By now you should be receiving emails, mail, and other communications about health benefits, retirement contributions, and other end of year decisions to make. It’s open season for health benefits so it’s a good time to review your coverage and make any changes you need. Not just health benefits, there are other things to consider that would affect the following year. These are some of my end of year to-do list before the year ends. 

Review health coverage 

Open season for health benefits changes happen at the end of the year. If there are health benefits changes you want for the following, now is the time to do so. I look to see if I need to upgrade my existing coverage to the next tier. I also try to project how much FSA to withhold. Also, review your dental and vision coverage and make changes as necessary. 

Review retirement contributions 

Your retirement contributions such as 401K should be reviewed each year. The maximum contribution amount for 2025 increased to $23,500 which is $500 more from 2024. If you don’t make any changes, you’ll continue to contribute the same amount as 2024 in 2025. If you max out your retirement and want to continue to do so in 2025, make sure you increase it to reflect the new contribution limit of $23,500.  

Roth Conversions 

Converting your pre-tax retirement money into post-tax money can be done through roth conversions. I converted some funds from my IRA to my Roth IRA earlier this year. If you haven’t done this but are interested in it, remember you have to do it before the end of the year. 

Adjust tax withholdings 

Take a look at how much tax you are withholding for federal and state. Are you paying too much in taxes or too little? You may need to change the number of exemptions or have additional withholdings taken out. You can do this throughout the year but since a new year is coming, try taking a look at this along with everything else. 

Sell stocks that are at a loss 

In your after-tax brokerage account (if you have one), do you have a positive gain or have a negative loss? If you bought a stock and you are losing money from it, you can sell your stock at a loss and you can use the loss during tax filing.  

Reflect 

Last but not least, reflect how your year went. A year is a long time and a lot can happen. What went well? What didn’t go so well? Are you better off now than when the year started? What changes would you like to see? Have your goals changed? Take time to reflect your year and make changes you want to see happen in the new year. 

Making decisions for the following year is very important. There are things you can’t change once the new year starts so it’s good to make good decisions regarding your benefits, retirement, and any other projections you have. These are my top things I do for my end of year to-do list. If you are interested in following my journey and their journey, follow them on Instagram and email subscribe to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.