The Annual Financial Checkup
An hour a year catches almost everything that quietly goes wrong.
At a glance
Figures checked 1 Sep 2026
Time needed
About 90 minutes
Effort
Easy
Have to hand
Account statements, policies and credit reports
What you get
Errors and drift caught before they compound
What to take away
- Rebalance if allocation has drifted more than five points.
- Recheck beneficiaries — they override your will.
- Compare your savings account rate to what is currently available.
- Update net worth and compare to last year.
- Calculate your savings rate for the year just ended.
- Check portfolio allocation against target and rebalance if needed.
- Review insurance: liability limits, life cover against current needs, disability terms.
- Confirm beneficiaries on every retirement account and policy.
- Pull all three credit reports and check for errors.
- Compare your savings APY to current market rates.
- Review the 401(k) fee disclosure and fund expense ratios.
- Adjust contribution amounts for the new year’s limits.
- Check W-4 withholding against last year’s outcome.
Do it on the same date each year — a birthday or the first weekend of January. A fixed date beats good intentions.
Common questions
Not for the checklist itself. Consider one for complex situations: equity compensation, business ownership, estate planning or nearing retirement.