Broker Check

Year-End Financial Checklist

December 30, 2020

It goes without saying that 2020 is unlike anything we have ever experienced. Over one year, we have managed to include some versions of the following:

  • The income inequality of the Gilded Age
  • The election of 1896
  • The pandemic of 1918
  • The economy of 1929
  • The social movements of the 1960s
  • The stock market of 1987
  • The speculation of 1999

Wrap your head around all these points for a minute.  In one way or another, all of this has had an impact on you.  This will undoubtedly be a year that we will never forget, and as it comes to a “thankful” conclusion, it’s an excellent time to take stock of our situation.

For many of us, the time between Christmas and New Year’s Day is spent with family & friends, using up those remaining vacation days or merely recharging our battery in preparation for the new year.  For all of us, it’s an ideal time to review a year-end checklist.

Sometimes we need to reassess our personal goals.  After what we endured in 2020, this might be that year.  We put together a brief list of questions that may help.  Please keep in mind that not all questions will apply to you, but those that do may be of good use.

  • Do you remember what your short- and long-term goals were going into 2020? 
  • Have your priorities changed?  Are there new priorities that need addressing?
  • Did the pandemic cause you to spend less this year? Can you re-direct that money toward paying down debt? Or should you consider larger charitable contributions this year?
  • Is your estate plan current?  Are your beneficiaries up to date?
  • Have you made the necessary withdrawals or contributions to your account?
  • Does your Will still accurately represent all your wishes?
  • Is now the time to refinance your mortgage?
  • When was the last time you checked your credit report?
  • Would you consider calling your cable company to negotiate a better deal?
  • Have you reviewed your homeowner’s insurance recently to know if your coverage is still adequate?
  • Did you start putting together your tax documents for your accountant?

Hopefully, this list will make you think about your situation and even your budget.  There are many things to consider, and we could not list them all.  However, if you have the time between now and the end of the year, it may be worthwhile to consider.

If you would like to discuss your year-end checklist, please do not hesitate to contact us. We have a great team of people who are available to help you!