Finish the year with intention with these important steps.
As 2025 comes to a close, now is a great time to pause, reflect, and take a few simple steps to check in on your finances before year-end. A little attention now can help you start 2026 feeling confident and organized.
Here are five items we suggest to review before December 31:
1. Maximize Your Retirement Contributions
Contribute as much as possible to your 401(k), 403(b), or similar plan before year-end. You have until April 15, 2026 to fund your 2025 IRA contributions, but now’s the perfect time to plan ahead.
2. Take Any Required Minimum Distributions (RMDs)
If you’re age 73 or older, make sure you’ve taken your RMD to avoid penalties. Consider a Qualified Charitable Distribution (QCD) if you’d like to give to charity directly from your IRA.
3. Review Your Tax Picture
Check your withholdings and estimated payments, look for tax-loss harvesting opportunities, and consider whether itemizing or the standard deduction will be most beneficial. A quick review now can help potentially reduce surprises in April.
4. Update Beneficiaries and Estate Documents
Life changes fast — review your beneficiaries, wills, and trusts to make sure everything reflects your current wishes. Consider year-end gifting if it aligns with your financial and family goals.
5. Give Thoughtfully and Strategically
If charitable giving is part of your plan, complete donations before December 31. Donor-Advised Funds (DAFs) or QCDs may help you give in a tax-efficient way.
Bonus Tip: Take a few minutes to organize your financial documents and schedule a check-in with your advisor early in the new year to review goals, investments, and cash flow for 2026.
At Flagship, we believe careful planning supports informed financial decisions. We’re available to help you navigate your year-end review.