2024 Financial Checklist

February 26, 2024 Author: Tess Downing, MBA, CFP®, Complete View Financial

2024 Financial Checklist

As we set our sights on a prosperous 2024, February is ideal for addressing your Financial checklist items for the year ahead. In the January recap of the CVF Point of View Newsletter, I provided insights into the financial landscape we traversed together in 2023. These insights included market resilience, long-term perspective, and the power of compounding.

Sitting down and deciding to address your financial checklist does not need to be an overwhelming task. You can start with the general high-level topics and reach out if you have follow-up questions:

Personal Life Events

Are there major life events or milestones this year? These events could be a special birthday, a significant anniversary, a graduation, a wedding, a new family addition, or you’re deciding to retire and deciding on what that might look like over the next few years. Reflect on these life events and consider how they will impact your financial goals in 2024.

  • Will you or one of your family members reach a milestone age this year? (65 for Medicare, 67 for Social Security, or Age 50 for catch-up contributions)

Cash Flow

Take time to reevaluate your annual budget and make the adjustments that will impact it in 2024. These changes could include income, expenses, or some of your financial goals. Remember to allocate emergency funds to your cash flow review to ensure sufficient coverage for at least 3 to 6 months of living expenses.

  • Do you have any funds left in your FSA from last year? Remember to spend the funds before the expiration of any grace period.

Annual Giving Strategy

If you haven’t already added charitable giving to your annual financial plan or are thinking of making changes to your charitable giving plan, now is the perfect time to reflect on the causes that are near and dear to your heart. Consider exploring the tax-efficient ways of supporting these causes (e.g. donor advised funds or qualified charitable distributions from IRAs).

  • Do you make annual gifts for your family? In 2024, the annual gift tax exclusion amount is now $18,000.

Asset and Debt Issues

During our annual review, we covered your investment portfolio, reviewed it together, and discussed options for rebalancing it to align with your risk tolerances and financial objectives. Assess your retirement savings strategy and see if any considerations need to be made to your current financial situation or future needs. It is also essential to be mindful of outstanding debts and explore strategies to optimize repayments.

  • Have you reviewed your credit report this year? Remember to review this free report annually to monitor your score and possibly identify errors or identity theft.


Review your insurance policies, including life, health, disability, and property insurance (auto, homeowners, & umbrella liability), to ensure they align with your current needs and circumstances.

  • Do you have any old life insurance policies that have cash value? Consider evaluating the cash value, cost basis, and need for these older policies.

Estate Planning

Consider when you last updated your estate plan, including wills, trusts, and powers of attorney documents. If anything has changed in the last year, take action. If your documents are older than 9 to 10 years, it is more than likely time to visit with an estate attorney and update your documents due to various changes in the law and your own personal circumstances.

  • Do you need to review the titling/ownership of any new assets or accounts?

Tax Planning

Stay informed about any changes in tax laws and explore tax-saving opportunities, such as contributing to retirement accounts. These should be taken into consideration when re-evaluating your budget for 2024.

  • Are you eligible for an IRA or Roth IRA contribution for 2023? Remember the deadline is April 15, 2024.

Formalizing Your Goals

Take time to write down your short and long-term goals, review the list, and consider if they are that different from the year before. Pause and think about how these choices will help you retire more confidently, leave the legacy you always hoped for, and ultimately enjoy the lifestyle you are striving for.

  • Remember to inventory your recent accomplishments to identify what worked well and to assess the progress you made toward your goals.