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5 Financial Moves to Review in the New Year

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The end of the year can be a good time to take a deep breath and think about the 12 months that just flew by. Family, friends, challenges, and victories, what a year.

It can also be a good time to think about your financial situation. Here are a few things to think about.


Let’s review:

  1. Looking back: Did anything change in 2017 that might impact your finances? New baby? New job? Marital status? Life changes can have implications. Beneficiaries, insurance needs, retirement contribution rules, there’s a lot to think about. And if you meant to give to charity this year, but forgot, you still have time to make a contribution, but be sure to do it before December 31 if you plan to include it for tax purposes.
  2. Direction: Did you forget to set financial goals this past year? You can start fresh in 2018.
  3. Prepare: If hit with an emergency expense of just $400, 44% of American adults say they couldn’t cover it without borrowing or selling something. If you haven’t set aside some emergency savings, you might want to consider doing so.*1
  4. Balance: Even if you haven’t touched your investment portfolio, changes in the markets may have taken it off the course you set last year. You may want to steer that ship.
  5. RMDs: Time flies. After a lifetime of investing, is it time to start drawing down that retirement account? If you turned 70½ this year (or if you inherited a retirement account), you’ll want to understand required minimum distributions (RMDs).

Transamerica’s experienced team of financial and legal professionals in the Advanced Markets Group offers a downloadable checklist with more tips and detail. Download New Year Checklist, 12 Planning Points to Review today.


What about you? Anything you’ve learned to review, think about, and take action on as the year winds down? Share what you’ve learned in the comments. 


Neither Transamerica nor its agents or representatives may provide tax, investment or legal advice.  Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors and financial professional regarding their particular situation and the concepts presented herein.


1. Board of Governors of the Federal Reserve System, “Report on the Economic Well-Being of U.S. Households in 2016,” issued 2017.



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This material was prepared for general distribution.  It is being provided for informational purposes only and should not be viewed as an investment recommendation.  If you need advice regarding your particular investment needs, contact a financial professional.

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