Broker Check

Year End Financial Reviews

December 01, 2022

While we are working hard on our end, we also recommend that you do your own financial review including insurance, contributions and other benefits. If you find that you have any questions, we are happy to chat any time!

In the mean-time, check out our helpful list of year-end financial planning items:

  1. Check to ensure that you have taken any Required Minimum Distributions.

If you are over 72, you have likely already been told that you have a requirement (set by the IRS) to remove a certain amount of money from your retirement account. Check to make sure you’ve done it or it can be a 50% penalty!


  1. Think about charitable giving

If you are already philanthropically minded, this has been on your mind all year. However, if you find that you get to the end of the year and would like to donate a bit more, consider taking it in a strategic way-- either from an RMD or a highly appreciated stock.


  1. Maximize Retirement Contributions

If you are not retired but still working and you haven’t maxed out your retirement contributions (and you have the cash flow to do so) boost your retirement savings! A regular 401k will allow you to put away $20,500 for those under 50 and over 50 you have an additional $6500 catchup for 2022.


  1. Don’t forget your FSA

If you have a Flexible Spending Account for your medical expenses, don’t forget to use them or submit your receipts. You can only roll over $570.


  1. Contact your Financial Professional

Your Financial Advisor can help you with all of the above!