The year goes fast. Before it closes, take an hour to check in on your finances. Several of the most useful planning moves, like retirement contributions, tax strategies, and required distributions, have a December 31st deadline. If you wait until tax season, some of those opportunities are already gone.
Here are seven areas to review now.
1. Retirement Contributions
Check where you stand on your 401(k), 403(b), 457(b) or IRA. Here are the 2026 contribution limits:
| Account Type | Under 50 | Age 50–59 or 64+ | Age 60–63 |
|---|---|---|---|
| 401(k), 403(b), 457(b) | $24,500 | $32,500 (includes $8,000 catch-up) | $35,750 (includes $11,250 catch-up) |
| Traditional / Roth IRA | $7,500 | $8,600 (includes $1,100 catch-up) | $8,600 (includes $1,100 catch-up) |
Questions to ask yourself:
- Are you getting your full employer match?
- Is there room to contribute more before year-end?
- If you're 50 or older, are you using catch-up contributions?
- If you're self-employed, have you looked at your retirement plan options?
Note: Employer plan contributions generally must be made through payroll by December 31st. IRA contributions for 2026 can typically be made until the tax filing deadline in April 2027. Roth IRA eligibility depends on income, and plan rules vary. Starting in 2026, higher earners may be required to make catch-up contributions to employer plans on a Roth (after-tax) basis.
2. Your Tax Picture
Tax planning works best before the year ends, not after.
- Estimate your income and tax liability for the year.
- Confirm your withholding and estimated payments are on track.
- Look for tax-loss harvesting opportunities in taxable accounts.
- Consider whether a Roth conversion fits your situation.
- Plan your charitable giving.
If your income changed significantly this year, your strategy may need to change too.
3. Your Investment Portfolio
Markets move, and over time your portfolio can drift from its target mix.
- Does your allocation still fit your time horizon and comfort with risk?
- Are you too concentrated in one stock, sector or asset class?
- Is it time to rebalance?
Base decisions on your long-term plan, not short-term headlines.
4. Insurance and Protection
Open enrollment season is a natural time to review your coverage, especially if you changed jobs, bought a home, had a child or saw your income rise this year.
Review your life, disability, health, homeowners or renters, auto and liability coverage, plus long-term care planning where it applies.
5. Required Minimum Distributions (RMDs)
If you're subject to RMDs from traditional IRAs or employer plans:
- Confirm whether you need to take one this year and how much.
- If you have multiple accounts, check each one's requirements.
- If you're eligible and charitably inclined, consider a qualified charitable distribution (QCD).
Most RMDs must be taken by December 31st, though your first one may be delayed until April 1st of the following year. Missing one can result in a significant excise tax.
6. Estate Plan and Beneficiaries
Marriage, divorce, births, and deaths can all leave your documents out of date. Review:
- Your will and any trust documents
- Financial and healthcare powers of attorney
- Healthcare directives
- Beneficiaries on retirement accounts and life insurance
Beneficiary designations generally override your will, so make sure they reflect your current wishes.
7. Your Priorities for Next Year
Skip the long list of resolutions. Choose two or three financial priorities and make them specific. You might build your emergency fund, pay down high-interest debt, increase retirement savings, or save for a home or education.
Instead of "I want to save more," try "I'll save $500 a month starting in January."
Start With What Matters Most
You don't have to tackle everything at once. Start with the items that have a December 31st deadline, then work through the rest. Some decisions need coordination with your financial planner, tax professional, and estate attorney, so starting early gives you time to make thoughtful choices.
This post is for educational purposes only and should not be considered individualized investment, tax, or legal advice. Tax laws and retirement plan rules are subject to change. Consult your qualified financial, tax, and legal professionals regarding your individual circumstances.