The start of the year is a great time to step back and make sure your financial plan is organized and up-to-date. Just like an annual health check-up, reviewing key areas of your finances—goals, taxes, and investments—ensures you’re positioned to make informed decisions throughout the year. This checklist will help you start strong and make sure your wealth is aligned with your goals.
To make it simple, we’ve broken this guide into three key sections:
- Financial Plan: Reviewing goals, estate planning, and insurance.
- Taxes: Gathering documents, planning for payments, and charitable giving.
- Investing & Saving: Optimizing cash reserves, maximizing retirement contributions, and meeting with your financial advisor.
Use this checklist to keep your financial plan on track and make 2025 a year of clarity and confidence.
Financial Plan
[ ] Reflect on Your Financial Goals
Start by evaluating your financial objectives. Are you planning for retirement, funding a major purchase, or ensuring a smooth business transition? Adjust your goals to reflect any changes in your personal or professional life. Clear goals keep you focused and proactive.
[ ] Review Beneficiaries and Estate Planning Documents
Life changes happen, and your estate plan needs to keep up. Confirm your beneficiaries are current on all accounts and policies. Make sure estate documents like wills and trusts are up to date and accessible to your executor or trusted contact. This step ensures peace of mind for you and your loved ones.
[ ] Reassess Insurance Coverage
Has your income increased, or have you experienced significant life changes? Review your auto and home insurance, umbrella insurance, and disability and life insurance to ensure you’re adequately protected. Small adjustments can safeguard your financial security.
[ ] Plan Charitable Giving
Define your philanthropic goals for the year. Whether you’re contributing to a favorite cause or leveraging a Donor-Advised Fund, planning your giving strategy now ensures alignment with your values and financial plan.
[ ] Organize Key Financial Documents
Centralize and review important documents such as insurance policies, retirement account statements, and tax records. Keeping everything organized reduces stress and simplifies decision-making throughout the year. It also serves as an End-of-Life Documents file for your loved ones.
Taxes
[ ] Gather Tax Documents
Start collecting your tax documents early, including W-2s, 1099s, charitable contribution receipts, and investment statements. Having these organized will make tax filing smoother and help you avoid last-minute stress.
[ ] Plan for Taxes
Ask your CPA for an estimate of taxes due in April. With this insight, you can plan where to draw funds if needed—from savings, investments, or other sources—minimizing financial stress. Be sure to tell your financial advisor if you’ll need an investment withdrawal so their team can plan accordingly!
Investing and Saving
[ ] Check Your Cash Reserves
Make sure you have enough cash set aside for emergencies. Check out our Emergency Reserve Guide to help. Keep high-yield savings accounts like Capital One Performance Savings or Ally Bank High Yield Savings so your cash is accessible and earning interest and make a plan to invest any surplus toward your other goals.
[ ] Maximize Retirement Contributions
Ensure your 2025 retirement contributions are updated to meet the new limits. If your income exceeds Roth IRA limits, explore the benefits of a backdoor Roth IRA strategy. Take action early to capitalize on tax-advantaged growth. Refer to our 2025 Retirement Contribution Limits for details.
[ ] Update Your Financial Plan with Your Advisor
After working through this checklist, update your financial advisor on any changes to your goals, investments, or strategies. Whether you’re adjusting your retirement timeline, revising estate plans, or rethinking tax strategies, keeping your advisors informed allows them to add their perspective and ensures your plan stays aligned with your vision.
Now that you’ve set yourself up for success in 2025 by tackling this financial checklist, ensure you are just as organized for retirement with our Retirement Readiness Guide, a six-step guide to give you the clarify and confidence you need to thrive in this next exciting phase of life!
Ryan Colis
CFA, CFP®
Partner, Financial Advisor
About the Author
Ryan is a problem solver. He has a distinct ability to create a simple solution for very complex puzzles. So, naturally, he’s an integral part of our team. His favorite part of his role at Alterra is the analysis – whether analyzing a financial plan or reviewing an investment portfolio. However, the profession allows him to share that passion with clients by helping them navigate financial complexities as they collaborate on achieving their personal and financial goals.
After completing his undergraduate degree in Business Management, Ryan and Grant met by chance, developed a rapport and have been working together ever since. Ryan has continued his formal training in finance by earning his CFP and CFA designations.
The “Alterra” name was coined by joining the Latin roots “alter”, the origin of the word “altruism” with “terra” meaning earth or land. This name reflects the company philosophy of “clients before profits” and providing firmly grounded advice.