End of the Year Planning with NJM

As the holiday season approaches, now is a good time to assess your financial goals and consider adjustments for the coming year.

2022 has been a year of ups and downs. But in the financial world, mainly downs: Inflation, gas prices, global turmoil and market volatility have all impacted financial portfolios. If you feel personally affected by these issues, know that you are not alone in facing a downturn during 2022.

What can be done to counteract these concerns? Proper professional planning. By reassessing where you are, adhering to a personalized plan and making smart decisions, you can set yourself up for success going into 2023 and beyond.

Read on to learn some financial planning steps that you can take, and how NJM Wealth Preservation Strategies can help.

Market Turmoil

The Federal Reserve has made some major policy blunders in the last decades. And now with its policy credibility in tatters following the recent surge in inflation to a 40-year high, they can ill-afford to make another major policy mistake. 

What does the market turbulence of 2022 that delivered crushing losses (in both the stock and bond markets) mean for your retirement plan and financial outlook? They have presented the need to evaluate, adapt and execute appropriate changes in order  to accommodate for the losses you may have suffered. 

Before the clock strikes midnight on year, meet with your trusted Wealth Manager to look at your current expenses and consider ways to reduce unnecessary loss & fees to get through uncertain economic times.

Are You Staying On Track?

Inflation aside, what else changed this year that might have affected you financially? Were there unexpected purchases that came up? Were there home repairs that needed doing? Or perhaps you were completing a build & experienced the surge in product pricing due to the supply chain crisis? Did these obligations negatively affect or hinder your financial goals? These are the questions you should ask yourself at year end to determine that rate at which you had to deviate from your plan to cover other expenses. 

Consider going month by month, January through present, and evaluate how often you had to change retirement contributions based on these unforeseen circumstances. If the answer is never, then that means that you’ve set yourself up with realistic financial goals and could consider contributing more. If you found yourself reducing often, it may be time to reevaluate your retirement savings or consider a stricter budget.


For months we’ve been in a bear market. This has probably given you pause when reviewing your 401(k) or personal investments, but bear markets also present opportunities. 

Bear markets tend to last around 289 days and the S&P 500 entered a bear market June 13th of this year, 152 days ago (as of 11/3/22). The upside is that bull markets run for nearly 3 years on average with returns of 43.4% if taken advantage of.

With this knowledge in mind, consider taking some calculated risks during this market downturn as they may pay dividends as we move into the first half of 2023.

Beyond this, if your employer offers a 401(k) match, continue to take advantage of pre-tax contributions and the “free money” that your employer offers as part of a benefit. Also consider a Roth IRA as an investment vehicle for investing as you pay taxes up front but all returns on the investments are tax-free.

Overall Planning

We’ve touched on some planning concepts above that can help you stay on track as you evaluate your financial goals at year's end - but these are just the surface basics.

Annuities, life insurance, traditional vs. Roth IRAs, and tax considerations are just a few of the other ways that you can maximize your financial future, especially during a cloudier financial climate. 

At NJM Wealth Preservation Strategies, we’ve built our firm upon thoughtful, thorough & active financial planning. We make it our goal to ensure that your investment strategy is optimized, and the volatility of inflation and the market - as it relates to you - is minimized.

Now is the time to prioritize yourself & your future. As the holiday season approaches and the year comes to an end, consider scheduling a call with our team so that we can help you grow your assets to their fullest potential.

Schedule a call here today.