Looking to 2022: End of Year Checklist

As the 2021 holiday season quickly advances on us, now offers a sensible time to execute a quick run-through of a financial planning checklist. Just like with holiday shopping – which we also recommend you commence soon as supply chain issues likely will present challenges even greater than unraveling changes to the 2022 tax code – starting early probably leads to better outcomes. Here are a few quick pointers to get the ball rolling:

• Review and update beneficiary designations for brokerage and other accounts
• Complete charitable giving plans
• Evaluate insurance coverage: home, auto, life, other
• Spend balances in flexible spending accounts
• Analyze investment portfolios to rebalance asset allocations
• Identify any tax-loss harvesting possibilities
• Assess potential tax liabilities: stock/asset sales, income withholding, child tax credit paybacks
• Check emergency savings account balance
• Complete – for retirees – any required minimum distributions
• Give some thought to possible life changes arising in 2022: job, home, car, surgery…
• Read over financial and/or estate plan with those possible 2022 changes in mind

If you want to chat about any of this, we’re here to help: 713-444-3560 or ctrimble@solycowealth.com.