Key Points

• Just as financial planning is not a one-time event, it's not a once-a-year event either. Spreading tasks throughout the year can make them more manageable.
• Following this month-by-month guide can help get your finances in tip-top shape.
• There are actions you can take each month to keep your finances on track throughout the year.

January 

• Resolve to make yourself financially fit this year
• Manage your debt. Start by paying off all your high-cost, non-deductible credit cards, and then establish an emergency fund equal to 3-6 months of expenses
• Check your employer retirement plan contribution percentage
• 1st Medicare Open Enrollment and Advantage starts (ends March 31)
• 15th: Pay your estimated taxes

February 

• Check your insurance policies to be sure you're not paying too much or for the wrong coverage
• Start organizing your 2020 taxes

March

• If you turned 70 1/2 last year and didn't take your first-year required minimum distribution (RMD) from your IRA by December 31, you have until April 1 to do so
• Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis
• 14th: Turn your clocks ahead!
• 31st Medicare General and Advantage Open Enrollment Period Deadline

April

• 1st: Your last day to take your first IRA required minimum distribution without penalty  
• 15th: File your taxes or apply for an extension
• 15th: Pay your Q1 estimated taxes 
• 15th: Also the last day to contribute to your IRA for the prior year

May 

• 17th New Deadline to file your taxes or apply for an extension
• Create (or update) an inventory of your home and personal property
• Create (or review) your financial disaster plan

June

• 15th: Pay your Q2 estimated taxes
• 20th: Longest day of the year. Enjoy summer!
• Perform a mid-year review of your finances to be sure you're on track
  • Are you on track with your retirement contributions and other savings?
  • Run a projection of your income taxes to be sure you are not paying too much or too little income tax

July

• Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis
• Keep learning- add at least one good book on personal finance or investing to your summer reading list

August

• Start thinking about your holiday budget
• As the kids or grandkids get ready for school, consider establishing or contributing to a Coverdell Education Savings Account and/or 529 College Savings Plan on their behalf

September

• 15th: Pay your Q3 estimated taxes
• 30th: Last day to determine beneficiaries after an IRA owner's death
• Begin Final quarter tasks (Listed below)
• Review your estate plan
• If you want to establish a simple IRA this year for your small business, the account must be opened by October 1
• You have until October 15 to re-characterize a Roth IRA conversion

October

• 1st: Extended trust and estate tax returns due
• 15th Medicare Advantage and drug plan open enrollment starts (ends Dec. 7)
• 15th Extended individual tax returns due
• 15th Last day to re-characterize a Roth conversion
  
• Run a projection of your current-year income tax liability to get a head start on your year-end tax planning

November

• 7th: Turn your clocks back!
• Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis
• Take time to give thanks for another year of financial success. Review your charitable giving program and consider making tax-deductible gifts to charity

December

• 31st: Last day for stocks, RMD's, itemized deductions, & gifts to count for 2021 taxes
• If you want to establish an individual 401(k) or other qualified retirement plan for your small business, the account must be opened by December 31
• Request your annual Social Security benefit statement from ssa.gov