Year-End Financial Checklist

Year-End Financial Checklist

December 20, 2022

Albert Herzog IV, CFP®, CRPC®

As we wrap up the 2022 year, it’s a good time to check off those planning items that you meant to get around to doing. As a financial advisor at Executive Wealth Management, we talk about various topics with our clients throughout the year, and the following are a few of the year-end financial planning conversations we are having that you should consider. 

Max your Retirement account contributions

Employer Accounts. Take full advantage of any employer match benefit. In 2022, the maximum employee deferral for 401(k), 403(b), and 457 accounts is $20,500, and individuals age 50 and older can defer an additional catch-up for $6,500.

IRA’s. The maximum contribution amount to a traditional or Roth IRA is $6,000, with a $1,000 catch-up for individuals age 50 and older. Be sure to review the Modified Adjusted Gross Income (MAGI) limits to ensure you are eligible.

Self Employed. Consider a solo 401(k). These can help boost your retirement savings and save on taxes. You must set these accounts up by December 31st.

Consider Roth conversions. If you have money in Traditional 401(k)s or IRAs, the period between retirement and required minimum distributions can present an excellent opportunity for Roth conversions. Now is an especially good time to consider this strategy with potential tax law changes on the horizon and the depressed prices on your investments, meaning you are paying taxes on a smaller amount.

Review and Rebalance Portfolios. Now is a great time to rebalance your portfolio back to your target allocations. Perform a year-end checkup on your portfolio to make sure your portfolio is aligned correctly. You may also find opportunities to save on taxes, such as harvesting capital losses to offset capital gains.

Required Minimum Distributions from Retirement accounts. If you are over 72 or have an inherited IRA, you must take a distribution based on age and marital status. These distributions are taxable unless you send them directly to a charity via a Qualified Charitable Distribution.

Utilize the Tax Benefits of Charitable Giving. Whether it’s cash, stocks, or bonds, you can donate to your favorite charity by December 31st and potentially offset income. For larger gifts, you may consider donating appreciated stocks instead of cash. By donating appreciated stock, you remove the tax liability from being your responsibility – fulfilling your charitable desires while being strategically smart with your wealth. You might also consider a Donor Advised Fund. Once the donation is made, you can generally realize immediate tax benefits but maintain flexibility when a distribution to a qualified charity is made. The process of finding a charity and donating money seems simple. However, just like portfolio asset allocation, slightly different approaches can yield dramatically different results. Please consult your financial, tax, or legal advisor for specifics on how making planned gifts can help you.

Review Your Financial Plan. Long-term data and my personal experience tell me that the shortest distance between investors and their financial goals is adherence to a well-diversified, holistic financial plan. We stress that investors must take a long-term view, but we also recognize that 2022 has been a challenging year. A financial plan is never set in concrete. It is a work in progress that can and should be adjusted as your life evolves.


Are you reaching a milestone in your life, such as retirement? Has there been an upcoming change in your personal circumstance? Whether it be a job change, job loss, welcoming a new baby, marriage, or divorce, these events usually warrant revisiting your financial plan.

Volatility markets can be unnerving, but a good financial plan can help you prepare for the full range of outcomes so that, no matter what, you will still be on track for what you want to do financially in the future.

Many variables play a role in your financial success, but these items above should serve as a good starting point for deeper conversations about maximizing your financial position.


Albert Herzog IV, CFP®, CRPC® may be reached at 810.229.6446 or aherzog@ewmadvisors.com. ewmadvisors.com

EWM does not offer tax or legal advice.Executive Wealth Management (EWM) is a Registered Investment Advisor with the Securities and Exchange Commission. Reference to registration does not imply any specific level of qualification or skill. Investment Advisor Representatives of EWM offer Investment Advice and Financial Planning Services to customers located within the United States.