Year-End Planning Checklist

By: Angela Howard Email
By: Angela Howard Email

Angela's Question - Many people take a little time at the end of the year to review what's happened in the year and to make some plans for the next year. Why is a checklist important for that task?

Hagan's Answer - A checklist prevents you from overlooking something that may be important. There will be items on a standard list that may not apply to you at all, but there may be an item you didn't think about that needs some attention.

Hagan has a checklist that he's using with clients with year-end planning. He says there are seven broad categories that need to be examined:
1. Life Changes
2. Milestones
3. Health
4. Taxes
5. Investments
6. Family
7. Retirement

Many of the categories are broad and may cover a number of scenarios. For example, "Under Milestones, did you turn 50 this year? If so, you can now make catch-up contributions to IRAs and some qualified plans," Hagan said. "Under Taxes, review realized and unrealized gains and losses. Under Family, you may want to make contributions before year end to a grandchild's college education fund or to a charitable organization. Under Retirement, analyze Roth IRA conversions."

Anyone wanting a copy of the checklist can get one. Just send an email to Bruce Hagan at:

State that you'd like the end of year checklist and Hagan will send it to you on a pdf file. Hagan does not sell email information and will not spam you.

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