Financial Planning Hawaii Personal Finance Calendar

Contrary to popular perception, financial planning is not something you do once or twice per year when you meet with your financial planner.  Even though we probably see you rather infrequently, financial planning is an ongoing process, and we are ALWAYS working for you. By analogy, it may help to view financial planning as an orchestra.  There are many moving parts that require a high degree of coordination.  Instead of woodwinds, brass, strings, and percussion, in financial planning we have portfolio management, tax planning, insurance risk management, estate planning, employee benefits coordination, social security and pension optimization, etc. Our orchestra pit includes Charles Schwab as the asset custodian and trading platform, eMoney as the financial planning platform, and Advyzon for billing, CRM, performance and cash flow reporting, and enhanced user experience.

I, along with the rest of the FPH Team, serve as the conductors of the orchestra.  Our job is to bring different elements of the orchestra to your ears (and eyes) throughout the year.  The FPH newsletter, which has recently been re-branded as “Nest Egg News,” is a key component as it serves as the primary delivery mechanism for sharing important timely developments, rule changes, and new tax law changes across our entire client base. It also serves to keep you engaged and educated over time. However, I have long felt that there was one element of our production that was missing – a calendar of financial planning considerations throughout the year.  In keeping with our orchestral analogy, you may think of it as the musical score or the lyrics to a song.  The calendar below represents my first effort at filling this void. You can expect that I will be editing it over time.

Ad hoc Services

  • Nest Egg News is typically issued every 2-3 months
  • Yield Shopper is a new bi-monthly service in which we share our commentary on interest rates along with yields on a broad range of fixed income investments.
  • Rising Dividend List - we have a number of clients who supplement their allocation to index funds and ETFs with individual dividend stocks with a proclivity for increasing their dividends over time. We update our rising dividend stock universe every 2-3 months.
  • Financial Planning Reviews – We are happy to meet or speak with you as often or as infrequently as you wish.  BOOK AN APPOINTMENT 

 

JANUARY

Take RMDs – Where applicable, consider taking required distributions from IRAs, retirement accounts and inherited IRAs.  This is considered by some to be a controversial recommendation, because the money could earn tax deferred interest if left until year end.  We believe it is better to get it out of the way early in order to avoid forgetting and scrambling at year end to juggle other tax planning strategies.

Medicare Advantage Open enrollment Period runs January 1- March 21.

Update eMoney.  The new year offers a fresh start forgetting one’s financial house in order.  From a financial planning perspective, this is the month in which everyone should review eMoney.  eMoney is the platform that we provide all clients to centralize, organize, monitor and maintain all elements of their financial lives. January is the optimal month to review and update data in eMoney.  Here are your eMoney to-dos 

  • Organizer Page
    • Make sure all account links are accurate. Delete old account links and add/re-link new links or existing links that may have dropped
    • Make sure the information on family members and professional contacts (attorney, CPA, insurance agent) is current.
    • Make sure connections to credit cards, mortgages, student loans, auto loans, etc. are properly connected.
    • Update all manually entered data to reflect year-end values.
  • Vault
    • Make sure all beneficiary designations are current and accurately reflect your wishes.  Don’t forget to include group life and 401(k) beneficiary forms.
    • Are your estate planning documents uploaded and current?  Do you have copies of documents from parents or children in which you are named to serve?
    • Are your tax returns for the prior two years included?
    • Have you uploaded the most recent declarations pages for your home, auto, umbrella policies?
    • Is your latest property tax bill uploaded?
    • Upload most recent employee benefits handbook and your year-end employee benefits handbook.

January is also a great time to schedule an eMoney refresher or tutorial with financial planning Hawaii’s Client Happiness Consultant, Sue Gabor, CFP.


 

FEBRUARY

Tax season begins- below is a checklist of common individual tax reporting docs to track down. 

  • Gather realized gain/loss records (contact FPH if you would like us to generate a report)
  • Collect W-2s, 1099-NECs, 1099-Misc
  • Collect consolidated 1099s, and individual 1099-INT, 1099-Div, and 1099-B as applicable
  • 1099-Rs to documenting distributions from retirement accounts, annuities.
  • Collect 1098 mortgage interest statement, 1098-E for student loan interest, 1098-VLI for auto loan interest (2025-2028)
  • If you paid tuition from a 529 plan make sure you collect 1098-T and the corresponding 1099-Q from the institution
  • Collect IRS Form 1095 (Health insurance coverage reporting)
  • Collect your property tax bill
  • Collect receipts for charitable contributions including QCDs

 

Schwab 1099s and year-end statements are available by logging into the Schwab Alliance website.  These statements are also available through the Advyzon vault.  If you need assistance gathering these documents you may also call Alicia.

