Year-End Financial Planning Checklist

Year-End Financial Planning Checklist

December 28, 2020 All Articles Healthcare Insurance Investments Life Planning Retirement Taxes 0

Fall/Winter is an ideal time to examine your financial health and update your financial plans. Here is a list of important things to review that might make a difference in your year-end review and plans for next year. Check all that apply. If you have any questions or concerns, we will be happy to go over these items with you and discuss possible scenarios for 2020 and 2021. Call us to schedule a review. Click here for a PDF printable version of this checklist.

Put a check mark next to any key item that impacts your situation or needs more research or discussion.


  • Project income for 2020 & 2021
  • Project 2020 net investment income
  • Review tax plan in light of The Tax Cuts and Jobs Act
  • Review realized and unrealized gains and losses
  • Collect cost-basis information on sold securities
  • Review sales of appreciated property like real estate
  • Check loss carry-forwards from last year
  • Review potential deductions & credits for 2020
  • Track donations to charity
  • Review any gifting plans


  • Max out 401(k) contributions including catch-ups
  • Max out IRA contributions including catch-ups
  • Analyze Roth IRA conversion scenarios
  • Take required minimum distributions*
  • Open a retirement plan if newly self-employed
  • Check status of all retirement accounts
  • Consider Social Security claiming options


  • Confirm investment goals and strategy
  • Review asset allocation for rebalancing opportunities
  • Review fundamentals of portfolio positions
  • Revisit income and savings needs
  • Re-examine asset location
  • Review outstanding loans and mortgages
  • Review dividend distributions
  • Review employee stock options


  • Review property and casualty policies
  • Review costs of current insurance policies
  • Review health insurance coverage
  • Identify material changes in life, business, or financial circumstances that may require insurance adjustments


  • 50: Now you can make catch-up contributions to IRAs and some qualified retirement plans
  • 55: You can take distributions from 401(k) plans without penalty if retired
  • 59½: You can take distributions from IRAs without penalty
  • 62-70: You can apply for Social Security benefits
  • 65: You can apply for Medicare
  • 72: You must begin taking RMDs from IRAs*


  • Review employer’s health insurance plan
  • Shop state health insurance exchange
  • Review Health Savings Account contributions for 2020
  • Spend any remaining balances in Flexible Spending Accounts
  • Review Medicare enrollment options


  • Did you move?
  • Did you sell a major asset like your home, business, or other real estate?
  • Did you transfer any major financial assets?
  • Did you refinance your house?
  • Did you change jobs?
  • Did you lose your job?
  • Did you get married?
  • Did you end a marriage?
  • Did you add to the family through birth or adoption?
  • Did you lose a loved one?
  • Do you have a parent or other family member in need of assisted living?
  • Is there a severe illness in the family?
  • Did you receive a gift or inheritance?


  • Contribute to education accounts
  • Review and fund trusts
  • Make any cash gifts to family members
  • Plan charitable contributions



*Per the CARES Act, RMDs are suspended for 2020.


Securities offered through Calton & Associates, Inc. member FINRA and SIPC, a Registered Investment Adviser. Investment advisory services offered through Smart Money Group, LLC, a Registered Investment Adviser. Smart Money Group, LLC and Kennedy Financial Services, Inc. are not owned or controlled by Calton & Associates, Inc.