need help, reach out anytime!
To download a detailed checklist to help you plan, just fill out the form below.