7 To-Dos on Your End-of-Year Financial Planning Checklist

As we head towards the end of the year, now is a great time to ensure your financial plan is still on track. Use an end-of-year financial planning checklist to see where you are and what you should do. Here are seven of the most common and important items to review with your financial advisor:  

When you first met with your financial advisor, you outlined long-term goals and worked with your team to build a financial plan to reach them. You have been working toward those goals ever since. But have your goals changed? Or have other things changed that might make reaching those goals more challenging or easier?  

Maybe you’ve had some health worries this year, want to retire a little sooner, or discovered a new passion. Let your advisor know so your financial plan can reflect these changes, if needed.  

At Credent, we can share actual third-party-verified performance metrics. Our true transparency with clients means we check in often and are open about how clients are performing. Towards the end of the year and the beginning of the next, for example, many Credent clients hear from their advisor with a review of the prior year and expectations for the coming year.  

We recently shared the Tax-Smart Investor’s Year-End Portfolio Review, which includes tax-efficient portfolio strategies to consider before the end of the year.  

Many nonprofits and charities ramp up their efforts at the end of the year to ask for contributions. And many of us forget to contribute until the end of the year, too.  

According to the M+R Benchmarks 2025 report, “…the fundraising year is yoked to recurring cycles — hurricane and wildfire season, electoral campaigns, the ticking down to December 31…12% of online revenue was received in the final week of 2024, and 5% on the very last day of the year.”¹ 

Why wait? 

Review past articles (Building a Charitable Giving Strategy That Protects Your Legacy and A Pre-Retiree’s Year-End Tax Planning Checklist) for specific giving insights and next steps.  

If you are funding a 529 college savings plan, be sure to contribute the maximum amount that you need for this year by December 31st. Most state plans require your contributions to be postmarked by the deadline, but you should check with your specific 529 plan for its contribution rules.  

You can set up automatic contributions into these plans to avoid a year-end scramble. Now is a good time to set up those automatic savings from your checking or savings account for next year.  

You have until next April 15th to contribute to IRAs for the current tax year, but most other retirement plan contribution deadlines are December 31st. If you receive a bonus, make sure you tell your employer to put a portion of it into your 401(k) or other work retirement savings plan.  

You must take all realized tax losses (or gains) in your portfolio by December 31st. If you work with Credent, we can manage this deadline and the execution on your behalf. You can review your year-to-date gains or losses and any tax-loss carry-forwards from previous years with your financial advisor. 

As you reflect on the year, think about anything that may impact who you want designated as your beneficiaries. It is not uncommon for people to overlook the importance of keeping the beneficiary form updated. This one-page document, not your will, decides who gets your retirement account.  

If you got married, had kids, or got divorced recently, chances are the form is out of date. Most plans give you online access to the form, so make sure you capture any changes. 

The end of the year can be a busy time, especially considering in holiday shopping, family visits, and social events. Take care of all these financial planning items as soon as possible to avoid missing deadlines.  

For help completing your end-of-year financial planning checklist, reach out to a member of our team using the form below.  

Adapted From: “8 Point Year-end Financial Planning Checklist.” Bamboo. n.d. https://abm.emaplan.com/ABM/MediaServe/MediaLink?token=f7441a23cdca41db96e6519b69add00f