Financial checklists
for every major life event.

Got married

Within 30 days

• □ Update beneficiarybeneficiaryThe person or entity you name to receive an account or insurance policy when you die. designations on 401(k), IRAIndividual Retirement Account (IRA)A retirement account with tax advantages and eligibility rules. Traditional IRA contributions may be deductible; taxable withdrawals generally enter income. Roth contributions use after-tax money, and qualified Roth withdrawals are tax-free.Full definition, life insurance, and bank accounts (PODPayable on Death (POD)A name you write on a bank account that says: when I die, this person gets the money directly. The account skips the slow court process for sorting out a dead person's assets.Full definition designation).
• □ Decide on bank account structure (fully joint / fully separate / yours-mine-ours). See Money and Marriage.
• □ Review both credit reports together at annualcreditreport.com ↗.
• □ Update emergency contacts at employer and doctor.

Within 90 days

• □ Update health insurance within 30 days (marriage is a qualifying life event).
• □ Add spouse to auto insurance.
• □ Review auto, renter, or homeowner insurance.
• □ If one spouse has significantly higher income, review tax withholding.
• □ Get a will if you have significant assets, a child, or a specific distribution preference.

Bitcoin holders

• □ Does your spouse know about your Bitcoin?
• □ Do they know how to access it if something happens to you?
• □ Is your inheritance plan documented? See Inheritance.

Had a baby

Before leaving the hospital

• □ Social Security number application (hospital usually provides form).

Within 30 days

• □ Add baby to health insurance. You have 30 days. Miss this window and you may have to wait until open enrollment verify×DON'T TRUST, VERIFYClaim: Birth triggers a 30-60 day Special Enrollment Period for health insurance.Verify at: HealthCare.gov SEP ↗ Source 1 in the list belowEmployer plans vary. Check your specific plan..
• □ Update beneficiary designations.
• □ Get a will. A will specifies guardianship. Without it, courts decide.

Within 90 days

• □ Term life insurance review. 10x income rule of thumb.
• □ Disability insurance check. Your income became more critical to protect.
• □ Open a 529 college savings account. Even $25/month at birth compounds to approximately $10,800 by age 18 at 7%.
• □ Update your emergency fund target. A baby changes monthly costs.

Changed jobs

Before your last day

• □ Download all pay stubs, W-2s, and tax documents.
• □ Get the summary plan description for your 401(k).
• □ Check your unvested 401(k) match. Leaving before vestingvestingThe schedule by which you earn the right to keep employer contributions or stock grants. You usually need to stay at the company for a set period before the money is fully yours.Full definition means leaving unvested employer contributions.
• □ Note your health insurance end date.

Within 30 days

• □ Roll over your old 401(k). Options: new employer plan, IRA at Fidelity, or leave it. Never cash it out. See 401(k) Rollover.
• □ COBRAConsolidated Omnibus Budget Reconciliation Act (COBRA)A federal law that lets you and your covered family keep an employer's group health plan after a job loss, cut in hours, divorce, or death, usually for 18 months and up to 36 in some cases. You can be charged up to the full premium plus a 2% fee. It generally applies to employers with 20 or more employees.Full definition or new employer health insurance decision. You have 60 days for COBRA election verify×DON'T TRUST, VERIFYClaim: COBRA election window is 60 days from loss of coverage.Verify at: DOL COBRA ↗ Source 2 in the list belowStandard federal rule; state mini-COBRA may differ..
• □ Update income withholding on W-4 at new employer.
• □ Enroll in new 401(k). If new employer has a match, do this day one.

Lost a parent

First week

• □ Locate the will and estate documents.
• □ Locate life insurance policies.
• □ Notify Social Security if parent received SS benefits.
• □ Secure the home and valuables.
• □ Do not immediately distribute assets. Wait for legal guidance.

Within 30 days

• □ Obtain multiple certified copies of the death certificate.
• □ Open probateprobateThe court-supervised process of validating a will, paying debts, and distributing assets after death. Slow, costly, and public.Full definition if required (varies by state).
• □ File death claims on life insurance (30-60 day process).
• □ Notify all financial institutions.
• □ Inventory all accounts: bank, brokerage, retirement, digital.

