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Year-End Planning for Everyone

Year-End Planning for Everyone

December 13, 2023

Year-end financial planning is crucial for setting yourself up for a confident financial future. Every year we spend hundreds (if not thousands!!) of hours helping our clients with planning. We've compiled a list of five key steps that everyone can take to get their finances in order before the year comes to a close:

1. Review and Set Financial Goals for the Next Year

Reflect on your financial goals from the past year and assess your progress. Did you achieve what you set out to do? Take time to set new goals for the upcoming year. These goals could range from paying off debt, increasing savings, investing in assets, or even starting a retirement fund. Having clear, measurable goals helps you stay focused and motivated.

2. Maximize Retirement Contributions

Contributing to retirement accounts, such as a 401(k) or an IRA, is a powerful way to secure your financial future. Check your contribution limits for the year and make sure you're maximizing them if possible. Take advantage of any employer matches offered in workplace retirement plans, as they essentially provide free money towards your retirement savings.

3. Tax Planning and Charitable Contributions

Evaluate your tax situation before the year ends. Consider making tax-deductible contributions, such as donating to charity or contributing to a Health Savings Account (HSA) or Flexible Savings Account (FSA) if eligible. Reviewing your potential tax deductions and credits can help optimize your tax liability.

4. Review Your Investments and Asset Allocation

Take a close look at your investment portfolio. Assess the performance of your investments and consider rebalancing your portfolio if needed to align with your risk tolerance and financial goals. Consult with a financial advisor if you're unsure about the best allocation for your investments.

5. Create or Update Your Budget

A budget is a foundational tool for financial planning. Use this time to create a budget for the upcoming year or revise your existing one. Track your expenses, categorize them, and identify areas where you can cut back or save more. Budgeting allows you to have better control over your finances and helps you allocate resources more effectively.


Year-end financial planning is an essential step in pursuing your financial goals. By reviewing your goals, optimizing tax strategies, maximizing contributions, managing investments, and maintaining a budget, you can set yourself up for a more confident financial future.