hand holding a pen checking a square box on paper

2022 Checklist

Here is Your Checklist for 2022
It is finally time to put 2021 behind us and prepare for 2022! Below is a checklist of things I encourage all clients to consider as we begin a new year.

  • Max Out Your Tax-Advantaged Savings
    Review your contribution limits for 2022 and make adjustments to deductions for those accounts that have increases, or if you have the financial capacity to contribute more, adjust your withholdings now. 
  • Review Your Estate and End of Life Plans
    Did you have any life changes in the previous year (marriage, divorce, birth of a child, job, etc.) that would require a change in beneficiary or other designations? Remember, these need to be updated on life insurance policies, retirement account, and other assets that pass to heirs. It’s also important that at the same time you review your will and trust documents and make sure they are updated as well.
  • Boost Your Monthly Savings Rate
    Now is a great time to kick start a plan to save more. Do you have any large expenses you expect in 2022 that you need to budget for? Set up your savings strategy so that you are paying yourself first.
  • Re-balance Your Investments
    Do you still have optimal asset allocations? Re-balancing your portfolio can minimize risk and allow you to better meet your financial objectives based on your risk tolerance and time horizon.
  • Review Your Social Security Statement
    You don’t have to be nearing retirement to set up your social security account online. In fact, I encourage all clients to set up their account to prevent fraud. It is easy to set up an online account at My Social Security. You should review your social security statement each year to verify that your wage amounts are accurate.
The beginning of the year is a perfect time to meet and evaluate your progress on financial goals. Let’s team up and make sure you are on track for the coming year!