 

 

MARCH 

  • Are you eligible for prior year IRA or Roth IRA contributions?
  • Does it make sense to make a prior year non-deductible traditional IRA contribution in order to affect a backdoor Roth Conversion? 

 

 

APRIL

  • April 15 personal tax filing deadline is also the deadline for prior year IRA and Roth IRA contributions. If checks are mailed, they must be postmarked no later than April 15.

 

This is often a hectic and stressful time of year for taxpayers.  We are super busy too, but that is because we are committed to helping you.  If you need last minute document or need us to speak with your tax preparer, you know how to reach us!

 

 

MAY

  • May is often a calm financial planning month.  Consider booking an appointment with your financial planner.  It is also often a good time of year to review your insurance coverages and emergency reserves.
  • May is a great time to download your annual Social Security earnings statement.
  • May is a great time to get your free annual credit report.  The only authorized website  to get your free annual credit report under federal law is AnnualCreditReport.com. You can request reports from the three major bureaus (Equifax, Experian, and TransUnion) weekly online, by calling 877-322-8228, or by mailing a request form.

 

JUNE

  • Review your recently filed tax return with your CPA to highlight any anomalies and generate current year planning ideas.  Consider making it a team meeting by including your financial planner!
  • Be on the lookout for IRS Form 5498. These forms are issued by IRS on May 31 and report IRA contributions made in the current year for the prior tax year, prior year rollover contributions, and year-end FMV of IRAs.
  • Time for a mid-year planning review?  Book an appointment!

 

 

JULY & AUGUST 

  • As children and grandchildren prepare for back-to-school, it is often a good time to review or establish 529 College Savings Plan options. It may also be a good time to consider funding Trump accounts.

 

  • The dog days of summer are a great time for financial planning reviews.  Below is a partial agenda/checklist:
    • Any changes in financial or physical health?  Any changes to financial planning objectives
    • Any new bank or investment accounts?  Any new loans?  Any new real property?
    • Estate planning review – any new documents or updates needed?  Asset registration review. Do we have all beneficiary forms?
    • Discuss any notable/relevant tax law changes
    • Review current investment environment and interest rates.
    • Portfolio review & performance reports.
    • Review prior year tax return

 

Book an appointment for a planning review!

 

 

SEPTEMBER

  • September 15 is the deadline for sole proprietorship, partnerships, and S-corps to make prior year employer contributions to qualified retirement plans.
  • Many CPAs are busy from September through October 15th, but this may still be a good time to get your CPA (and us!) on your calendar for a year-end tax planning meeting.

 

Book an appointment for a planning review!

 

OCTOBER 

  • October 1 is the opening date of the following year’s Free Application for Federal Student Aid (FAFSA)
  • October 1 is the deadline for small business owners to establish a current year qualified retirement plan that includes employee salary deferral.
  • October 15-December 7 – Medicare enrollment period to sign up for, change, or drop Medicare coverage. A 7-month initial enrollment period begins upon your 65th birthday.
  • October 15 is the deadline for filing your prior year tax return if you filed for a 6 month extension.
  • October 15 is the deadline for C-corps to make qualified plan contributions for the prior tax year.

 

Book an appointment for a year- end planning review !

 

NOVEMBER 

  • Employer sponsored benefit enrollment and review periods commonly begin in November and run to January 1.
  • Charitable Giving Season & QCDs
  • Roth Conversion Considerations

 

Book an appointment for a year- end planning review !

 

DECEMBER 

  • Take any remaining RMDs and confirm that you have satisfied this requirement.
  • Roth conversion considerations
  • Charitable giving season & QCDs (Please don’t wait until year-end to make QCDs)
  • Salary deferral contributions to self-directed 401(k)s deposited by  12-31.
  • Opportunistic tax loss selling may be advisable.

 

Book an appointment for a year- end planning review!