Year-End Financial Checkup: 5 Steps to Strengthen Your Money Plan for 2025

With 2025 already moving quickly, now is the perfect time to pause and take a closer look at your finances. Just like you’d go to the doctor for a physical checkup, your money deserves regular attention to stay healthy. In this episode of the Roy Matlock Jr. Money and Business Hour, Roy shares practical steps for doing a mid-year financial review so you can finish 2025 strong and on track for your long-term goals.

Why a Financial Checkup Matters

Financial success doesn’t happen by accident — it happens by planning, reviewing, and making prudent decisions. Advice, in its simplest form, is guidance offered with the goal of helping you take smart future actions. Just as athletes hire coaches to improve performance, working with financial professionals gives you an edge by leveraging their expertise and experience.

The 5 Key Components of a Strong Financial Plan

1. Get the Right Advice

Good financial advice covers more than just investing — it includes education, planning, product selection, and ongoing reviews. A fiduciary advisor acts in your best interest and can help you avoid mistakes while staying focused on your long-term goals.

2. Build Your Defense

Defense in financial planning means protection. Insurance, wills, trusts, and emergency funds create a safety net so that unexpected events don’t derail your financial future. Without proper defense, even the best investment strategy can fall apart.

3. Create an Offense

Offense is about growth — investing, saving consistently, and taking advantage of tax-advantaged accounts like 401(k)s and IRAs. It’s also about understanding where to pull income from in retirement to maximize tax efficiency.

4. Match Products to Your Strategy

Every product you choose — from insurance to investment accounts — should align with your defense and offense. For example, using a Roth IRA for long-term tax-free growth, or choosing term life insurance to protect income during working years. It’s not about products first, but strategy first and products second.

5. Review and Adjust Regularly

Markets change, tax laws evolve, and your personal situation shifts. That’s why regular reviews are essential. Annual or semi-annual checkups keep your plan aligned with your goals and allow you to make course corrections along the way.

The Shocking Reality: Most People Don’t Plan

Consider these statistics:

• 68% of U.S. adults do not have a will or living trust.
• 50% of workers who have access to a 401(k) don’t even contribute — missing out on free employer matching funds.
• Only 34% of people feel confident they’re on track with retirement savings.

These numbers highlight the importance of taking action now. Without a will or trust, your assets may get tied up in probate. Without contributing to your retirement plan, you miss out on compounding growth and tax benefits. A financial checkup prevents these costly mistakes.

Using the GPS System for Your Finances

Roy explains financial planning using a simple GPS model:

• Goal – Define where you want to go. (Example: Retire at age 60.)
• Plan – Determine the steps to get there. (Example: Save 16x your annual income.)
• Schedule – Set the timeline. (Example: Contribute monthly until retirement.)

Just like using GPS to get from point A to point B, your money needs a roadmap with a destination, a strategy, and checkpoints along the way.

Year-End Action Steps

As you prepare for 2025, here are some steps to take right now:

• Review your will, trust, and beneficiary designations.
• Maximize your 401(k) or IRA contributions, especially if there’s an employer match.
• Check your insurance coverage to ensure adequate protection.
• Set clear financial goals for the new year.
• Schedule a financial review with a fiduciary advisor.

Conclusion: Don’t End 2025 Without a Plan

There’s still time to take control of your finances before the year wraps up. A financial checkup now can help you identify gaps, update your estate documents, maximize retirement contributions, and make sure your money is working toward your long-term goals.

Rather than letting another year slip by, use the remainder of 2025 to get organized, protect what you’ve built, and set yourself up for the future.

🎧 Want to hear the full year-end financial checkup breakdown? Listen to the podcast episode here with Roy Matlock Jr.

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