Perhaps it is the time of year – leaves start to change, daylight hours decline, and the calendar starts to feel as though it’s on fast-forward as we approach the end of another year. Whatever the reasons, this is the time of year clients start to “check in” on what needs to be taken care of yet this year. While everyone’s situation is different, if you too are looking for a list, here are a few items to consider

1.) Finalize contributions to employer plans – contributions to employer plans follow calendar years. As a result, the limits are “use it or lose it.” Check your latest paystub (or statements if you are self employed) and if cash flow permits, get busy funding to the max! Don’t forget about catch-up contributions if you are eligible

2.) Make (or plan for) contributions to individual retirement accounts – you have until tax filing deadline in April to fund individual retirement accounts (such as IRAs, Roth IRAs, Self-employed IRAs). However, now is a great time to review your eligibility (based on 2026 income) and if you qualify, make plans to have the cash on hand early in the new year.

3.) Process any Required Minimums Distributions (RMDs) – RMDs are amounts you must withdraw from pre-tax retirement accounts per tax regulations. Penalties if you fail to do so by 12/31 are very steep so if you are subject to these rules, be sure to get your distributions made before the clock strikes 2027!

4.) Review realized gains/losses and harvest as needed – Taxable (ie: non retirement) accounts generate taxable items such as dividends, interest, and capital gains/losses (difference between what you paid for an investment and what you sold it for). In a year like 2026 where performance has varied greatly by asset class and individual company, it is worth taking a close look at taxable accounts and perhaps realizing some losses (that can be partially used to offset income or future capital gains). Don’t forget to consider any pending mutual fund capital gain distributions in your calculation

5.) Give back – It is an excellent time of year to give to those in need. But beyond that, there may be tax strategies that give you added motivation to donate! In 2026, tax deductions are available for charitable donations – even for those that don’t itemize. And for those that do itemize, there is a slight haircut on deductibility. Consult your tax advisor – or proceed with gifting no matter the tax impact.

6.) Fund health savings accounts – If you have a health insurance plan that allows for contributions to a Health Savings Account, review your YTD contributions (be sure to pick up employer portion as well). If you have yet to max out, you may wish to consider adding more. These are very beneficial from a tax perspective – both now and in the future. You have until April to fund – but make a plan now as that will be here before we know it!

7.) Refine your current and future year tax estimate – Now is a great time to check in on your 2026 estimated taxes owed vs. withholdings or payments. There may also be some tax strategies you could employ between now and year end to optimize your situation, so as always, consider reaching out to your tax and financial advisor to review your own situation. As you work on 2026 estimate, it’s also wise to look out to 2027 and ensure you’re in a good place to fund the estimates next year as well

8.) Give to family and friends– the current annual gifting exemption is $19,000 per person per calendar year. As a result, if you are feeling generous, now is a great time to make those gifts and take advantage of the annual exemption. And you can give more, a gift tax return will just be required!

9.) Business financial review – if you are a business owner, you should have pretty good sightline to this year’s results at this stage. Work with your tax advisor to determine how your tax picture is looking and make plans to take any actions prior to year-end as appropriate

10.) Review cash levels – After all of the above are done, you will likely have a better idea on what cash balances are earmarked (for taxes, retirement savings, etc) and which are possibly available for investment, addition to near-term reserves, or other uses. Now more than ever, proper allocation of cash is important as yields on money market funds remain near 4% and yields on US T Bills approach 5% for some relatively short maturities. Don’t overlook the power and stability of this asset!

11.) Make a savings plan for next year– one of the most powerful inputs to the long term compounding of wealth is your savings rate. Set a plan now for the upcoming year – for earnings, spending, and the resulting savings capacity.

12.) Enjoy your life! – perhaps most importantly, be sure to take time and enjoy the results of your dedicated savings to-date. Life is meant to be lived. So while there is always something to do, perhaps the best thing you can do is nothing at all (for a while at least!)