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Year End Financial Checklist

Asset Management Financial Planning

As the leaves turn and fall, it’s a good time to pause and take a fresh look at your financial picture. A year-end review can help you celebrate progress, spot opportunities before December 31, and begin the new year with greater clarity. To help you get started, we’ve included a brief checklist of items that may be worth considering in this season: 

  • Complete Any Required Minimum Distributions: If you are subject to Required Minimum Distributions from an IRA or retirement plan, make sure your 2026 distribution is scheduled in December. Under current IRS guidance, RMDs start for original account owners at age 73, if you were born from 1951 through 1959. If you were born in 1960 or later, the starting age increases to 75. Your first RMD is typically due by April 1 of the year after you reach the applicable age, and annual distributions after that are due by December 31. However, to ensure we can accurately and carefully process your RMD requests before the end of year deadline, please get in touch by December 1st, 2026. 
  • Maximize Retirement Contributions Where Appropriate: If you are still working, we can review whether you are on track with your 401(k), 403(b), IRA, or other retirement contributions. In 2026, the employee contribution limit for many workplace retirement plans is $24,500, and the IRA contribution limit is $7,500, with additional catch-up opportunities for eligible savers.
  • Check Your Emergency Fund: A modest cash reserve can provide comfort when life brings the unexpected. If your balance has dipped, or if your monthly expenses have increased, consider whether your emergency fund still reflects your current needs. If your cash reserves are very healthy, consider putting your money to work for you. We can discuss a contribution and make sure you aren’t exceeding any year-end contribution limits.
  • Revisit Gifting and Charitable Giving: Year-end can be a natural time to think about generosity. For 2026, the annual gift tax exclusion is $19,000 per recipient, and charitable gifts may also play a role in tax planning. Consider whether cash gifts, appreciated securities, donor-advised fund contributions, or IRA-based charitable giving may make sense for your situation.
  • Update Beneficiaries and Estate Documents: Review beneficiary designations on accounts and revisit your will, trust, powers of attorney, and healthcare directives, especially if your family, assets, or wishes have changed.

If you have questions about any of these items or how they may fit into your own financial plan, please give us a call. We are here to help!

Investing involves risk. No investment strategy can guarantee positive results. Loss, including loss of principal, may occur. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice. Keep in mind that current and historical facts may not be indicative of future results. Diversification is an investment strategy that can help manage risk within a portfolio, but it does not guarantee profits or protect against loss in declining markets. This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. © Lee Stoerzinger Wealth Management