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The end of the year is full of investment and financial planning opportunities. Most of these have some sort of time limitation and it’s important not to miss out before the year is over. A year end financial checklist is a must have for anyone serious about planning for their future.

From making sure to take your Required Minimum Distribution (RMD) to tax loss harvesting, and a number of other items, year end is prime time to review your financial plan. We’ll highlight the steps to take before the end of the year to stay on track with your own plan.

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As the end of the year approaches, it’s important to take stock of your financial situation and make sure everything is in order for the coming year. Whether it’s reviewing your budget, assessing your investment portfolio, or taking advantage of tax-saving opportunities, there are several steps you should take to ensure a strong financial start to the new year. Here’s a year-end financial checklist to help you wrap up 2021 and prepare for 2022.

1. Review your budget: Take a close look at your expenses and income for the year. Are there any areas where you overspent or could cut back? Are there any sources of income you could explore to increase your cash flow? By assessing your budget now, you can set yourself up for a financially successful year ahead.

2. Maximize retirement contributions: If you have a retirement account, such as a 401(k) or IRA, make sure you’ve contributed the maximum amount allowed for the year. For 2021, the contribution limit for a 401(k) is $19,500, and for an IRA, it’s $6,000. By maximizing your contributions, you can take advantage of tax-deferred growth and potentially lower your tax liability for the year.

3. Rebalance your investment portfolio: Review your investment portfolio to ensure it aligns with your financial goals and risk tolerance. If certain assets have performed well and now represent a larger portion of your portfolio than intended, consider rebalancing to maintain the desired allocation. Rebalancing can help manage risk and keep your investment strategy on track.

4. Take advantage of tax-saving opportunities: There are several tax-saving strategies you can implement before the end of the year. For example, consider making charitable donations to offset taxes, or harvest capital losses to offset capital gains in your investment portfolio. Additionally, review your healthcare and flexible spending accounts to ensure you’ve maximized contributions and taken advantage of any available tax benefits.

5. Update your estate plan: If you have an estate plan in place, review it to ensure it reflects your current wishes and circumstances. This may include updating beneficiaries, powers of attorney, and healthcare directives. If you don’t have an estate plan, consider working with an attorney to create one to protect your assets and ensure your wishes are carried out.

6. Set financial goals for the new year: As you wrap up the year, take some time to reflect on your financial accomplishments and set new goals for the coming year. Whether it’s paying off debt, saving for a large purchase, or increasing your retirement contributions, establishing clear financial objectives can help you stay on track and make meaningful progress in the year ahead.

By following this year-end financial checklist, you can ensure that your finances are in good order as you prepare for the new year. Taking the time to review your budget, maximize retirement contributions, rebalance your investment portfolio, and take advantage of tax-saving opportunities can set you up for a strong financial start in 2022. Additionally, updating your estate plan and setting financial goals can provide peace of mind and a clear path for future financial success. Don’t miss out on the opportunity to take control of your finances and set yourself up for a prosperous new year.