Fall Planning Checklist 2020

Health has been on the mind a lot in 2020 so in the spirit of having a positive mindset, here are some great steps to improve our financial health at the end of the year.


  • Review your Company Retirement Plan
    • This is a good time to lay out a quick budget for the last month of the year and see if you can squeeze a little more into your company retirement plan, especially if you get a bonus this time of year and still have room to fill out the company match. This year’s maximum contributions are $6,000 for IRA’s and $19,500 for 401k’s or $7,000 and $26,000 respectively if you’re over 50.
    • This is also a great time to check on your investment options and make any changes you may want for contributions going into next year
  • Check on your Medicare Coverage & Company Plan
    • Open Enrollment for Medicare is here and ends December 7th so if you haven’t looked into a new plan for 2020 get online or set up an appointment to do so. Plans and drug coverages can change dramatically from year to year.
    • The time to make changes to your work coverage is also usually the last two months of the year.
  • Take a peek at this year’s spending.
    • Whether you’re retired or not, knowing what you spend makes any financial planning you do a million times easier. With 10 months in the books, November is a great time to get an idea of what your outlay will look like for the year. It doesn’t have to be to the penny, just get comfy with the general number.
  • Give your files a pruning going into the winter and do some fall cleaning.
    • Fall cleaning/decluttering is a real thing and will make your life so much easier come tax time next year. Get rid of all unnecessary papers this time of year now that most important matters should be in the books.
  • Make sure you’re aware of your Required Minimum Distribution from your IRA accounts. The CARES act got rid of the need to take one for the year 2020 so if you would normally be taking yours at the end of the year you should see if you need it and if not taking it would improve your tax situation for the year.
  • Look out for that spring tuition check and get a payment plan together.


Taking these steps, we can all get ourselves in shape for what is hopefully a much more normal 2021.