Year End Financial Planning

Year end financial planning

As we look to a new year, it’s a great time to engage in year-end financial planning. Whether you are starting from scratch or just need to review your existing goals, guest blogger Nichole Coyle, Certified Financial PlannerTM, walks you through what to consider as the year ends.

Financial planning isn’t a one-time thing. Instead, it’s an interactive roadmap to your financial future and should reflect your changing goals, priorities, and life circumstances. That’s why annual, year-end financial planning reviews are so important.

Additionally, December is an excellent time to address year-end financial planning goals related to tax planning, and investments. Because contributions to most retirement plan accounts, such as 401k and 403b accounts, typically run on a calendar year (Jan 1 – Dec 31), planning now for the upcoming year enables you to implement any strategies, such as maximizing contributions, at the beginning of the annual cycle.

Generally, it is wise to meet with your Certified Financial PlannerTM a minimum of once per year, or more frequently as life-circumstances change. A Certified Financial PlannerTM, like myself, will take several steps to make sure you are still on track or help you refocus to get back on course.

What to consider with year-end financial planning:

  1. Take some time to look at your current investment selection to ensure your investments are still aligned with your risk tolerance and time horizon.
  2. Review your current investments to make sure your savings are on track to help meet your goals.
  3. Discuss your current goals to see how close you are to meeting them. Review any new plans or changes to your current goals you would like to discuss.
  4. Review asset protection, like your insurances (life, disability, long-term care, etc.), to make sure you have sufficient coverage.
  5. Discuss any changes that have occurred personally, professionally, or financially since your last year-end financial planning review.
  6. Review beneficiaries, automatic distributions, automatic contributions, and required minimum distributions and check if you need to make any changes.
  7. Discuss next year’s goals and implement any steps or strategies that will help you meet those goals.
  8. Take action on any year-end financial planning strategies. These may include final, annual contributions to college savings or retirement plans or strategic distributions from taxable investment accounts.

Are you ready to start your new year with a strong financial plan? Whether you need a new plan, need to review your goals or need year-end financial planning, investment, and tax strategies; I’m here to help. When you are ready, call and schedule a time to discuss your financial planning needs. Happy New Year!

Nichole M. Coyle,
20333 Emerald Pkwy, Cleveland, OH 44135
216.621.4644 x1607

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