Year End Financial Checklist

Year End Checklist

Take a few minutes to review the end of year checklist items. The end of year is the perfect time to examine your financial health and update your plans.

Below are a few things to review that may impact your plans for next year. Check all that apply. We will be happy to go over these items with you and discuss possible scenarios for 2017.

  • Is there a 401k left behind at a previous employer?
  • Consider a Roth IRA Conversion, both a Partial or Full
  • Am I meeting my employer’s match in my workplace retirement plan?
  • Am I maximizing my IRA contributions? $5,500 and $6,500 for those over 50 and older.
  • Open a self-employed plan?
  • Do I have a required minimum distribution for this year?
  • Any one-time event that you should review with your accountant?
  • Review employer’s heath insurance options
  • Compare your heath plan with the State Exchange
  • What is the balance in my Flexible Spending Account?
  • Compare your Medicare options during open enrollment
  • Review your life insurance policies

Milestones to Remember

50: Now you can make catch up contributions to your IRAs and some qualified plans

55: Options to start withdrawing from IRA without penalty

59 1/2: Withdraw from IRA without penalty

62-70: Begin collecting Social Security

65: File for Medicare

70 1/2: You must begin taking distributions from IRA (excluding Roths)