As we approach year-end, now is the perfect time to take stock of your financial picture and position yourself for a strong start to 2027. To help, we’ve created a financial checklist that can guide you in addressing financial gaps, uncovering opportunities, and preparing confidently for the year ahead.
- Review your current financial plan: A year-end check in with your financial advisor can help you see how you’re progressing toward your goals, whether that’s saving for retirement, funding education, preparing for a major purchase or paying down debt. Make proactive adjustments now that can help set yourself up for success in the coming year.
- Check in on your investments: Review your investments to ensure that they align with the level of risk you’re comfortable taking and adjust them as needed. Tax-loss harvesting and other tax management strategies may make sense for your investments as well. Also, consider upping your contributions to your retirement account – if your contribution level is not at the maximum allowed amount yet, think about raising it each year until it is.
- Review insurance coverage: If you’ve had any big life events occur like starting a new job, buying a house or having a child, make sure your life insurance coverage aligns with your needs. It’s also important to look at disability insurance and long-term care options in the case that you would need coverage down the road.
- Review and manage debt: Make it a priority to pay off outstanding high-interest debts and explore refinancing to lower interest rates.
- Check your credit: Your credit score is vital in helping obtain loans with favorable terms and reflects your credit report. You can request a free copy of your report from major credit bureaus once every 12 months to ensure there is no incorrect information.
- Lean on your advisor: Reflect on your financial achievements and any challenges from the past year. Your advisor can provide tailored financial advice based on their understanding of who you are and your goals.
If you already have a financial plan in place, an annual review is a great way to ensure it remains aligned with your goals and any changes in your life. A well-rounded plan can not only help grow your wealth but also include strategies to help protect you from common risks, prepare you for life’s uncertainties, and position you to take advantage of future opportunities. If you don’t have a plan yet, we would love to meet with you to help set you on the best path to achieving your goals as we step into the new year.
Originally published – Messman, Vickie, PHD “Your 2025 Year-End Financial Checklist” 22 Sept. 2025.
This publication is not intended as legal or tax advice. Financial Representatives do not render tax advice. Consult with a tax professional for tax advice that is specific to your situation. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries, including Northwestern Mutual Investment Services, LLC (NMIS) (Investment Brokerage Services), a registered investment adviser, broker-dealer, and member of FINRA and SIPC, and Northwestern Mutual Wealth Management Company® (NMWMC) (Investment Advisory Services), a federal savings bank. NM and its subsidiaries are in Milwaukee, WI.
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