Your Year-End Financial Planning Checklist for 2026
October Wrap-Up: Planning Ahead for a Stronger 2026
As Financial Planning Awareness Month comes to a close, it’s the perfect time to take action before the year ends.
October has been about understanding your income, risks, healthcare costs, and protection strategies — now it’s time to put it all into motion.
With just a few months left in 2025, you still have time to make strategic moves that can strengthen your finances for the year ahead.
Here’s your year-end financial planning checklist to help you prepare confidently for 2026.
1. Review Your Income Plan
Start by reviewing where your income will come from in the new year:
- Social Security
- Pensions
- Annuities
- Investment withdrawals
Ask yourself: Will these income sources cover your expenses, especially with inflation and rising healthcare costs?
If not, explore ways to create guaranteed income for essentials through fixed or fixed indexed annuities. They can help turn savings into predictable, lifelong income—protecting you from market risk and uncertainty.
2. Revisit Your Tax Strategy
Year-end is your last chance to make smart tax moves that can lower your 2025 bill and set you up for 2026.
Consider these steps:
- Perform Roth conversions before December 31.
- Make Qualified Charitable Distributions (QCDs) if you’re 70½ or older.
- Harvest investment losses to offset gains.
- Review your withholding and estimated tax payments to avoid surprises in April.
Tip: A small shift in how and when you draw income can make a big difference in your lifetime tax liability.
3. Check Your Medicare and Health Coverage
Medicare Open Enrollment is underway through December 7, 2025.
Review your coverage, confirm prescriptions, and ensure your preferred doctors are still in-network.
If you’re not yet eligible for Medicare, review your private health insurance, dental, and vision plans. Make sure your deductibles and out-of-pocket costs align with your budget.
Why it matters: Healthcare inflation continues to rise faster than general inflation, and early adjustments prevent costly surprises later.
4. Evaluate Investment Risk and Rebalance
Market volatility in 2025 may have shifted your investment mix.
Rebalancing before year-end helps realign your portfolio with your goals and risk tolerance.
Checklist:
- Review your 401(k), IRA, and brokerage allocations.
- Rebalance to your target mix if one asset class has grown too large.
- Shift a portion of volatile assets into stable income sources if retirement is near.
Remember: protection and growth can coexist — and your portfolio should reflect both.
5. Protect Against Inflation and Rising Costs
Inflation may be cooling but remains higher than pre-pandemic levels. A few strategies can help preserve your purchasing power:
- Include annuities with inflation-adjusted income in your plan.
- Reassess your cash flow and discretionary spending.
- Review your insurance coverage to ensure it still fits your income and needs.
Even small adjustments—like locking in fixed rates on annuities or certificates of deposit—can shield your retirement dollars from erosion.
6. Update Your Estate Plan and Beneficiaries
Life changes—your estate plan should, too. Before the year ends, make sure:
- Beneficiaries on retirement accounts and insurance policies are up to date.
- Your will, trust, or power of attorney reflects your current wishes.
- You’ve shared your intentions with loved ones and your advisor.
Keeping documents current prevents confusion and ensures your assets are distributed as intended.
7. Schedule Your Annual Financial Review
The most important step you can take this fall is scheduling a comprehensive financial review before year-end.
During this meeting, your advisor can help you:
- Review 2025 progress and identify gaps for 2026.
- Optimize income and taxes under new thresholds.
- Align your investment, insurance, and healthcare strategies.
A proactive review now helps you start 2026 strong—and confident.
Year-End Financial Planning Checklist
| Step | Action | Deadline |
|---|---|---|
| 1 | Review income sources and identify any gaps | By November 15 |
| 2 | Execute year-end tax moves (Roth conversions, QCDs) | By December 31 |
| 3 | Review Medicare or private health coverage | By December 7 |
| 4 | Rebalance investments and adjust for risk tolerance | By December 15 |
| 5 | Update estate documents and beneficiary designations | By December 31 |
Final Thoughts
As October ends, use what you’ve learned this month to finish strong.
Financial planning isn’t just a once-a-year task — it’s an evolving process that keeps you in control of your future.
By tackling this checklist now, you’ll step into 2026 with greater clarity, protection, and confidence — knowing you’ve covered every detail that matters most.
Written by Brent Meyer, founder of SafeMoney.com. With more than 20 years of experience helping families navigate retirement and legacy planning, Brent is committed to making financial education simple, clear, and trustworthy.
Disclaimer
This article is for educational and informational purposes only. It does not constitute financial, legal, or tax advice. Consult a licensed professional about your specific situation. SafeMoney.com is not affiliated with or endorsed by any government agency.
