A New Year, And A New Financial Checklist to Review With Your Advisor

As the new year begins, it’s the perfect time to sit down with your financial advisor and review your financial plan. A clear, organized start can help you stay on track with your goals and make smarter money decisions all year long. Use this beginning-of-year financial checklist to guide your next advisor meeting.

1. Review Your Financial Goals

Start by revisiting your short- and long-term goals. Are you saving for a home, college, retirement, or a major life event? Your financial advisor can help prioritize these goals and adjust your plan for any changes in income, family situation, or career.

2. Update Your Budget and Cash Flow

The new year is a great time to review your spending, savings, and debt payments. Go over last year’s cash flow and identify areas to cut back or increase savings. Ask your advisor whether you’re saving enough for emergencies and long-term investments.

3. Maximize Retirement Contributions

Talk to your advisor about optimizing contributions to your 401(k), IRA, or other retirement accounts. Confirm contribution limits for the new year and consider increasing your savings rate, especially if you received a raise or bonus.

4. Review Your Investment Portfolio

Review your investment portfolio with your advisor to ensure it still matches your risk tolerance, time horizon, and financial goals.

5. Plan for Taxes Early

Ask your advisor about tax-efficient strategies, such as tax-loss harvesting, Roth conversions, or maximizing tax-advantaged accounts. Reviewing potential deductions and credits now can help you avoid surprises at tax time.

6. Review Insurance and Protection Needs

Life changes may require updates to your life, disability, home, or liability coverage. Your financial advisor can help you determine whether your current insurance aligns with your overall financial plan.

7. Update Beneficiaries and Estate Documents

Confirm that beneficiaries on retirement accounts, life insurance, and other policies are current. If you’ve experienced a marriage, divorce, birth, or death, ask your advisor whether you should update your will, trusts, or powers of attorney.

Scheduling a beginning-of-year financial review with your advisor ensures your plan stays aligned with your life, helping you move into the new year with clarity and confidence.

This is being provided for informational purposes only and should not be construed as a recommendation to buy or sell any specific securities. Past performance is no guarantee of future results, and all investing involves risk. Index returns shown are not reflective of actual performance nor reflect fees and expenses applicable to investing. One cannot invest directly in an index. The views expressed are those of Silver State Wealth Management and do not necessarily reflect the views of Mutual Advisors, LLC, or any of its affiliates. Investment advisory services offered through Mutual Advisors, LLC, DBA Silver State Wealth Management, an SEC registered investment adviser. Silver State Wealth Management nor any of its members are tax accountants or legal attorneys, and do not provide tax or legal advice. For tax or legal advice, you should consult your tax or legal professional.