January Financial Checklist:

1)  401(k)/403(b)/TSP contributions limits are $17,500 for most, higher for some.  Make sure your automatic contributions are updated if necessary.

2)  IRA contribution limits--$5500 for most, $6500 for some; talk to your tax person to be sure.  Don't forget to complete your 2013 contributions first--folks with automatic deposits need to watch this carefully.

3)  Get your tax forms together a month before you meet with your tax preparer.  Folks who wait will probably leave money on the table by not maximizing refund or minimizing payment owed.

4)  If you die or become disabled, what income will be there going forward?  Life insurance and Disability insurance are not pains in the neck or expensive "upsell" products; they are your first line of defense.  Get on this, or double-check what you have in place.  (Note:  Although I do not sell insurance, I still want clients to have--or buy--what they need to protect themselves.)

Insurance: How Much Do You Need?

Make sure you have enough life insurance, everyone. $1mm of investible assets for every $50k you need to spend each year. If you need $50k per year of spending money to replace your wife's income if she dies (to be expected if she makes a salary of, say, $75k), you need $1mm nest egg. If you have $200k in your portfolio and savings plus her retirement plan, then you need $800k of life insurance coverage on your wife. Make sure you or your Trust is the beneficiary.

Also, makes sure you have Long-term Disability Insurance, and pay the premium yourself, even if your employer offers to pay it for you as a fringe benefit. Paying it yourself allows you to get the income tax-free; if your employer pays the premium, you will have to pay income taxes on your benefit.

Waste no time with this. Too many people need insurance before they get the right amount.