Empower Blog

woman reviewing her finances on tablet from home
October 30, 2023

Your Year-End Financial Planning Checklist

The end of the year is naturally a good time to reflect on the year behind you and plan for the year ahead, especially when it comes to your finances. In a year plagued with high inflation and financial uncertainty, making sure you protect and plan for your financial well-being is as important as ever.


To help you evaluate your financial situation and prepare for a new year, we've put together a checklist that focuses on eight key areas:

1. Consider Big Life Events or Changes

A variety of life events can also have an impact on your financial priorities. Some examples include:

  • A job loss or change can affect your emergency savings funds and may suggest a pause in contributions to your retirement accounts.
  • A new child, marriage or divorce may encourage you to take a closer look at your budget, savings and investments.
  • Reaching a milestone age indicates nearing or in-retirement may trigger discussions about withdrawals from your retirement or IRA accounts.

2. Analyze Your Annual Spending

If you have a household budget, see how well you were able to stick to it throughout the year. What were the outliers? Do you need to adjust for next year, and if so, how? Are there any expected big expenses coming up you need to plan for?

3. Take Stock of Your Savings

Do you have an emergency fund with cash readily accessible?


If you do have an emergency fund, you may need to update your strategy and goals based on where you stand at the end of this year. Did you draw from it and need to refill, or did you grow it to the point that you may want to consider investing?

4. Evaluate Your Credit and Debt Standing

Do you have a revolving debt balance (i.e., credit card) that you need to develop a plan to pay down?


Calculate your net worth and determine if adjustments are needed when creating strategies for saving vs. paying off debt. If you have a lot of outstanding debt, you may want to investigate consolidation or refinancing options.


If you didn’t check your credit report during the past year, take advantage of the ability to run one for free to find out your credit score.

5. Revisit Insurance Coverage Needs

Double check your coverage amounts, especially if you experienced a change in circumstance, such as:

  • Moving to a bigger or smaller home
  • An income change
  • A change in family

The end of the year is a good time to shop around and compare your rates, especially if you have any policies approaching renewal or maturity. The CommunityAmerica Insurance Agency offers free quotes on a variety of insurance options to help see if you could save.

6. Review Employee Benefits

Annual renewal and open enrollment often happen around this time for many employers, so consider your benefits and how that overlaps with your personal insurance, savings and investment plans.

7. Check in on Your Investments

Review your asset allocation across accounts to see if adjustments need to be made. Make sure your investing priorities, account preferences and risk tolerance are up to date with your advisor.


Is there an opportunity to increase or a need for you to adjust retirement contributions?


Has a financial goal changed that requires a change in strategy?

8. Start Thinking About Taxes

Before year-end, you may also want to consult with your tax professional to consider the timing of any additional tactics before the end of the year, for example:

  • Charitable gifts
  • Retirement contributions or account changes
  • Tax-Loss Harvesting – the practice of selling securities at a loss to offset capital gains

This list is a good place to start as you ready yourself financially for a new year. However, if you have any questions, or would like more ideas or advice specific to your individual situation, you can set up a complimentary consultation with one of our Wealth Advisors. Our team is happy to help you assess your finances and make a plan for the future that's right for you.

Was This Article Helpful?
10 of 10 people found this article helpful
About the Author
Professional Photo of Ron Yount
Ron Yount

Wealth Management By CommunityAmerica

As a Wealth Advisor, Ron's goal is to be your trusted advisor so as life happens, you can know he is there to help you through the impact of those changes and ensure you remain on track to reach your overall financial goals.

Securities and advisory services offered through Copper Financial Network, LLC (“Copper Financial”), a broker-dealer and SEC registered investment adviser. Member FINRA/SIPC. Copper Financial is a wholly-owned subsidiary of CommunityAmerica Credit Union (“CommunityAmerica”) and makes non-deposit investment products and services available to its members. Representatives are registered with Copper Financial. CommunityAmerica and Wealth Management by CommunityAmerica are not broker-dealers or investment advisers. For important disclosures from Copper Financial please visit here.


Copper Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed.


Link to the Copper Financial Customer Relationship Summary.


Investment and insurance products offered through Copper Financial:


Are Not Deposits

Are Not NCUA or otherwise Federally Insured

Are Not Obligations of or Guaranteed by the Credit Union

May Lose Value

Insurance products may be sold through CommunityAmerica Insurance Agency, LLC, a wholly owned subsidiary of CommunityAmerica CUSO One, LLC and a licensed insurance agency in Missouri and Kansas. Insurance products:

Are Not Federally Insured

Involve Investment Risk

May Lose Value

Are Not Obligations or Guaranteed by the Credit Union