As the year comes to a close, there’s an endless list of tasks to tackle. Amid the holiday celebrations, school activities, and travel arrangements, it’s also crucial to conduct your year-end financial review. Are your finances in order? Are you on track to achieve your retirement goals? Just like someone else who makes lists and checks them twice, you should do the same! BPAS is here to assist you with our Year-End Financial Checklist.
Review Your Financial Goals & Evaluate Your Budget
A lot can change over a year, requiring potential adjustments to your financial strategy. Take a moment to consider any budget items that may need to be added, removed, or modified. If you’re uncertain about where to begin, join the 21 Ways to Trim Your Budget webinar to help you set your financial objectives for the upcoming year.
Maximize Your Health Savings Account
A Health Savings Account (HSA) offers a triple tax advantage with an annual contribution limit. To fully reap the benefits, contribute as much as you can each year. For more information, visit BPAS University to explore the Advantages of HSAs.
Spend Your FSA Dollars
Be sure to use all your FSA funds promptly, as you risk losing them otherwise! If your plan follows a calendar year, ensure your FSA is depleted by December 31st. Visit the FSA Store for eligible products and services.
Increase Your Retirement Contribution
If you expect a raise in 2025, think about boosting your retirement plan contributions. Are you making progress towards your retirement goals? Take some time to complete or review the Mile Marker tool at BPAS University to confirm you are on track to confirm you are on course to achieve your Retirement Goals.
Review Your Investments
Review and potentially re-align your investment strategy based on your risk tolerance, financial goals, and overall account performance. A great starting point is the Risk Tolerance Quiz available at BPAS University! You may also want to consider rebalancing your account to stay aligned with your long-term goals.
Review Your Beneficiaries & Estate Information
Ensure that your beneficiaries are up to date and that your will, living will, and power of attorney documents are accurate. Discuss these plans with your loved ones, especially your spouse, and let them know where to find these documents and who to reach out to if needed.
Set New Financial Goals
Prepare for a successful year ahead. By setting realistic financial goals, you can create a seamless transition into the new year while improving your financial health and overall well-being.
We hope this checklist will assist you in gearing up for a prosperous new year! Should you have any questions or need support, please visit our Planning Help Center.