Your Year-Round Financial Planning Checklist for Lasting Financial Success

By Colby Branstine, CFP^®, ChFC^® – Vice President & Portfolio Manager

Financial planning isn’t a one-time task—it’s a continuous journey that evolves over time. At Central Trust, we believe each season offers a unique opportunity to assess, adjust, and advance your financial strategy. This guide outlines a practical, season-by-season approach to help you stay proactive, organized, and confident throughout the year.

Fall: Prepare for Year-End

As autumn settles in, it’s time to take stock of your financial picture before the year closes. Begin by reviewing your tax situation—are there opportunities to reduce your taxable income through deductions, retirement contributions, or charitable giving? Tax laws can shift, so staying informed is key. It’s also a good time to revisit your estate plan and insurance policies. Ensure your beneficiaries are up to date and your coverage reflects your current needs. If you’re planning to make gifts or donations, finalize them early to avoid year-end bottlenecks and ensure they’re processed in time.

Winter: Build a Strong Foundation

The start of a new year is ideal for laying the groundwork for financial success. Begin by organizing your tax documents and preparing for filing season. If you haven’t yet maxed out your IRA or Roth accounts for the previous year, act quickly—deadlines are approaching. This is also a great time to meet with your financial professional to set goals for the year ahead. Whether you’re planning for retirement, saving for a major purchase, or adjusting to a life change, a clear roadmap can make all the difference.

Spring: Refresh and Reevaluate

Spring brings renewal and a chance to refresh your financial strategy. Review your retirement accounts and contribution rates. Are you taking full advantage of employer matches or catch-up contributions? If you’re retired and taking required minimum distributions (RMDs), confirm your withdrawal amounts and timing. Revisit your household budget to account for upcoming expenses like travel, home maintenance, or tuition. If you carry debt, consider whether refinancing or accelerating payments could improve your financial health.

Summer: Check In and Look Forward

Summer is a great time to pause and reflect. Use this season to tie up loose ends from earlier in the year and prepare for what’s ahead. If you have children or grandchildren, revisit education savings plans and funding strategies. With the housing market active, consider whether renovations, refinancing, or relocation are on your horizon. Review your most recent tax return with your financial professional to identify planning opportunities. A mid-year portfolio check-in can help ensure your investments remain aligned with your goals and risk tolerance.

Why Seasonal Planning Matters

Breaking financial planning into seasonal steps makes the process more manageable and less overwhelming. It encourages regular engagement, helping you stay ahead of market changes, regulatory updates, and personal transitions. At Central Trust, we believe that consistent attention to your financial strategy leads to greater clarity, confidence, and long-term success.