Year-End Financial Checklist

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Year-End Financial Checklist

Year End Financial Checklist

The end of the year is one of the best times to check in on your financial health. Here’s a list of recommended items from your friends at GPIS.

  1. Review your beneficiary designations
  2. Select your benefits for next year through open enrollment
  3. Review your TSP contributions and allocations
  4. Evaluate your insurance coverages and amounts
  5. Review your credit report and score
  6. Adjust your budget and spending plan
  7. Set goals for next year
  8. Complete a federal benefit & retirement review

Review your beneficiary designations

Many federal employees don’t realize they have multiple beneficiary designations to keep current. It’s important to review these annually to ensure the right person will receive the correct funds. These designations apply to your federal benefits, and also any external policies or accounts you have.

Examples include:

  • FERS Benefits
  • CSRS Benefits
  • TSP
  • IRAs / Roth IRAs
  • Life Insurance Policies
  • Investment Accounts
  • Annuities
  • 529 Plans

Feel free to use our “Beneficiary Review Checklist” to help make the asset transfer process smooth and easy for your loved ones.

Select your benefits for next year through open enrollment

2021 Open Season is from November 8, 2021 through December 13, 2021. During this time, you can review and change your existing coverages for the following:

Outside of Open Season, you will be unable to enroll, make changes or cancel coverages unless you experience a qualifying life event.

Review your TSP contributions and allocations

Throughout 2021, the market has continued an upward trend and all TSP funds outside of the F-fund are positive year-to-date. Review your portfolio and make any necessary changes based on where you are in your career and your retirement goals.

Now is also a good time to decide whether or not to increase or decrease contributions for next year.

To estimate how much you’ll have in your TSP at retirement, you can use OPM’s Growth Calculator.

Evaluate your insurance coverages and amounts

Now is a great time to take inventory of your home, auto and life insurance policies. Make sure the coverages are still correct based on your current situation. It never hurts to shop around and ensure you’re getting the best rates at the best prices.

Mortgage rates continue to hover near historic lows, so refinancing might be a good idea if you plan on staying put.

Review your credit report and credit score

If you haven’t done so in a while, make sure to check your credit report. There are plenty of free apps (Credit Karma) that allow you to keep tabs on any changes to your credit score. You’ll want to make sure there are no discrepancies, you haven’t been a victim of identify theft, and there aren’t any big decreases in your overall score.

Adjust your budget and spending plan

It always helps to know where you’re money is going every year. Now is a good time to evaluate your spending habits over the last year.

If you currently keep a budget, ensure you’re taking into consideration any income changes for 2022. This would include retirement, switching jobs, etc. Also make sure to include large outflows or major life events, including relocation, major purchases, and others.

If you don’t keep a budget, now is a great time to start — you can use our Budget Worksheet.

Set goals for next year (2022)

Review any and all goals you might’ve set for 2020 and update your progress. If you haven’t set any goals, now would be a good time to map them out for 2021. We suggest breaking your goals down into short-term goals and long-term goals. We also suggest making an action plan to achieve those goals — it always helps to break down the larger goals into smaller, actionable goals.

When goal-setting, make sure you include the total amount needed, the timeframe to achieve the goal, and the monthly contribution amount. You can make the monthly contribution a part of your monthly budget.

Complete a federal benefit & retirement review

Your federal benefits are complex. And there’s tons of information online. But it’s typically geared towards a large audience. Which means…it doesn’t always take your specific situation into account.

At GPIS, we specialize in federal benefits and retirement income. We look at your benefits now, and we show you how they change over time. We try to ensure you’re maximizing every dollar spent— and that you aren’t paying for things you don’t need.

How does it work?

The process is simple.

In our review, we’ll walk through your federal benefits and cover the following:

  • Your current federal benefits and how much you’re paying and contributing
  • The earliest dates you become eligible to retire
  • The different retirement options available to you (disability, early, voluntary, deferred)
  • How much you’ll receive as a pension in retirement and how it’s calculated (FERS or CSRS)
  • Your FERS Special Retirement Supplement amounts and if you’re eligible
  • How your survivor benefits work and important items to consider
  • How to keep your health insurance coverage for yourself and your family
  • Your 4 TSP options in retirement
  • All your combined income sources to give you an estimate of your monthly income
  • What the retirement process looks like and a timeline you can follow
  • How to fill out your retirement packet correctly the first time

At the end, you’ll receive a personalized workbook you can keep for your records.

What’s the cost?

There is no cost for our reviews.

We focus on providing value first and foremost.

If there’s areas where we believe we can improve your situation, we’ll let you know.

Simply click the link below and our office will reach out to find a time that works best for you.

Federal Benefits Review & Retirement Analysis

For additional information, you reach us by calling 866-201-7829 or by sending an e-mail to


-Sam Wiss, RICP

This material is intended for information purposes only. By responding to this offer, you may be contacted by a licensed insurance and financial professional regarding life insurance and/or annuity products. Not affiliated with, or endorsed by, the federal government or any government agency. Contact your tax advisor regarding your specific situation.


We are here to help. Our goal is to provide you with the knowledge and tools to make educated decisions when it comes to your benefits and retirement. Contact us today!

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