The colorful autumn leaves and crisp air signal the year’s end. As you wrap up the last quarter, now is the perfect time to review your finances. How do your accounts look? Are there any policies that need renewal? Assessing yourcurrent financial situation can provide you with a clear understanding of where you stand. With this knowledge, you can set realistic goals for the upcoming year, helping you stay one step ahead.
Elements Wealth Management is always here to support your journey towardfinancial success. That’s why we’ve created a financial checklist to
1. Update Your Contact Information
The information on your bank account(s) should stay up-to-date and consistent across all platforms. This will ensure all your documents and policies are sent to the right place. Here are a few areas that should be updated as part of your year-end checklist:
- Home address
- Phone number
- Email addresses
- Current employer/Job title
- Marital status
- Dependents
- Emergency Contact
2. Complete Open Enrollment for Employee Benefits
If you have benefits through your job, open enrollment typically begins in the last quarter of the year. Be sure to review your current benefits and make any necessary changes before the deadline. During enrollment, you can view and adjust your health insurance coverage, add or remove dependents, and make changes to other benefits like life insurance, retirement contributions, and disability coverage. Changes in your family status or personal relationships—such as marriage, the birth of a child, or the loss of a dependent—may require you to update beneficiaries on retirement accounts, insurance policies, and other financial instruments. Keeping these details current can prevent complications later. Each company has its own enrollment schedule, so be sure to check with your employer to confirm the deadlines and make sure you’ve covered all the necessary updates.
3. Max Out Your 401(k) Contributions
Your 401(k) contributions play a crucial role in your long-term investments. By maximizing these contributions, you can significantly increase the amount of money available for your retirement. It's important to regularly check your contributions to ensure that you're on track to reach the maximum limit set by law. Additionally, be sure to take full advantage of employer matching, as this is essentially free money for your retirement!
4. Prepare for Tax Season
Tax season is the period, usually between January 1 and April 15, when individual taxpayers prepare to report their taxable income. Filing taxes can be confusing, especially if you don’t have the necessary forms on hand. While most employers send out W-2 forms at the start of the new year, you can get a head start by organizing your financial documents or receipts and reviewing potential deductions, such as medical expenses, mortgage interest, and education costs.
5. Review and Adjust Your Budget
What were your goals for this year? Whether you aimed to build up your savings or pay off a specific debt, take a moment to reflect on your progress and identify what changes need to be made. Don’t stress if you haven’t fulfilled your goals yet – there’s still time to finish strong. Keep in mind that you can modify your budget anytime to better suit your current lifestyle. A new year may call for a fresh financial plan.
Have questions or need guidance? Schedule a free consultation with Elements Wealth Management for support in all aspects of your financial life.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Elements Financial Federal Credit Union and Elements Wealth Management are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using the name Elements Wealth Management and may also be employees of Elements Financial Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Elements Financial Federal Credit Union or Elements Wealth Management. Securities and insurance offered through LPL or its affiliates are: Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value