Financial Planning Checklist

Good financial planning means revisiting a handful of areas on a regular basis. This is a walk through the ones worth a periodic look — not a to-do list for everyone, but a set of prompts. Which apply, and how, depends on your situation, so treat the figures as reference points and confirm anything specific with your tax advisor.

Goals and life changes

• Reflect on major changes this year — a new job, a marriage or birth, a move, a retirement.
• Revisit your goals and cash flow for the year ahead, including any large expenses on the horizon (a home, a vehicle, medical costs, tuition).

Risk and insurance

• Review your insurance: are beneficiaries current, and are you covered for disability and long-term care?
• Maximize Health Savings Account contributions if eligible — $4,400 individual or $8,750 family for 2026, plus a $1,000 catch-up at age 55+.
• Spend down a Flexible Spending Account by year-end, or confirm your plan's carryover limit so funds aren't forfeited.

Investments

• Reassess your risk tolerance and whether the portfolio has drifted from it.
• Consider tax-loss harvesting and the timing of gain or loss recognition.
• Review retirement contributions: 401(k) up to $24,500 ($8,000 catch-up at 50+, or $11,250 at ages 60–63); IRA up to $7,500 ($1,100 catch-up at 50+) for 2026.
• Consider whether a Roth conversion makes sense this year.
• Determine whether a Required Minimum Distribution is due (generally beginning at age 73).

Estate and giving

• Review wills, trusts, and how assets are titled.
• Consider annual exclusion gifts — up to $19,000 per recipient in 2026, with no gift-tax filing required.
• Revisit your estate plan against the federal exclusion ($15 million per individual, $30 million per couple for 2026, made permanent by OBBBA) — and remember many states tax estates at far lower thresholds.
• If you are 70½ or older, consider a Qualified Charitable Distribution directly from an IRA — up to $111,000 in 2026, which can satisfy a required distribution while keeping it out of taxable income.
• Evaluate a donor-advised fund for flexible, potentially tax-efficient giving, and review any planned legacy gifts.