2. Evaluate your insurance coverage

The end of the year is also a great time to review each of your insurance policies. You should consider the type and amount of each insurance policy, and think about whether or not it still makes sense for you.

For example, you may need more or less insurance if you have gone through any major life events, including moving, getting married and getting a new job. Once you determine the right level of insurance, it’s a good idea to compare insurance policies by getting free insurance quotes.

3. Max out Retirement Contributions

One of the most important things you can learn about retirement planning is this: You only get one shot at contributing to your retirement plans. This message is important in two ways – the first is that you are only young once, and the sooner you invest, the longer you have for compound interest to work its magic.

 The second reason this is important is because retirement contributions are limited by the calendar year. Once the contribution deadline is gone, you can no longer contribute for that year. Take advantage of your opportunity to contribute to your retirement plans while you can.