Income: Is your income likely to increase or decrease in 2018? Will you be making a job change or starting a new business in the upcoming year? Be certain you are aware how this might affect the status quo.
Retirement savings: Are your personal, 401(k) or IRA savings enough to reach your retirement goals? Be sure you are taking full advantage of your employer’s retirement options.
Housing: Are you house-broke? Considering a new home or a refinance? Look carefully before you leap. Maybe it’s time to think of a reverse mortgage.
Savings: If your income is likely to see an uptick, consider putting more into savings and an emergency fund.
Estate planning: Have you looked at all the tax provisions that will help your heirs retain more of your estate?
Insurance: Reassess your life insurance. Does it provide sufficient coverage at an affordable rate? There are dozens of options. Look for the one that fits your needs.
Health care: Are you covered for all possible health needs? Is it possible to start or beef up a health savings account? The field is very volatile at present, so adequate coverage is essential.
Medicare: You are a year closer to being able to enroll in the national health program if not already there. Have you looked at a supplemental plan to cover what the plan does not?
If you opt to meet with your financial advisor to do the year-end analysis, be sure to take mortgage statements, details about investments, your latest retirement prognosis and any other relevant documents. Discuss long-term and short-term goals, lifestyle changes, savings strategies and any other relevant issues.
Head into 2018 confidant that you have a finger on your financial pulse and are moving in a positive direction.