With high inflation, rising interest rates, the drop in the stock market and the threat of a deeper recession, it has never been more important to focus on what you can control and take an active role in managing your finances. As year-end approaches, there are many opportunities to maximize your financial security. Below is a checklist of some actions to take before the end of the year.

• Review progress toward your 2022 goals, budget and financial plan and make adjustments for 2023.

• Maximize contributions to your retirement plans. In 2022 you can contribute up to $20,500 in your 401(k) plus a catch-up provision of $6,500 if you are 50 or older. If you are unable to maximize your contribution, strive to contribute at least enough to qualify for your employer’s match. If you qualify, you should also consider a Roth IRA. Your ability to make a 2022 contribution starts to phase out if you file single and earn over $129,000 or you are married and earn over $204,000. The Roth IRA contribution limits for 2022 are $6,000 plus a $1,000 catch-up if you are over 49.

• If you are over 72, be sure to take your Required Minimum Distribution before Dec. 31. Do not delay; custodians might require paperwork by early December.

• Consider bunching charitable donations that would normally be made over several years into one year. This may make push itemized deductions higher than your standard deduction, allowing you to deduct some of your charitable contribution. A Donor Advised Fund can be used if you need time to select specific charities. Additionally, if you are over 70½ you can make a tax-free Qualified Charitable Deduction from your IRA. Finally, consider donating highly appreciated stock or stock mutual funds rather than cash to minimize capital gains.

• Review your investment portfolio. Reevaluate your risk profile to be sure your target asset allocation still meets your financial goals. Rebalance your portfolio to keep your investments in line with your desired asset allocation. Consider decreasing any concentrated stock positions. Review and adjust how your portfolio is positioned

for tax efficiency.

• If you have high deductible health insurance, contribute to a Health Savings Account (HSA). The 2022 HSA contribution limit is $3,650 for individuals and $7,300 for families plus a $1,000 catch-up contribution for those 55 and over. If you have a Flexible Saving Account with your employer, be sure to spend any funds that must be used in 2022.

• Consider tax loss harvesting by selling stock or stock mutual funds with a tax loss before the end of the year. This can help offset gains on other investments that need to be sold to rebalance your portfolio.

• Review your credit reports. You should check your credit reports annually; any fraudulent activity tends to increase around the holidays. Go to annualcreditreport. com to access your free credit reports.

During times of uncertainty, it is crucial to review your finances and make the changes that will improve your longterm financial success.