- Write down the major financial events you anticipate in the next few years. That will help guide a discussion about whether your portfolio reflects your short- and long-term goals.
- Update your personal net worth to account for any significant changes in the past year.
- Double-check your employer-sponsored retirement plans. When determining how much to contribute, make certain to check whether your employer offers a matching program.
- Take a moment to check on your various insurance programs and coverage amounts. Draw up a list of questions if you believe they no longer reflect your lifestyle.
- Create a list of your top-three major expenses scheduled for the year.
- Take a minute and create a list of your monthly subscription services.
- You should have received most of your tax documents by now. Start organizing your important documents so you can complete your federal and state returns.
- Check your credit report. All U.S. Citizens are entitled to a free copy of their credit report every 12 months from the national credit reporting agencies.
- Tax returns are typically due before midnight of April 18. If you need to request a six-month extension, you still need to pay any taxes due by April 18.
- April 18 is also the last day to contribute to most retirement accounts for the prior year.
- Don’t forget that first-quarter estimated income tax payments are due by April 18.
- Create or update your home and personal property inventory. Use your phone and reliable digital-backup service to record and store videos of your valuable possessions.
- Take a look at your estate strategy, and see if it continues to reflect your family’s wishes. Were there any marriages or divorces in the past year? Did your family welcome a new child or grandchild?
- Take a look at your “sources and uses” of money. Is it what you expected, or are you considering making adjustments?
- Don’t forget second-quarter estimated income tax payments are due by June 15.
- Refresh your money skills. Add at least one book on personal finance, economics, or investing to your summer reading list.
- Look back at the last 6 months. Are there any financial takeaways you can apply to the remainder of the year?
- As children or grandchildren get ready for school, create a strategy to help pay for the expenses. There are a number of educational funding choices, and one may be a fit for your situation.
- Your college-bound child may want to consider completing their Free Application for Student Aid (FAFSA). It may show available grants or scholarships. However, the FAFSA closes this month, so don’t delay.
- Most companies begin “open enrollment” for their insurance plans in the following months. Prepare now by looking at your current health plan and considering whether it meets your needs. Open enrollment for Medicare starts in November.
- Check your credit card benefits and points earned. With holidays around the corner, you may be due a deal.
- Don’t forget third-quarter estimated income tax payments are due by September 15.
- If you have children off to college NEXT YEAR, the Free Application for Federal Student Aid (FAFSA) window opens once again on October 1. Encourage your child to complete the FAFSA as early as possible to increase their chances at available scholarships and grants.
- File your income tax return by October 18 if you requested a six-month extension back in April.
- If you want to establish a retirement plan outside of your work-sponsored program, you must open the account by your tax filing deadline plus any extensions, which is October 18 for most.
- Medicare open enrollment begins, providing your opportunity to drop or switch plan coverage.
- Review your charitable giving and update any funding strategies, if needed.
- Watch for capital gains payouts. Investment companies typically distribute capital gains in December, and by November, they usually publish estimates of their distributions.
- Healthcare.gov open enrollment begins, Medicare Part A and B premiums and deductibles announced.
- If you’re 73 or older, don’t forget to take your annual required minimum distribution (RMD) by December 31.
- You can request an annual Social Security Statement. Compare your earnings record against your old tax returns for accuracy. This is also an excellent time to check for other irregularities to prevent identity theft.
