5 Year-End Retirement Planning Strategies

There's talk of New Year's resolutions abound. But you don't have to wait until January to get started on organizing your finances. Ending the year on a strong financial note will give you a solid base to begin working toward your money goals in the New Year. Instead of having to get organized and begin creating a plan, you'll already have one in place and know where you stand. This makes it easier to pursue your goals and make the small adjustments that are necessary, but not alter your whole financial life. Here are five ways to get your retirement planning on track before December 31:

1. Review your investments. If you haven't looked at your accounts in the past six months, now is the time to check in on allocations, investment performance and contribution rates. Is there room to save more? You might need to make changes to your portfolio to get funds back in line with your intended allocation. Your 401(k) plan may have removed funds from its offerings. Review where your money is currently sitting and make any necessary adjustments before the end of the year.

2. Create a plan for extra cash. If you work for a company that hands out bonuses or anticipate coming into some cash before the end of the year, have a plan in place for how you'll allocate it before you receive it. This will prevent you from spending it in small priority areas. Consider following a 50 / 30 / 20 rule that will have you put 50 percent toward debt, 30 percent toward Retirement Plans and 20 percent toward a personal splurge.

3. Know where your money is going. The holidays are a time that can wreak havoc on your spending plan. Take an hour or so to review your cash flow. See if you will be able to max out contributions to your retirement account this year. If you received a raise or income increase, but didn't increase your retirement contributions at the same time, now is the time to figure out where that extra money is being spent. Target areas where you can make small adjustments to your spending in order to stash away an extra $100 per month.

4. Create SMART goals for the year ahead. It's one thing to say you want to save for retirement in the New Year. It's another to get into details. Heading into the New Year with a retirement savings goal that is specific, measurable, attainable, relevant and timely will help you to stay invested in your progress. Perhaps you are hoping to save $5,500 in a Roth IRA by next June or want to max out your 401(k) at $18,000 by December 31, 2016. Break those goals down into monthly savings targets to track progress and celebrate your wins along the way.

5. Keep your fear of missing out in check. Fear of missing out is a real concern in our lives. We see our 500 closest Facebook friends getting new cars, taking tropical vacations, sporting the latest fashions and more, which makes it easy to believe that we want and need those things as well. We're getting hit with advertisements and we're not even watching television. It's important to be clear on your goals and what purpose money is playing in your life. You want to use money to make you happy. Being clear on your wants and desires and not being influenced by others will help to minimize impulse spending and purchases that can derail your budget and take away from longer term savings plans. Make sure you're clear on what you desire and put your money toward chasing your dreams, not someone else's.