End of Year Planning Checklist

The final months of the year offer an opportunity to take stock of your financial life. Alongside holiday preparations and time with loved ones, a thoughtful review can help you address approaching deadlines, identify planning opportunities, and prepare for the year ahead.

Whether you are growing your savings, preparing for retirement, or drawing on the wealth you have built, the goal is the same: to ensure your financial decisions continue to support what matters most to you. The following five areas provide a starting point for a conversation with your advisor.

1. Confirm your required retirement distributions

If you own or have inherited a retirement account, review whether any required withdrawals remain outstanding for the year.

For many retirement account owners, required minimum distributions, or RMDs, generally begin at age 73 under current rules. Annual distributions are typically due by December 31. Although your first RMD may qualify for an April 1 deadline the following year, postponing it can result in two required distributions in one calendar year, potentially increasing your taxable income.

Inherited retirement accounts follow separate rules, so your own age does not necessarily determine whether a withdrawal is required. Your advisor can help confirm which requirements apply, account for distributions already taken, and coordinate remaining withdrawals with your broader income strategy.

Reviewing these details early also allows time to consider tax withholding and processing deadlines.

2. Approach charitable giving with intention

For many families, charitable giving is a meaningful expression of their values. Reviewing how you give can help you support the organizations you care about while considering the financial implications.

Tax rules affecting charitable contributions changed in 2026. Eligible taxpayers who take the standard deduction may deduct up to $1,000 in qualifying cash contributions, or $2,000 for married couples filing jointly. For taxpayers who itemize, eligible charitable contributions generally are deductible only to the extent they exceed 0.5% of adjusted gross income, subject to other applicable limits.

If you are age 70½ or older, a qualified charitable distribution, or QCD, may be worth exploring. A qualifying transfer directly from an eligible IRA to a qualified charity can be excluded from taxable income and may satisfy all or part of your IRA RMD. Specific requirements and annual limits apply.

Your advisor and tax professional can help evaluate the timing and method of your gifts. Begin early enough to complete transfers and obtain the necessary documentation.

3. Review your tax picture while there is time to act 

Tax planning is most useful before the year closes, when you may still have opportunities to adjust your approach. Consider the events that shaped your finances this year. Retirement, a job change, a business or investment sale, a substantial bonus, or additional retirement withdrawals may warrant a fresh look at your projected income and tax payments.

A coordinated review with your advisor and tax professional can help determine whether withholding or estimated payments need attention. It can also reveal how one financial decision may affect another.

For example, in taxable investment accounts, realizing losses may help offset capital gains. Additional net capital losses may offset a limited amount of other income, with unused losses carried forward. However, wash-sale rules can disallow a loss if substantially identical securities are purchased within 30 days before or after the sale.

Any transaction should support your investment strategy as well as your tax objectives. Your advisor can help weigh both considerations.

4. Align your savings and cash reserves with upcoming needs 

Year-end is a useful checkpoint for evaluating whether your savings habits and available cash still reflect your priorities.

If you are working, review your retirement contributions, available employer match, and remaining opportunities to save through payroll. Before making adjustments, confirm contribution limits and your employer’s processing deadlines.

IRA contributions generally can be made until the tax return filing deadline, excluding extensions. Reviewing your options now provides time to evaluate eligibility, deductibility, and how a contribution fits into your overall plan.

Regardless of your stage of life, look ahead to significant expenses. Travel, home improvements, healthcare costs, or support for family members may influence how much cash you want accessible. Sharing these plans with your advisor can help you prepare thoughtfully and coordinate any necessary withdrawals.

5. Ensure your plan reflects your life today 

A financial plan should evolve as your circumstances change. Consider whether the past year brought new responsibilities, relationships, or priorities that deserve attention.

Marriage, divorce, the arrival of a grandchild, a loss in the family, or a change in health may prompt a review of beneficiary designations, insurance coverage, and estate documents. Your advisor can help identify areas to revisit with your attorney and other professionals.

Even without a major life event, confirm that your documents remain accessible and that a trusted person knows whom to contact if assistance is needed.

Year-end decisions often overlap. A retirement withdrawal can affect your tax picture, while the way you make a charitable gift may influence both. Your advisor can help you understand those connections, evaluate the tradeoffs, and coordinate with your tax and legal professionals.

Together, you can prioritize the steps that make sense for your circumstances and enter the new year with a clear plan.

This information is meant for educational purposes and not as direct tax or legal advice. Rules and regulations can shift anytime, so it’s always best to consult a qualified tax advisor, CPA, or attorney for guidance tailored to your specific situation.