December 05, 2024

Your 2024 Last-Chance Financial Planning Checklist (Episode 5)

25 minutes

Summary: In this episode, hosts Will Hoffman and Brynn Tarbuck discuss essential year-end financial planning strategies. They emphasize the importance of consulting with a CPA, reviewing tax situations, and preparing for the upcoming year. The conversation also touches on investment strategies, insurance reviews, and considerations for young professionals entering the workforce. As the year comes to a close, they encourage listeners to reflect on their financial goals and make necessary adjustments to ensure a prosperous new year.

Takeaways:

Schedule a discussion with your CPA before year-end.

Review your income and tax situation as the year closes.

Max out retirement contributions if possible.

Consider Roth IRA conversions based on your income.

Revisit your investment goals and strategies regularly.

Ensure your insurance coverage is adequate and up-to-date.

Discuss any major life changes with your financial advisor.

Utilize year-end checklists to stay organized.

Engage in financial planning early in your career.

Reflect on your financial goals as the new year approaches.

Resources:

2024 Last-Chance Financial Planning Checklist

Will’s Episode with Lizette Cloete, Caring for a loved one with dementia can be overwhelming, and financial planning often gets overlooked. Have you considered how to manage finances while providing care?Insights from Will Hoffman of https://www.hoffman-wealthmanagement.com/ emphasized the complexities involved in managing assets for loved ones and the transformative impact of estate planning, urging us to prioritize legal documentation such as powers of attorney to streamline decision-making processes.

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