Your 2025 Financial To-Do List: Top Advisors Share Their Expertise

As we step into 2025, it's essential to review and update your financial plan to ensure you're on track to achieve your long-term goals. To help you get started, we've compiled a list of top financial tasks to prioritize this year, based on the insights of leading financial advisors. Let's dive into these crucial steps to optimize your financial well-being in 2025.



1. Maximize Retirement Contributions
- Contribute the maximum amount allowed to your 401(k) and IRA accounts.
- In 2024, the contribution limits were $20,500 (or $27,000 for those aged 50 and up) for 401(k)s and $6,500 (or $7,500 for those aged 50 and up) for IRAs.
- Consider Roth IRA conversions to take advantage of lower tax rates and secure tax-free withdrawals in retirement.

2. Review and Rebalance Your Investment Portfolio
- Regularly review your portfolio's performance and asset allocation.
- Rebalance your portfolio to maintain your desired level of risk and ensure diversification.
- Consider adjusting your asset allocation based on your age and risk tolerance.

3. Update Your Beneficiaries
- Review and update your beneficiary designations for retirement accounts, life insurance policies, and other assets.
- Ensure your beneficiaries are up-to-date and reflect your current wishes.

4. Shop Around for Cheaper Insurance
- Review your auto, homeowners, renters, health, and other insurance policies.
- Compare rates and coverage options from different providers to ensure you're getting the best deal.
- Consider bundling policies to save money and ensure adequate coverage.

5. Review Your Interest Rates
- Evaluate your mortgage, credit card, and other loan interest rates.
- Consider refinancing or consolidating debt to lower your interest costs.
- Review your savings and money market accounts to ensure you're earning competitive interest rates.

6. Donate to Charity
- Consider donating to charitable organizations that align with your values and interests.
- Donations can provide tax benefits and help you feel more connected to your community.

7. Review Your Estate Plan
- Ensure your will, trust, and other estate planning documents are up-to-date and reflect your current wishes.
- Consider consulting with an estate planning attorney to review and update your plan as needed.

8. Assess Your Emergency Fund
- Review your emergency fund to ensure it's adequately funded and easily accessible.
- Consider setting aside 3-6 months' worth of living expenses in a high-yield savings account or money market fund.

By incorporating these financial tasks into your 2025 to-do list, you'll be well on your way to achieving your long-term financial goals. Stay proactive, stay informed, and make the most of this new year to secure your financial future.