Thanksgiving, Christmas, and the buzz of the holiday season keep people busy through the New Year. Financial planning probably isn’t at the top of anyone’s list. There are several reasons to make financial and estate planning decisions a priority.

Here are some suggestions to take action if needed before getting too far into the year. Go into 2022 feeling confident and responsible about your financial health.

  1. Maximize contributions. Take advantage of available tax deductions and employer matching contributions.
  1. Consider a Roth conversion. Don’t qualify to contribute to a Roth Individual Retirement Account (IRA), contribute to a traditional IRA, then convert the funds to a Roth IRA.
  2. Life Events. The Marine Corps designated the following personal and professional events as Financial Education Action Points (FEAPs) that require a meeting with a Personal Financial Manager (PFM):
    1. Accession, Initial Entry or Arrival at the first duty station, arrival at each subsequent duty station, Promotion, Vesting Date in the Thrift Savings Plan (TSP), and Continuation Pay under section 356 of Title 37.
    2. Marriage, Divorce, Birth of first child, Pre-Deployment / Post-Deployment training, Transition points in the service of the member (i.e., from regular component to a reserve component, separation from service, or retirement). 
  3. Keep estate plans currentEnsure estate plans, including your will, trust, and health care power of attorney are current.
  1. Review insurance policies. Review home, auto, and life insurance policies to ensure policies provide adequate coverage or if deductibles need to be adjusted.
  2. Review beneficiaries. Double-check if names need to be added or updated on accounts. It’s all too common to accidentally disinherit a current spouse or family member.

Contact a Personal Financial Management Specialist and start feeling more confident about financial management today.