Financial Planning Considerations Before Year-End

With a few months remaining in the year, September can be a good time to begin thinking about year-end financial planning. Starting the conversation before the end of the year allows time to review your progress, revisit your financial goals, and identify planning topics that may be worth discussing before December 31.

Year-end financial planning isn’t about making last-minute decisions. Instead, it’s an opportunity to review your current financial situation, revisit your goals, and identify areas that may benefit from additional attention before the calendar turns to a new year.

Whether you’re thinking about retirement contributions, tax planning, insurance coverage, or debt management, starting these conversations early often provides more flexibility than waiting until the final weeks of the year.

Review Your Retirement Contributions

If you participate in an employer-sponsored retirement plan, such as a 401(k), or contribute to an Individual Retirement Account (IRA), fall can be a good time to review your contributions and compare them to the goals you established for the year.

Questions to consider may include:

• Are you contributing enough to receive your employer’s matching contribution, if one is available?
• Have changes in your income or expenses affected the amount you’re able to save?
• Are you on track to contribute the amount you intended this year?

Even small contribution increases may have a meaningful impact over time. Reviewing your retirement savings before year-end also provides time to discuss any potential adjustments with your financial advisor before annual contribution deadlines arrive.

Begin Year-End Tax Planning Conversations

Many tax planning opportunities are most effective when they are considered before the end of the calendar year. Waiting until tax season may limit the strategies available.

Beginning conversations with your tax preparer or financial advisor in the fall can provide time to better understand your current tax situation and explore planning opportunities that may align with your overall financial plan.

Depending on your circumstances, those discussions may include:

• Reviewing projected taxable income
• Evaluating retirement account contributions
• Planning charitable gifts
• Reviewing capital gains and losses
• Discussing Required Minimum Distributions (RMDs), if applicable
• Reviewing tax withholding

Because every financial situation is different, tax planning should be evaluated based on your individual goals and circumstances.

Review Your Insurance Coverage

Insurance needs can change over time, especially following major life events such as purchasing a home, changing jobs, growing your family, or approaching retirement.

Before the end of the year, it may be worthwhile to review your existing coverage and determine whether it still aligns with your current financial situation.

Depending on your circumstances, this review may include:

• Health insurance
• Life insurance
• Homeowners or renters insurance
• Auto insurance
• Disability insurance

For individuals who receive health insurance through their employer, have a medicare supplement or purchase insurance through the Marketplace, this review may also coincide with annual open enrollment, providing an opportunity to evaluate available coverage options for the coming year.

Evaluate Your Debt Strategy

Reviewing debt before year-end can help you better understand how it fits into your overall financial plan.

You may find it helpful to evaluate:

• Outstanding credit card balances
• Loan interest rates
• Monthly debt payments
• Overall cash flow

Depending on your financial goals, you may decide to prioritize paying down certain balances, adjust your repayment strategy, or simply gain a clearer understanding of how debt affects your long-term financial picture.

Rather than viewing debt as a standalone issue, consider how it relates to your broader financial goals, including retirement savings, emergency reserves, and future purchases.

Review Your Financial Progress

As the year comes to a close, it’s also a good opportunity to step back and review the progress you’ve made toward your financial goals.

Ask yourself:

• Have your financial priorities changed this year?
• Have there been any major life events that may affect your financial plan?
• Are your current savings and investment strategies still aligned with your long-term objectives?
• Are there planning topics you’d like to discuss before the end of the year?

Financial planning is an ongoing process. Periodically reviewing your goals and circumstances can help ensure your financial plan continues to reflect where you are today and where you’d like to be in the future.

How Advisors Management Group Can Help

Year-end financial planning involves more than reviewing individual accounts or completing a checklist before December 31. It provides an opportunity to evaluate how retirement planning, investment management, tax planning, insurance, and cash flow work together to support your long-term financial goals.

At Advisors Management Group, we work with individuals, families, retirees, and business owners to develop personalized financial plans based on their unique circumstances and objectives. Whether you’re reviewing retirement contributions, preparing for year-end tax conversations, or evaluating your overall financial plan, our team can help you understand how today’s decisions fit into your broader financial picture.

Contact Advisors Management Group

If you’d like to discuss your financial goals or learn more about Advisors Management Group’s comprehensive financial planning services, we’d be happy to help. Contact our team to schedule a conversation.

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