How’s your financial plan doing?
Use this checklist to review progress with your advisor and identify steps you can take to help your plan work harder for you. Think of it as an annual financial tune-up.
MORE THAN HALF OF AMERICANS don’t engage in financial planning regularly.1 If you’ve already developed a plan with your advisor, you probably know what they’re missing out on — everything from a clear road map to suggested course corrections and the confidence to keep moving toward your goals.
Don’t have a plan yet? Take the pop quiz below to learn more about the potential benefits. Already have one? Skip to “Your Financial Plan Checklist” and see if your plan’s keeping up with your life. Consider tackling the 12 suggestions below over time. Hint: There’s one action step for every month of the year.
POP QUIZ
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YOUR FINANCIAL PLAN CHECKLIST
1. Ask yourself at least once a year: Does my financial plan still support my financial goals?
Your priorities and situation may have changed. See how many of these scenarios apply to you:
- I haven’t reviewed my plan in the past six months.
- In the last year, I’ve had big changes in expenses or income.
- I’m not sure my budget and plan capture my values and priorities.
Source: Motley Fool Money, “These Are the Top Financial New Year’s Resolutions for 2026,” Nov. 19, 2025.
2. Anticipate big life changes
Transitions are a part of life. Will you be ready financially? See how many of these scenarios apply to you:
- Life changes are coming that could change my financial picture (such as switching jobs, getting married, moving or retiring).
- My family members’ lives are changing (children going to college, parents needing more care, the birth of a child or grandchild).
- I’m thinking about going back to school, starting a side hustle or picking up an expensive hobby.
Source: U.S. Census Bureau, “Calculating Migration Expectancy Using ACS Data,” August 2024
3. Stay on track for retirement
To judge whether you’re on track for retirement, see how many of these scenarios apply to you:
- I have not raised my contributions for my 401(k), IRA or health savings account (HSA) in the past year.
- I am contributing to my workplace retirement plan but not collecting the full savings match that my employer provides.
- I am in my 50s and eligible to make catch-up contributions to my retirement plans, but I have not done so.
Source: Transamerica Center for Retirement Studies, “An Uncertain Future: Retirement Prospects of 4 Generations,” June 2025.
4. Calculate your retirement paycheck: How much income will you have in retirement?
To ensure you have enough money to meet your needs throughout retirement, it’s important to craft a well-thought-out income and spending plan. To assess your retirement paycheck, see how many of these scenarios apply to you:
- I’m hitting one of the key dates for government benefits this year — ages 59½, 62, 65, 70 and 73.
- I don’t know how much I will collect from income sources such as Social Security, a pension, an annuity and required minimum distributions from tax-deferred accounts.
- I’m unsure whether my retirement plan can weather key retirement risks.
Source: Social Security Administration, “Delayed Retirement Credits,” accessed December 2025.
5. Check up on your emergency fund
Surprise expenses can put a dent in the best financial plans. See how many of these scenarios apply to you:
- My emergency fund would cover only a month or two of expenses.
- My emergency fund is tied up in stocks or other illiquid investments.
- I keep emergency savings in a non-interest-bearing bank account.
Source: Bankrate’s 2024 Annual Emergency Savings Report
6. Review your insurance coverage: Do you have enough?
The right insurance can help you pick up the pieces after unexpected life events, such as a natural disaster or death in the family. To test your preparedness, see how many of these scenarios apply to you:
- It’s been over a year since I checked my homeowners or renter’s insurance policy for disaster coverage.
- I don’t know if my life insurance policy is sufficient to support my dependents and wealth transfer goals.
- If I’m suddenly unable to work, I or my family won’t have income to live on.
Source: Insurify, “Home Insurance Rates to Rise 8% in 2025, After a 20% Increase in the Last Two Years,” 2025.
7. Plan for the uncertainties of future healthcare costs
Healthcare costs are generally rising faster than inflation.2 To assess your healthcare coverage, see how many of these scenarios apply to you:
- I don’t have a health savings account (HSA).
- I haven’t built paying for long-term healthcare expenses later in life into my financial plan.
- I’m nearing retirement but haven’t yet considered future healthcare needs and coverage options.
Source: KFF, “Health Care Costs and Affordability,” Oct. 8, 2025.
8. Speed up paying down your debts
Creating a targeted plan to pay off high-interest debt can help you reach other goals. To review your situation, see how many of these scenarios apply to you:
- My current loans or credit cards carry high interest rates.
- I haven’t looked into refinancing or consolidating these loans.
- I don’t have a plan for paying back what I owe in a timely manner.
Source: Bankrate, “Study: The states where being a homeowner has paid off the most (and the least),” Aug. 13, 2025.
9. Create a strategy for sharing your wealth
Donating to a philanthropic cause you support or helping family members in your lifetime can be rewarding. To review your giving strategy, see how many of these scenarios apply to you:
- I am weighing making gifts to my heirs in my lifetime to reduce the size of my estate.
- I’m interested in funding a 529 plan for a grandchild to reduce my estate and retain control of the assets.
- I want to make a bigger impact with my charitable giving.
Source: Internal Revenue Service
10. Shore up your estate plan
Having an estate plan that reflects your wishes is an important part of financial planning. To pressure-test your plan, see how many of these scenarios apply to you:
- I haven’t reviewed my estate plan recently and am not sure it accurately reflects my intentions.
- I am missing a key document, such as a living will, healthcare directive, healthcare proxy or durable power of attorney.
- I have experienced changes in my life that might require updates to these documents.
Source: Caring.com, 2025 Wills and Estate Planning Study
11. Look for ways to minimize taxes
No matter your goals, tax laws can have an impact on how far your money goes. To see where you stand on tax planning, see how many of these scenarios apply to you:
- I don’t keep up on new tax laws or IRS rule changes that could impact my financial planning, including changes in tax rates, tax brackets and deductions.
- I’m considering converting a traditional IRA to a Roth IRA.
- I have losses in my investment portfolio that could be valuable for tax planning.
Source: Tax Foundation, “National Tax Literacy Poll: Assessing Taxpayer Knowledge and Perceptions of the US Tax System,” Dec. 18, 2024.
12. Pressure-test your investment portfolio
Reviewing — and possibly adjusting — your strategy regularly can help your investments stay on track as you pursue your financial goals. See how many of these scenarios apply to you:
- I am uneasy about how to manage risk as the financial markets and my circumstances change.
- I am not confident that my mix of stocks, bonds and other assets in my portfolio is still suitable for my risk tolerance and retirement timeline.
- I have never considered whether my investment strategy aligns with my values.
Source: Board of Governors of the Federal Reserve System, “Economic Well-Being of U.S. Households in 2024,” May 28, 2025.
Want a copy of this checklist to keep? Download one now to use as a starting point when consulting your advisor and reviewing what you need to do next to make the most of your financial strategy.
