You’ve worked hard to build your wealth – now it’s time to make sure it works just as hard for you. It’s a constantly evolving journey (even with the perfect plan) which can feel overwhelming at times, but the truth is, taking control and feeling confident in your finances doesn’t have to be complicated.

Let’s get started with important to-dos broken down by month – because when you take control, you’re not just preserving your wealth, you’re setting yourself up for long-term success.

Deadlines and Financial Milestones for 2025

01 | January

• Review your spending and update your budget, including your savings goals for the year.
• Have a plan to manage any debt.
• Do a portfolio checkup to ensure your asset allocations are appropriate for your time horizon and risk tolerance.
• New retirement plan, Individual Retirement Account (IRA), and Health Savings Account (HSA) contribution and income limits go into effect at the start of the year. Confirm your selections on your first paystub.
• Deadline: January 15th: Fourth quarter 2024 estimated tax payment is due.

02 | February

• Collect all tax forms.
• For those who receive a bonus from your employer, be strategic with how you use it. Refer to your budget, debt, and retirement plan contributions from January to see if that money is best used towards one of those categories.
• Review all insurance policies - home, auto, and life - to determine if you have enough coverage, or if deductibles need to be adjusted.
• Review Flexible Spending Account (FSA) or HSA contributions. If possible, maximize contributions for tax savings and employer matches.

03 | March

04 | April

• April 15th is Tax Day with the following deadlines:
  • File your 2024 income tax return.
    • Due to natural disasters, the IRS has extended the following tax deadlines:
      • May 1st for Alabama, Florida, Georgia, North Carolina South Carolina, Tennessee, and Virginia.
      • October 15th for California due to the wildfires.
  • Last day to make a 2024 IRA or HSA contribution.
  • First quarter 2025 estimated tax payment is due.

05 | May

• Review and update the beneficiaries on retirement accounts and life insurance policies.
• Review your estate plan and trust documents. Ensure your overall estate plan, including your will, trust, durable power of attorney, and health care power of attorney, is current.

06 | June

• Perform a holistic check-in of your finances and plan to see if you're on track for this year's projections or if you need to adjust any areas to meet your goals.
• June 16th: Second quarter 2025 estimated tax payment is due.

07 | July

• It’s vacation, wedding, and (almost) back-to-school season, are any of these relevant to your life this year or next? Plan for how you will budget for your next vacation or support loved ones in the next stages of their lives.

08 | August

• While you reviewed your estate plan in May, take a moment during ‘Make a Will Month’ to discuss your estate plans with your loved ones and inform them of the roles they will play in executing your wishes when the time comes.

09 | September

10 | October

• October 1st: For small business owners looking to establish a SIMPLE IRA this year, the account must be opened by October.
• October 15th:
  • Individual tax returns are due for those who received a six-month extension on 2024 returns.
  • The Medicare open enrollment period begins, with employer open enrollment is also around the corner, review your plan options and benefits to ensure your healthcare needs are met.

11 | November

12 | December

• December 7th: The Medicare open enrollment period ends.
• December 31st:
  • Last day for 401(k) contributions
  • Deadline to take RMDs from traditional IRA and 401(k) accounts (except for those taking their first RMD).

Notable Limits and Changes for 2025

Contribution limits are updated annually, so review your contributions to identify areas that you can maximize to make progress on your goals.

1. HSAs have a contribution limit of $4,300 for singles and $8,550 for families. Those age 55 or older can contribute an additional $1,000.
2. IRA or Roth IRA contribution limit remains at $7,000 with a $1,000 catch-up limit for those age 50 or older.
3. The contribution limit for 401(k), 403(b), 457, and SARSEPs qualified plans is $23,500 with a $7,500 catch-up contribution limit for those age 50 or older. Those age 60-63 are eligible for a special catch-up contribution of $11,250.
4. The new RMD age of 73 applies to all individuals as of 2023. For those who turn 73 in 2025, their first RMD deadline is April 1, 2026, with subsequent RMDs taken by December 31st of each year.
5. The federal individual estate tax exclusion and gift tax exclusion is $13,990,000.
6. Annual gift tax exclusion (per recipient) increased to $19,000.
7. Social Security cost-of-living adjustment is 2.5% for 2025.

Your financial journey is never ending and always evolving. Keep these best practices in mind throughout the year to stay in control and ensure your plan reflects your wishes. Have a happy and prosperous 2025!

Please consult with an attorney or a tax or financial advisor regarding your specific legal, tax, estate planning, or financial situation. The information in this article is not intended as legal or tax advice.