Get Ahead with This Year-End Financial Checklist for 2026

Your finances don’t necessarily follow the calendar, but some parts of the year are better for financial housekeeping than others. With tax season around the corner, the end of the year is a great time to review your finances and plan for the new year ahead. Here is a 10-step year-end financial checklist to help you get ahead.

1. Still working? Increase your retirement account contributions

The rule of thumb is to save 10-15% of your salary in your IRA, 401(k) or other employer sponsored retirement plan. Year-end is a good time for workers to take a look at their contributions and see if they can increase them.

• The employee deferral limit for most 401(k), 403(b), governmental 457, and the federal Thrift Savings Plan is $24,500. 

• If you’re age 50 or older, the “catch-up” contribution limit rises to $8,000, meaning you could contribute up to $32,500 (under age 60-63) in 2026. 

• If you’re age 60-63 and your plan allows the special “super catch-up”, you could contribute up to $35,750 in 2026.

• The total combined contribution limit (employee + employer) for most plans is about $72,000 for 2026 (for those under 50). 

• For Traditional or Roth IRAs, the 2026 contribution limit is $7,500 (up from $7,000). 

• The IRA catch-up contribution (for age 50+) is now $1,100 for 2026.

For IRAs, investors have until April 15 of next year to keep making contributions.

Simply put: any contribution increases you’re able to make can help boost your long-term financial trajectory.

2. Retired or about to retire? Adjust your withdrawal rate

How much you plan to withdraw from your retirement accounts is a personal choice, depending on factors such as your level of wealth, annual expenses, sources of guaranteed income (pensions, Social Security, etc.) and age when you retire. A common starting point is withdrawing 4% of your portfolio, adjusted for inflation each year.

For everyone though, the math is the same. The higher your rate, the lower the chances your portfolio will last throughout retirement. One way to bypass that danger is to maintain a flexible withdrawal rate, which can improve your portfolio’s longevity.

Now is a good time to reevaluate your withdrawals. 

3. Harvest your investment losses

One option is to lower your taxable income by selling losing investments from your taxable account. This is known as tax-loss harvesting. 

The IRS allows you to use capital losses to offset any capital gains you may have, and if your losses exceed your gains, you can deduct up to $3,000 of those net losses from your ordinary income each year ($1,500 if married filing separately). Any remaining unused losses can be carried forward indefinitely to future tax years. 

4. Consider a pre-tax Roth conversion or backdoor Roth IRA

 Roth IRAs offer many benefits, including tax-free growth, tax-free withdrawals once you’re 59½ and meet the five-year rule, and no RMDs, making it easier to leave a tax-free inheritance to your heirs. (Just note that converted amounts follow their own five-year rule, separate from regular Roth contributions.) 

If you end the year in a lower tax bracket than usual, it may be a good time to complete a Roth conversion. Converting pre-tax IRA or 401(k) assets to a Roth triggers income tax in the year of conversion, so doing it in a low-income year can reduce the tax cost.

High earners who can’t contribute directly to a Roth IRA in 2025 may also consider a backdoor Roth: making a non-deductible contribution to a traditional IRA and then converting those funds to a Roth IRA. The pro-rata rule still applies if you hold other pre-tax IRA balances.

To count for the 2025 tax year, any Roth conversion or backdoor Roth conversion must be completed by December 31, 2025. You have until April 15, 2026 to make IRA contributions for the 2025 tax year, and you can choose to convert those contributions in 2026 if that timing makes more sense for your tax situation. 

5. Replenish your emergency fund

If you’ve tapped your emergency fund this year, set yourself a goal of replenishing it. For most people, it makes sense to save around three to six months’ worth of expenses. Put those funds somewhere that is accessible, such as savings and checking accounts, money market funds and CDs.

6. Review and update your budget

How did you do this year? What do you think you could do differently next year? Asking questions like these can help you review and adjust your budget for the new year. It can be as simple as looking over past bank statements. Cancel any services you don’t plan to use anymore, such as gym memberships. And, then determine how you want to apply any of these newfound “savings”.

7. Shop around for insurance and reassess your insurance needs

Shopping around among various companies can help you save money on your premiums. Using a broker who can do this for you with multiple carriers will save you a lot of time, too. If your needs or responsibilities have changed this past year (say, the kids moved out), you want to be sure you have the right amount of coverage.

8. Set up or update your estate plan

What happens to your spouse if you pass away? Who would be the guardian of your children? Who will inherit my wealth? If you can’t answer these questions, then it’s a good indication you need to create or update your estate plan.

An estate plan designates who will receive your assets and manage your financial obligations after your death or incapacitation. What documents you need depends on the size of your estate and your situation. That includes where you live, as estate rules can vary by state. Among the key documents for your estate plan include: a will, designated beneficiaries, living trust, advance health care directive and a financial power of attorney. Because your financial assets are involved, a financial adviser is also a valuable resource to ensure your wishes are fulfilled.

9. Make your charitable donations

Even though charitable giving often peaks at the end of the year, you don’t need to wait for the holidays to support the causes you care about. Building charitable donations into your regular financial plan—whether you give monthly, quarterly, or annually—can help make philanthropy a meaningful and consistent part of your life.

Cash gifts to qualified charities remain one of the simplest ways to give and are generally tax-deductible up to 60% of your adjusted gross income. Donating appreciated assets you’ve held for more than one year—such as stocks, real estate, or other property—can offer an additional tax benefit: you can typically deduct the asset’s fair market value while also avoiding capital gains tax on the appreciation.

If you decide to give, be sure the organization is a certified 501(c)(3) public charity or private foundation, and keep a receipt for your records. For contributions of $250 or more, the IRS requires written documentation.

For clients who are age 70½ or older and own an IRA, a Qualified Charitable Distribution (QCD) can be a particularly effective strategy. You can transfer up to $100,000 per year directly from your IRA to charity, and the amount won’t be counted as taxable income. Even better, a QCD can satisfy your required minimum distribution (RMD) for the year. Just remember: to receive these benefits, the funds must be sent directly from your IRA custodian to the charity.

If you’d like help designing a charitable giving strategy that aligns with your financial goals, we’re here to assist.

10. Meet with a financial adviser

The shorter days are a good reminder to get a check up on your financial plan and investment portfolio. That is, if you haven’t met with a financial adviser yet this year, especially during times of market volatility. Are you still on track to meet your financial goals? Do you need to rebalance your portfolio or change your investment strategy? Are there any known events in 2025 that will impact your finances?

A meeting with a financial adviser can help you navigate any short-term challenges and make any necessary adjustments to achieve your long-term goals before it’s too late.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.