Broker Check

Year End Financial Check List ("Money Stuff")

December 20, 2023

With just a few weeks remaining in 2024, it's the perfect time to ensure you've completed the following critical financial tasks before the year ends. Below, I've outlined some essential items to check off your year-end money punch list.

While some of these items may have early 2024 deadlines, tackling them by the end of the year allows you to start 2024 with a fresh and organized financial perspective.


1)  Review Your Estate Planning Documents:

   Update wills, healthcare power of attorney, advanced medical directives, and general power of attorney.

2)  Review Beneficiary Designations:
      Update beneficiary forms (on retirement accounts or trust documents) to align with your wishes and avoid potential

3)  Finalize 401(k) and/or 403(b) Contributions:

   You may not have time (if you still need to max these out) - if so, then get ready for 2024, as the numbers are changing!

4)  Maximize Your IRA Contributions:

    Consider contributing to your IRA before the Tax Day deadline.

5)  Roth IRA Contribution:
      You can explore the option of a backdoor Roth IRA, ideally completing both the contribution and conversion within the same
      calendar year.

6) Finish Spending Your FSA Account(s):

      Use your medical and/or dependent care FSA balances on eligible expenses - Many things count (like shoe inserts, travel   
      pillows, or evensunscreen!)
7)  HSA Contribution:

      If you have this option available, max out the contribution (and take note if you're making a single or family contribution).

8)  Finalize Educational Account Contributions:

     Contribute to accounts such as 529s, UTMAs, etc., for your children's education.

9)  Charitable Contributions:

      Support your chosen causes and consider maximizing deductions through a Donor Advised Fund ("DAF").

11)  Tax Projection(s):

      Conduct mid-year and EOY tax planning to avoid unexpected tax bills.

12)  Rebalance Stock Portfolios:

    Ensure your portfolios align with your target mix amid market volatility.

13)  Know What Your Money is Doing:

    Request an evaluation from your advisor to understand the impact of your investments.

14)  Think About Paying Your January Mortgage Early:

       Consult your financial planner and tax professional to explore the benefits of making your January mortgage payment in 

If you would like to discuss any of the following items, 
don't hesitate to contact your M&R Advisor.

We wish you a prosperous holiday season and a financially sound start to 2024!