Review Income and Expenses: Compare your income and spending against your budget for the year. Note any categories where spending exceeded expectations and identify areas where funds could be reallocated toward savings or investments. 

Review Retirement Contributions: Check contribution levels for 401(k)s and IRAs. For 2025, the contribution limit is $23,500 for 401(k) plans and $7,000 for IRAs ($8,000 for individuals age 50 or older). Employees ages 60 through 63 may also qualify for a super catch-up contribution under the SECURE 2.0 Act. For 2025, this limit is the greater of $10,000 or 150% of the standard catch-up amount ($11,250).

Review Potential Tax Considerations:  Evaluate deductible expenses, charitable contributions, and any realized capital losses that may be used for tax-loss harvesting. Complete applicable transactions before December 31 if they apply to the current tax year.

Review Investment Performance: Compare your portfolio results to your objectives and stated risk tolerance. Adjust or rebalance holdings only if necessary to maintain your long-term allocation strategy.

Confirm Required Minimum Distributions (RMDs): For individuals age 73 or older, verify that RMDs from retirement accounts have been calculated and distributed within the required timeframe to avoid potential IRS penalties. First-year RMDs may be deferred until April 1 of the following year, but doing so would require taking two distributions in that year, which could increase your taxable income for that period.

Review Insurance Coverage: Reassess current policies for health, life, disability and property. Confirm that coverage amounts and beneficiary information remain accurate following any personal or financial changes.

Review Health Savings Accounts (HSAs): Review how much you’ve contributed to your HSA to make sure you stay within the 2025 limits of $4,300 for individuals and $8,550 for families. If you changed coverage mid-year due to events like marriage, divorce, or a job change, your contribution limit may be adjusted. 

Review Flexible Spending Accounts (FSAs): Check remaining balances in FSAs. Spend eligible funds before year-end unless your plan allows a rollover or grace period. Reevaluate contribution levels for the upcoming plan year. For 2025, the maximum employee contribution to a health care FSA is $3,300. If your employer allows carryovers, you can roll over up to $660 in unused funds, though some employers may instead offer a 2.5-month grace period, not both. 

Review Estate Planning Documents: Confirm that wills, trusts, and beneficiary designations remain current. Update documents as needed to reflect major life events, asset changes, or new dependents. 

Review Debt and Credit: Obtain a copy of your credit report and review it for accuracy. Evaluate options for paying down high-interest balances to help minimize overall borrowing costs. 

Set Priorities for 2026: Identify savings, investment, and debt-reduction goals for next year. Use this review to adjust your financial plan and budget accordingly.
Action & Key Details, Deadline

Maximize Retirement Savings, "401(k) / 403(b): Check if you've hit the $23,500 limit. Individuals age 50+ can contribute an extra $7,500 catch-up. Ages 60-63 (SECURE 2.0): Check your plan for the increased catch-up limit of $11,250 for 2025."Dec 31, 2025."

Fund IRAs, "Max out your 2025 contribution: $7,000 (or $8,000 if age 50 or older)."April 15, 2026."

Confirm RMDs, "Required Minimum Distributions (RMDs): If you are age 73 or older, confirm the exact calculated amount has been distributed. Note: If you defer your first RMD (due by April 1, 2026), you will have two taxable distributions in 2026."Dec 31, 2025."

Tax Loss Harvest, "Review Investments: Sell any underperforming investments to realize losses that can offset capital gains for the year (up to $3,000 in net losses can offset ordinary income)."Dec 31, 2025."