Year-End Financial Planning – Your Guide to Get 2023 Right

2023 is right around the corner, which means it’s financial planning season!

There are a number of steps you can take to set yourself up for financial success in 2023 and beyond. We’ve compiled a checklist to help you get started. 

And as always, it never hurts getting professional help when it comes to financial planning. If you’re looking for assistance with reaching your financial goals, the Fiduciary advisors at APO Financial are here for you. No matter where you’re at in your financial journey or what your goals are, our experts have the knowledge to craft a personalized and effective plan. Schedule an appointment with us today. 

Review Spendings & Savings

It’s important to evaluate your spending habits and determine where most of your money is going. You may not be aware you’re spending as much as you are, and could cut down in certain areas next year. Additionally, having a safety net is essential for financial health. If you’ve had to dip into your emergency fund, that’s okay, that’s what it’s there for. What’s important is that you continue to replenish it when you can. 

Balance Your Portfolio

While you should visit your portfolio throughout the year, now is the time to rethink your strategy if needed. You want to ensure your portfolio fits with your overall financial goals and risk tolerance. For example, maybe you’re getting closer to retirement and want to start moving to more conservative types of investments. 

Set Your Goals

Setting an annual budget with financial goals for yourself is a huge factor in financial success. Now that you’ve reviewed your spending and savings, it’s time to start planning for the next year. The best way to accomplish this is by setting a monthly budget. Track your spending against it consistently throughout the year. And always transfer excess to your savings when possible. 

Review Any Tax Losses

If you’ve had any investment losses, which many of us did this year, that could be a tax write off. Referred to as ‘capital losses’ to your income tax, they reduce your taxable income and nets you a tax break.Additionally, if you’ve had any lost stock positions, consider selling them to offset gains to further reduce your taxable income.

Obtain a Free Copy of Your Credit Report

It’s always a good idea to check your credit report annually to ensure there are no mistakes. There are a number of places you can pull a free report, including, Credit Karma or NerdWallet.

Update Your Estate Plan 

As an investor, you may want to consider periodically updating your will and other estate planning documents. The end of the year is a good time to review any changes the past year may have brought to you or your family that might have affected your overall estate plan. 

Plan Your Charitable Giving Strategy

If you make charitable contributions during the holiday season, you may have the opportunity to get tax advantages. If you go back and forth between taking the standard deduction and itemizing in most years, you may want to consider donating to a donor-advised fund (DAF). The DAF allows you to make contributions over time, but take the deduction immediately. 

If you are over 70½, you may also want to consider a qualified charitable distribution (QCD). This allows individuals to donate up to $100,000 total to one or more charitable organizations directly from a taxable IRA instead of taking their required minimum distributions. As a result, donors may avoid being pushed into a higher income tax bracket. 

Select Next Year’s Benefits & Insurance Policies

Typically, the final quarter of the year is the beginning of open enrollment for most companies. Now is the time to consider all available options and what makes sense for you. Look at flexible spending accounts, health savings accounts, etc. 

Additionally, this is the best time to look over your home, auto and life insurance policies to ensure they still meet your needs. If necessary, make adjustments to coverage or deductibles. 

Final Thoughts

We understand the end of the year can be very stressful, but we don’t want financial planning to feel that way. While it’s possible to do it on your own, it never hurts to have professional financial help. The financial professionals at APO Financial put your needs at the forefront of everything we do, tailoring each plan to your goals. No matter where you’re at in your financial journey, we can help you get to success, 

Ready to get started?APO Financial is committed to helping you maximize your savings and making your retirement as fulfilling as you want it to be. Contact us today for more information about our services, products or approaches. We’ll schedule a meeting that is most convenient and comfortable for you, whether that is in person, virtually or by phone.

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Annuities can be an important part of an overall portfolio but may not be appropriate for everyone. Before purchasing an annuity, it is important to understand the details of the product. Certain products may not be available in your state. The terms of each indexed annuity varies. It is always important to speak to a financial professional. about an annuity’s features, benefits and fees, and whether an annuity is appropriate for you, based on your financial situation and objectives. Participation rates, cap rates and/or index spreads may be subject to change by the insurance company according to the annuity contract provisions. If the insurance company makes such changes, this could adversely affect the return. Guarantees of an indexed annuity are backed by the claims-paying ability of the underwriting insurance company. The surrender charge period for a product may be longer, and the surrender charges may be higher than other annuity products. Indexed annuities are long-term investments. If the annuity contract is surrendered early, there is the possibility of a surrender charge being imposed and/or the funds may be subject to income taxes. The IRS may also impose a 10% penalty on withdrawals prior to age 59 ½, depending on the circumstances. With indexed annuities, there is the potential to lose money, depending on the product charges and minimum guarantee contract provisions. For additional information on annuities, reference the following websites: The FINRA (, the Securities and Exchange Commission (, Insured Retirement Institute (, the National Association of Insurance Commissioners ( or your state's insurance department.