If your family is anything like mine, the last thing you need at this time of year is another to-do list. Between buying gifts for all the special people in your life, preparing for holiday gatherings, and making sure the house is full of festive decorations, our schedules are already pretty full.
That said, as we approach the end of the year, it’s a good time to pause and make sure nothing on the financial front has slipped through the cracks. In our first series article, Making a List, we provided a simple and short overview for high-income households. Then, in our second article, Checking it Twice, we covered essential year-end financial considerations for business owners.
In this week’s blog article, we’re going to highlight seven key items that retirees — or those approaching retirement — should review before the calendar turns to January.
Think of this as a short and focused checklist, not an overwhelming one; in the final installment of our holiday season blog series, we’re Keeping it Nice!
A Year-End Financial Checklist for Retirees: The 7 Most Important Items
For many of us, it feels like 2025 passed in a flash, and suddenly, here we stand at the end of the year. Below, we will explore the top seven most important things to ensure you close out 2025 right and are prepared for 2026.
1. Required Minimum Distributions (RMDs)
If you’re subject to RMDs, this is the big one. Make sure you’ve taken the correct amount from your traditional IRA or employer retirement plan before December 31. Missing an RMD can result in unnecessary penalties, so it’s worth double-checking that everything has been completed and properly reported.
2. Tax Withholding & Estimated Payments
Year-end is the perfect time to confirm that your tax withholding is on track. This is especially important if your income comes from multiple sources such as Social Security, pensions, RMDs, or investment accounts. A small adjustment now can help avoid an unexpected tax bill (or penalties) when you file your return.
3. Roth Conversion Opportunities
For many retirees, the years between retirement and RMD age present a valuable tax-planning window. Before year-end, it’s worth reviewing whether a partial Roth conversion makes sense. The goal isn’t to convert everything — it’s to be intentional about filling lower tax brackets while you can.
4. Charitable Giving Strategies
If charitable giving is part of your plan, year-end is a natural time to review how you give. For those over age 70½, Qualified Charitable Distributions (QCDs) from an IRA can be an efficient way to support causes you care about while reducing taxable income. Other strategies, such as donating appreciated securities, may also be worth discussing.
If you are looking for more information, you can vist our blog on Charitable Giving with RMDs or our recent Generosity Series.
5. Investment & Asset Allocation Check
Markets change — and so do personal circumstances. Before year-end, take a step back and review your portfolio allocation. Does it still align with your income needs, risk tolerance, and long-term goals? Sometimes small adjustments can go a long way toward keeping a plan on track.
For more on this topic, you can read our blog on Regular Investment Analysis, and You.
6. Healthcare & Medicare Review
Healthcare costs remain one of the biggest concerns in retirement. If you’re on Medicare, confirm that your coverage still meets your needs, especially prescription drug coverage. Even if you’re already enrolled, plan details can change from year to year.
7. Estate & Beneficiary Review
Finally, take a few minutes to review beneficiary designations on retirement accounts, insurance policies, and other assets. These designations override wills and trusts, so keeping them up to date is essential. It’s also a good reminder to confirm that your estate documents still reflect your wishes.
A Final Thought
None of these items need to be tackled all at once, and not every item will apply to everyone. The goal is simply to head into the new year knowing that the most important pieces of your financial plan are in good order.
The good news for those of you working with the team at Master’s is that you don’t have to manage this checklist alone. Part of our role is making sure these items are reviewed, addressed, and checked off before year-end.
And if you’re finding it difficult to get everything done before the calendar turns to January, we’d be happy to have a conversation with you about how our planning services can help. Our goal is to provide clarity and confidence that your financial house is well organized — not just at year-end, but throughout the year. Contact us for any help, or to talk about your unique needs.
