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A 2023 Year-End Planning Checklist

Before you close the books on 2023, make sure you’ve considered these year-end strategies.

There are many life events that over the course of a year could drive changes in your tax liability. But while taxes are an important concern, they’re only one part of your wealth that warrants an annual wellness check. From estate planning to retirement to your overall financial well-being, consider consulting with your Financial Advisor on whether you would benefit from the following strategies.


Make sure you’re fully funding your retirement. Your maximum contributions for 2023 are $22,500 for a 401(k) and $6,500 for an IRA ($30,000 and $7,500 respectively if you’re age 50 or older).

Determine if you would benefit from converting funds held in a traditional IRA to a Roth. Baird’s Director of Advanced Planning Tim Steffen weighs in on the most beneficial scenarios at bairdwealth.com/rothconversion.



If eligible, max out your Health Savings Account, which allows you to put tax-advantaged money away for one of retirement’s biggest expenses. Your individual maximum contribution for an HSA in 2023 is $3,850 ($4,850 if age 55 or older).

Flexible Savings Accounts are use-it-or-lose-it accounts, so be sure to use them up by year-end.

Have you met your health insurance deductible for 2023? If so, look into accelerating future health expenses into this year.



Review existing health, life, disability, long-term care, home and auto insurance coverage. Are the reasons you have those policies still in play? Are your coverage amounts appropriate for your needs?



Review the asset allocation of all investment accounts, including personal and retirement accounts. If market performance has caused your portfolio to drift from your target, explore rebalancing.

Consider “harvesting” underperforming stocks– but know there are strict wash sale rules around the repurchase of investments sold for a loss.



As we discussed in a related article, a bunching strategy is a great way maximize the tax benefit of your giving. Donating appreciated assets can provide a double tax benefit – you can deduct the full value of the position while also avoiding the capital gains tax on the growth.



Update all primary and successor beneficiary designations on retirement plans, insurance policies, etc.

Review your legacy administration decisions, such as power of attorney and healthcare proxy, and ensure all documents still reflect your intentions.

Consider a gifting strategy. You can gift up to $17,000 (or $34,000 for a married couple) in annual exclusion gifts, which can benefit others while lowering your taxable estate.

The lifetime gifting exemption, which is $12.92 million per individual in 2023, is scheduled to fall by about half in 2026. Consider the strategies to take advantage of this year before this window closes.



Take a birds-eye look at your income and expenses from the year. Have you made progress on goals like paying down debt or building an emergency fund?

Shop around for the best interest rates on savings accounts. In addition to enhanced insurance protection, Baird’s Cash Sweep program offers interest rates that are often significantly higher than those offered by traditional banks.

Complete a credit check at least annually, and consider enrolling in a credit monitoring service.


Download our year-end planning checklist and share with your Baird Financial Advisor. And mark your calendar for November’s Wealth Strategies webinar on year-end tax planning.


Access Our Year-End Resources

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