Bitcoin-specific if parent held Bitcoin

• □ Is there a seed phraseSeed phraseA wallet backup written as a list of words, usually 12 or 24, that can recreate the wallet's private keys. In a single-signature wallet, anyone who sees it can take the bitcoin unless a separate passphrase also protects it. Keep it offline and private; recovery may also need the passphrase and wallet setup details.Full definition in a safe or estate documents?
• □ Did they use a hardware wallet? Where is it?
• □ Did they leave instructions?
• □ If no seed phrase is found, the Bitcoin may be inaccessible. This is why inheritance planning matters.

Within 90 days

• □ Stepped-up basisStepped-up basisThe tax rule that resets an inherited asset's cost basis to its market value on the date the owner died. If Bitcoin bought for $5,000 is worth $100,000 at death, the heir's basis is $100,000, so the lifetime gain is never taxed as a capital gain. Traditional IRAs and 401(k)s get no step-up.Full definition opportunity. Inherited assets receive a stepped-up cost basiscost basisWhat you originally paid for an asset. Used to calculate how much profit (or loss) you made when you sell.Full definition to fair market value at date of death.
• □ Required Minimum Distributions on inherited retirement accounts (SECURE Act 10-year rule for most non-spouse beneficiaries) verify×DON'T TRUST, VERIFYClaim: SECURE Act imposes a 10-year distribution rule for most non-spouse inherited IRA beneficiaries.Verify at: IRS inherited IRA rules ↗ Source 3 in the list belowExceptions exist for spouses, minor children, disabled, chronically ill, and those within 10 years of decedent's age..
• □ Update your own estate documents.

Inherited money

After 90 days

• □ Determine the tax basis of inherited assets (stepped-up basis).
• □ Understand the source. IRA or 401(k) inheritance has different rules than regular investment account.
• □ Apply the order of operationsOrder of operationsA default sequence for spare money after essentials and minimum payments: a starter emergency fund, any employer retirement match, high-interest debt, a full emergency fund and tax-advantaged accounts (HSA, Roth IRA, more 401(k)), then taxable investing. Vesting, unstable income and near-term goals can shift it.Full definition. See What to Do With $X.
• □ If over $100,000, consult a fee-only fiduciaryFiduciaryA person or firm legally required to put someone else's interests first, such as an investment adviser for a client or those running a 401(k) plan for its participants. Brokers who recommend investments to individuals follow a separate rule, Regulation Best Interest. Being fee-only does not by itself create the duty.Full definition advisor at napfa.org ↗ before allocating.

Starting Medicare

6 months before you turn 65

• □ Research Medicare coverage options. Original Medicare vs Medicare Advantage. See Medicare Cost Estimator.
• □ Get your Medicare card. Enrollment begins 3 months before your 65th birthday.
• □ Note your employer coverage status. If you have employer coverage, Medicare rules differ.
• □ Part D drug coverage enrollment. Late enrollment penalty if you miss the window.

Starting a business

Before you start

• □ Business entity selection. Sole proprietor / LLC / S-Corp. Tax implications differ significantly. Consult a CPA.
• □ Separate business banking. Do not mix personal and business funds.
• □ EIN (Employer Identification Number). Free at irs.gov ↗.
• □ Business insurance. General liability at minimum. Professional liability if relevant.

First year

• □ Quarterly estimated tax payments. Self-employment taxself-employment taxThe 15.3% tax self-employed people pay on business income to cover both the employee and employer share of Social Security and Medicare.Full definition is 15.3% on net earnings in addition to income tax verify×DON'T TRUST, VERIFYClaim: SE tax is 15.3% (12.4% Social Security + 2.9% Medicare).Verify at: IRS SE tax ↗ Source 5 in the list belowSS portion applies only up to annual wage base; Medicare has no cap.. Missing estimated payments triggers underpayment penalties.
• □ Solo 401(k) setup. Must be established by December 31 (sole proprietors: by the unextended tax-filing deadline). See Solo 401(k) Guide.
• □ HSAHealth Savings Account (HSA)A health savings account available only when eligibility requirements are met. Federal tax benefits depend on contribution limits and qualified medical expenses. Health coverage, other coverage and Medicare enrollment can affect eligibility; state tax treatment can differ.Full definition if you have a high-deductible plan.