Financial Planning Checklist for the New Year
The start of a new year is the perfect time to reset, refocus, and make sure your financial plan is aligned with your goals. A thoughtful review now can help you stay organized, reduce stress, and position yourself for long-term success. Use this checklist as a guide to start the year with confidence.
1. Review Your Goals
Revisit your short- and long-term financial goals. Have your priorities changed? Whether it’s retirement timing, buying a home, funding education, or charitable giving, make sure your goals still reflect your values and life circumstances.
2. Check Your Budget and Cash Flow
Evaluate your income, expenses, and savings rate. Look for opportunities to increase savings, reduce unnecessary spending, or redirect cash toward goals such as retirement or debt reduction.
3. Maximize Retirement Contributions
Review contribution limits for 401(k)s, IRAs, and other retirement accounts. Increasing contributions early in the year can help you take full advantage of tax-deferred or tax-free growth.
4. Review Investments and Asset Allocation
Confirm that your investment mix still matches your risk tolerance and time horizon. Rebalancing may be needed to keep your portfolio aligned with your long-term strategy.
5. Evaluate Taxes and Withholding
Check last year’s tax results and adjust withholding or estimated payments if needed. Consider tax-efficient strategies such as Roth conversions, charitable giving, or tax-loss harvesting.
6. Review Insurance Coverage
Make sure your health, life, disability, and property insurance are up to date and provide adequate protection for your family.
7. Update Estate Planning Documents
Review beneficiaries, wills, trusts, and powers of attorney to ensure they reflect your current wishes.
8. Schedule a Planning Check-In
Finally, start the year strong by checking in with your financial advisor at Lightcap Financial Group. A proactive review can help you identify opportunities, address potential risks, and ensure your financial plan stays aligned with your goals. Whether you’re planning for retirement, managing taxes, or preparing for life changes, our team is here to help you move into the new year with clarity and confidence.
This commentary reflects the personal opinions, viewpoints and analyses of the Lightcap Financial Group, LLC employees providing such comments, and should not be regarded as a description of advisory services provided by Lightcap Financial Group, LLC or performance returns of any Lightcap Financial Group, LLC client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Lightcap Financial Group, LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results
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