Some of my best year-end planning conversations happen in the fall - before the holidays arrive and schedules get crowded. It gives us time to look at what changed during the year, think through a few decisions, and make adjustments before year-end if needed.
For most people, I think there are three good questions to ask.
Has Your Income or Cash Flow Changed?
Maybe you received a raise, changed jobs, had a stronger year in your business, or saw your income decline.
Those changes can affect more than your monthly budget. If income increased, should you be saving more for retirement or considering another type of investment? This decision alone can have a significant impact on retirement timing and lifestyle options.
If income declined or expenses fluctuated, it may be tempting to reduce retirement contributions. Before doing that, it can be worth looking at how the change could affect your longer-term retirement plan and whether there are other ways to protect cash flow.
You don’t have to make a major change every time income moves. But it is worth asking whether the plan you started the year with still makes sense today.
Is There Anything You Need to Do Before Year-End?
Some financial decisions really are tied to the calendar.
That might include workplace retirement plan contributions, charitable giving, realizing gains or losses in a taxable investment account, or taking a required minimum distribution if one applies to you. Other decisions, including IRA contributions, may have different deadlines.
Starting these conversations in the fall also gives us time to work with your other advisors, such as your CPA, when needed so we can make wise and timely decisions together.
The point isn’t to create a long year-end checklist. It’s to identify the few things that actually apply to you and make sure they don’t get lost once the holidays arrive.
Is There a Major Decision Coming Next Year?
Retirement, selling a business, buying or selling a home, helping a child with education, or another major life change usually deserves some planning before the decision is actually made.
I would much rather talk through those decisions early, when we still have options, than after everything is already in motion.
If something significant may happen in 2027, fall is a good time to start the conversation.
Financial planning doesn’t have to mean constantly making changes. Often, it simply means taking a little time to make sure your strategy still lines up with where your life is headed. This is what I love to do.
If one of these questions applies to you, or if you have any others, this is a good time to talk. Please give me a call to discuss any questions or concerns you might have.
England Financial serves families and business owners throughout the Oklahoma City metro, including Edmond, Nichols Hills, Yukon and Norman, with retirement planning, investment management and financial decisions that affect how they work and live.