Your Year-End Financial Checklist: Six Areas to Review Before December
As year-end approaches, it's worth taking stock of whether your financial decisions are still lined up with your long-term goals. This checklist touches retirement planning, tax planning, charitable giving, investments, and estate strategy — the kinds of things that are easier to get right when you look at them together rather than one at a time.
A quick note: this is a general framework, not personalized tax or investment advice. Think of it as a starting point for a conversation with your financial, tax, and legal professionals while there's still time to act.
1. Check Your Retirement Contributions
Take a look at where you stand on your workplace plan, IRA, or business retirement plan. Contribution limits and rules can change year to year, so it's worth confirming rather than assuming last year's numbers still apply.
Business owners may also want to revisit plan design and employer contributions with their payroll provider or plan administrator. We're happy to help connect these decisions to your broader cash-flow and tax picture.
2. Look at Tax-Loss Harvesting
If some of your taxable investments are down this year, it may be worth realizing those losses to help offset gains elsewhere — but this shouldn't be a purely mechanical year-end move. Before selling anything, think about what role that holding plays in your portfolio and whether losing it changes your risk exposure. This is one area where looping in your tax professional pays off, since gains, losses, and carryforwards can interact in surprising ways.
3. Plan Your Charitable Giving
If giving is part of your plans, year-end is a good time to confirm which organizations you want to support and make sure gifts are documented properly. If you're an eligible retiree, ask us about qualified charitable distributions — giving directly from a retirement account can be tax-efficient, though the timing and paperwork matter.
4. Confirm Any Required Distributions
If you own a retirement account or inherited one, don't assume this year's required distribution looks like last year's — the rules depend on the account type, your age, and beneficiary status, among other things. Missing a deadline or miscalculating the amount is an easy mistake to avoid with a quick check now, ideally with your custodian and tax professional.
5. Consider Whether a Roth Conversion Makes Sense
Converting funds to a Roth can be a smart move in the right circumstances, but it raises your taxable income in the year you do it, so it deserves real analysis — not just because the calendar is ticking down. The question isn't "is this timely," it's "does this actually fit my plan."
6. Update Beneficiaries and Estate Documents
If you've had a marriage, divorce, birth, death, or move this year, check that your beneficiary designations still match your wishes — they can override what's in your will or trust. It's also a good moment to review powers of attorney and health-care documents with your estate attorney.
Why It's Worth Doing Together
These pieces connect more than they seem to at first glance — a charitable gift can affect a retirement distribution, a beneficiary update can reshape your estate plan. Looking at them side by side, instead of one at a time, makes it much easier to catch what matters.
A year-end review is a good way to head into the new year with a clearer plan. Book a Call with Chadi to schedule one.
FAQ
When should I start my year-end review?
Sooner than you think — starting in the fall gives you more flexibility than waiting until December.
Is tax-loss harvesting right for everyone?
No — it depends on your holdings, tax situation, and portfolio goals. Weigh any tax benefit against the long-term role of the investment.
Should charitable giving be part of my financial plan?
If philanthropy matters to you, yes — the right approach depends on your situation and the causes you support.
How do I know if I need to take a required distribution?
Your custodian and tax professional can confirm whether you have an obligation, the timing, and any beneficiary considerations.
Why coordinate with an advisor at year-end?
Because these decisions overlap — an advisor can help make sure they're working toward the same goals instead of against each other.