Recharacterizing an IRA Contribution

Year-End Financial Review

It’s the end of November, and I hope you had a great Thanksgiving! Now the time is ripe for your Year-End Financial Review. Many people look at their finances at the end or beginning of the year, so why not do yours now?

Review Your Goals

You may have set new goals last year or changed existed ones. Now is a great time to review your progress to see if you’ve stuck to achieving them.  Have you been regularly tracking your progress? If not, now is a great time to revisit those goals, see where you stand, and make any changes needed for next year.

Remember, to meet your goals you need to identify them, write them down, and then tracking them. Why not set up a system to help you keep track of your progress?

Review Taxes

Look at the amount of withholding or estimated taxes you paid last year through withholding or estimated tax payments. Have there been changes since then? Did you get married or divorce, welcome a new child or buy a new house? If so, you shouldn’t be surprised if there’s a significant change in this years’ taxes.  You may want to check the exemptions on your W4 and make any changes necessary to offset your 2022 taxes.

Compare your 2021 taxes to 2020. Have there been any significant changes in income or deductions this year? Do you need a year-end tax estimate so you can take steps to reduce your tax burden before the end of the year?

Review Investments

Did your portfolio experience any gains or losses? Are there any investments you should consider selling before the end of the year? Do your current investments help you achieve your goals?

If your portfolio isn’t meeting your expectations, have you considered rebalancing? For example, you may have an investment mix of 60% stock and 40% bonds. Depending on the types of returns of your underlying investments, your target mix will change. If stocks return 8% while bonds return 4%, over time your portfolio mix will change from your original target mix.

At Maestro Wealth Advisors, we schedule regular reviews with clients to look at their portfolio. In addition to reviewing performance, we also look at your risk, target mix, and much more. These reviews frequently result in rebalancing.


As I often say, every situation is different so “one size doesn’t fit all.”  There may be additional considerations and/or discussions that should occur. Now is a very good time to meet with both your financial and tax advisors.  We’re happy to talk with you and your tax professional, or if you don’t have one, we can recommend one for you. Reach out today to schedule your year-end review.