• Galia Gichon

Year End Financial Checklist

Updated: Dec 20, 2020


Year End Financial Checklist

I realize year end is literally around the corner. I have taught 60 workshops in 2020 so just now getting to this newsletter (last one was Friday)! It’s not too late and there are still items you can do for your year-end financial checklist. A few you have to do before December 31st but most you can do next year. Need help with your checklist? Check out Woman’s Compass next course starting 2/2/21. Early bird fee ends 1/19. We’ve had over 100 women attend! Grab your SPOT. Want more articles? Check out our BLOG on Woman's Compass Forum. Make Retirement Savings a Priority for 2021! As a woman and most of my clients are woman (married and single), please read this EXCELLENT NYT article. Making sure we have enough for retirement should be a top priority. Especially during COVID. Tax-Loss Harvesting This one you have to complete before year-end. It sounds harder than it is. Check if you have unrealized capital losses (you probably don’t). If so, consider offsetting your realized capital gains with realized capital losses you’ve incurred during that tax year, or carried over. Any Extra Money? Consider donating to charities. They need you more than ever and it is a tax deduction! I sat with my daughters at the kitchen table over dinner and we picked our favorite charities. There is a special extra deduction of $300 from the CARES act only good until 12/31.

Rebalance Your Portfolio. The end of the year is a great time to review your current asset allocation - especially with the volatile markets! The market has done exceedingly well and chances are you are off balance. It also can be an opportunity to invest a small portion in different opportunistic sectors (i.e ESG, Leisure, Tech). MANY of the clients I’ve worked with recently have CASH in their retirement portfolios. Don’t be that person! Great guideline for asset allocation.

Double Check Your Tax Withholding

Your job situation may have changed from full time to freelance to part time back to full time. I’ve seen it all! Don’t overpay your taxes or get caught paying too little. Great Calculator!


Reassess Your Retirement Goals

How many years do you want to still work? How many years do you still need to work? Can you work part time in retirement (many of my clients can)? Do you want to live in your current home and location or move? These questions can be fun and should be addressed!

Want more articles? Check out our BLOG on Woman's Compass Forum. Need help with your checklist? Woman’s Compass next course starting 2/2/21

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