The Year-End Playbook—Actionable Advice for a Strong Finish

As the year winds down, the pressure to get your financial house in order often increases. Between holiday commitments, work deadlines, and end-of-year frenzy, financial planning can feel like just another overwhelming chore on a crowded list.

I’m here to tell you that it doesn’t have to be a panic.

I often use the analogy of being a calm guide when markets get turbulent. I’m here to help you stay focused on your long-term goals when headlines scream for your attention. Here is a “no-panic” year-end financial checklist— to review with your advisor to ensure you step into the new year with confidence.

‍1. Review Taxable Investment Accounts for Loss Harvesting 

• Identify Losses: Review positions that are sitting at a loss in taxable accounts. Selling these can offset gains you’ve realized.
• Consider Gains: Realize capital gains strategically if your current income puts you in a temporarily lower tax bracket.
• Advisor Value: Leverage our expertise to save money and ensure compliance with complex rules like the wash sale rule.

2. Maximize Charitable Impact and Tax Benefits

• Deadline: Donate before December 31st to ensure your deduction applies to this year’s taxes. 
• Smarter Giving: Consider using appreciated securities instead of cash to avoid capital gains taxes while still getting the full deduction.
• Utilize QCDs: Satisfy your RMD with a Qualified Charitable Distribution (QCD) from your IRA if you are 70½ or older.
• Verify Eligibility: Consult your tax professional to confirm that itemizing is right for you to maximize deduction benefits.

3. Complete All Required Minimum Distributions

• Determine Liability: Confirm if you are subject to the RMD requirement (generally starting at your Required Beginning Date or if you inherited an IRA).
• Avoid Penalties: Withdraw the full required amount before the December 31st deadline to avoid the steep 25% excise tax.
• Set Up Automation: Automate the distribution process to ensure compliance without needing calendar reminders.

4. Finish Strong on Retirement Savings

• Maximize Deferrals: Determine if you are on track to max out your 401(k), IRA, or other retirement contributions for the year.
• Commit Capital: Use any bonuses or extra cash flow to make intentional, final contributions before the deadline.

5. Confirm and Update All Beneficiary Designations

• Reflect Current Wishes: Update designations to reflect current life events like marriages, divorces, births, and deaths.
• Prevent Conflict: Check all retirement, insurance, and transfer-on-death accounts to ensure assets avoid probate and family disputes.

The Real Benefit: Trading Anxiety for Clarity

The real benefit to this no-panic approach is, of course, peace of mind.

When you’ve done this work, you step into the new year with clarity instead of uncertainty. You know where you stand. You've made intentional decisions rather than letting financial moves happen by default. There's no nagging feeling that you've forgotten something important or missed an opportunity.

Clients tell me they sleep better. They feel more confident in conversations about money with their spouse or partner. They stop avoiding financial decisions because they finally have a clear picture of their situation. One client recently described it as “finally being able to see the whole puzzle instead of just scattered pieces.”  

‍Moving Forward Without Feeling Overwhelmed

The goal isn’t to achieve financial perfection by December 31st. The goal is to enter the new year with a clear understanding of where you are and where you’re headed.

If you're feeling uncertain about any of these items or wondering how they apply to your specific situation, that’s exactly what I’m here for. Let’s schedule time to walk through your year-end checklist together. We’ll tackle it systematically, answer your questions, and make sure you're positioned well for the year ahead.