--- title: "Your Year End Financial Checklist: 9 Things to Review Before December 31" description: Nine financial items to review before year end, including retirement contributions, Roth conversions, RMDs, HSAs, investments, and beneficiaries. image: https://blog.designfinancialgroup.com/hubfs/Year%20End%20Check%20list.png --- [Skip to content](https://blog.designfinancialgroup.com/blog/your-year-end-financial-checklist-9-things-to-review-before-december-31#main-content) ![](https://blog.designfinancialgroup.com/hs-fs/hubfs/Year%20End%20Check%20list.png?width=1774&height=887&name=Year%20End%20Check%20list.png) # Your Year End Financial Checklist: 9 Things to Review Before December 31 ![Richard Shupick](https://blog.designfinancialgroup.com/hs-fs/hubfs/Rich_Shupick_0073.jpg?width=48&height=48&name=Rich_Shupick_0073.jpg) Richard Shupick September 28, 2026 # **Your Year End Financial Checklist: 9 Things to Review Before December 31** December has a way of arriving faster than expected. Between holiday schedules, family gatherings, and year end work, financial decisions that seemed months away can suddenly have only a few weeks left. Imagine reaching mid December and realizing you still have unused retirement contribution opportunities, a required distribution that has not been completed, and financial accounts you have not reviewed since January. Some may be relatively easy to address now, while certain opportunities or deadlines may disappear once the calendar turns. A year end financial review does not require rebuilding your entire financial life. Think of it as an annual inspection designed to identify what deserves attention now and whether the decisions you made earlier in 2026 still fit your circumstances today. Here are nine areas worth reviewing before December 31. ## **1. Review Your Retirement Plan Contributions** For 2026, employees can contribute up to $24,500 to a 401(k), 403(b), or governmental 457 plan. People age 50 and older may generally contribute an additional $8,000, while participants who turn ages 60 through 63 during 2026 may qualify for a higher $11,250 catch up contribution. Compare what you intended to save with what you have actually contributed. If you are below your goal and cash flow allows it, there may still be time to increase contributions through your remaining payroll periods. Beginning in 2026, certain participants whose prior year wages from their employer exceeded $150,000 must make eligible catch up contributions on a Roth basis when the plan offers the applicable Roth feature. ## **2. Check Your IRA Opportunities** The 2026 contribution limit for traditional and Roth IRAs is $7,500, with an additional $1,100 available for people age 50 and older. IRA contributions generally may be made through the applicable tax filing deadline rather than by December 31, but year end is still a useful time to review whether an IRA fits your broader retirement strategy. Eligibility for direct Roth IRA contributions and the deductibility of traditional IRA contributions can depend on income, filing status, and participation in an employer retirement plan. ## **3. Review Whether a Roth Conversion Makes Sense** Year end can be a useful time to review a Roth conversion because you may have a clearer picture of your income for the year. A Roth conversion moves money from a traditional IRA into a Roth IRA. Previously untaxed amounts converted are generally included in taxable income for that year. That creates an important question: **Do you have room within your current tax bracket to convert a portion of a traditional IRA to a Roth IRA, if doing so fits your broader financial strategy?** This may deserve particular attention after retirement, during a lower income year, or in the years before required minimum distributions begin. A conversion can also affect income related Medicare premiums, taxation of Social Security benefits, and other income based calculations, so it should be evaluated as part of a broader financial and tax strategy. ## **4. Make Sure Required Distributions Are Complete** For retirees, one of the most important year end deadlines may involve a required minimum distribution, commonly called an RMD. Under current rules, the age at which RMDs begin depends on birth year. For many current retirees, the applicable age is 73, while younger individuals will eventually begin at age 75. Most annual RMDs must be completed by December 31. Special timing rules can apply to an individual's first RMD, so anyone beginning required distributions should confirm the applicable deadline. IRA owners age 70½ or older may also be eligible to make a qualified charitable distribution, or QCD. Although the RMD starting age may be 73 or 75 depending on birth year, QCD eligibility still begins at age 70½. A properly completed QCD sends money directly from an IRA to an eligible charity and, once an IRA owner is subject to RMDs, may count toward satisfying part or all of that year's required distribution. If you are considering both an RMD and a Roth conversion, remember that an amount required to be distributed for the year cannot simply be converted to a Roth IRA. ## **5. Review Your HSA Contributions** If you have access to a Health Savings Account, or HSA, it deserves a place on the year end checklist. For 2026, eligible individuals with qualifying self only coverage may contribute up to $4,400 to an HSA, while those with qualifying family coverage may contribute up to $8,750. An HSA can provide several tax advantages when the requirements are met. Contributions may receive favorable tax treatment, earnings can accumulate without current taxation, and withdrawals used for qualified medical expenses are generally tax free. A better year end question is: **Do I have access to an HSA, and if I do, have I contributed an amount that makes sense for my eligibility, cash flow, and broader financial strategy?** Employer contributions generally count toward the annual limit, so review the total contributed from all sources before making additional contributions. ## **6. Review Your Investments, Not Just Their Returns** It is natural to look at whether an account went up or down during the year. A more useful question is: **Does the portfolio still match the job it is supposed to do?** Market movement can change the balance of a portfolio over time, and your retirement date, income needs, or tolerance for volatility may have changed as well. Taxable accounts deserve additional attention. If you have realized gains and investments currently worth less than their purchase price, it may be appropriate to review whether realizing certain losses fits your broader tax strategy. Rules such as the wash sale rule can affect the outcome. ## **7. Revisit Beneficiaries and Important Documents** Review beneficiary designations on retirement accounts, life insurance policies, and other accounts that allow beneficiaries. Make sure the people listed still reflect your wishes and that appropriate contingent beneficiaries are included. Marriage, divorce, births, deaths, and changing family circumstances can all make old instructions obsolete. This is also a good time to make sure wills, powers of attorney, health care directives, insurance information, and other important records are organized and accessible. At Design Financial Group, we provide clients access to an electronic vault and financial organization tools so important information can be maintained in one organized location. Having an established point of contact can also help family members know where to begin if an emergency occurs. ## **8. Inspect Your Cash Reserves, Debt, and Insurance** Cash reserves, debt, and insurance all influence how prepared you are for expected and unexpected expenses. Compare your emergency reserve with what your household actually spends today. Review higher interest debt, and if you keep significant money in savings for short term needs, consider both the interest rate and the access the account provides. Insurance also deserves periodic attention. Retirement, changes in income, a new home, family changes, or the loss of employer benefits can alter your coverage needs. The objective is to confirm that existing coverage still addresses the risks you are trying to manage. ## **9. Look Ahead Before the Calendar Resets** Finally, consider the major financial events that may occur during the next twelve to twenty four months. Retirement, a job change, college expenses, a home purchase, significant travel, business decisions, or helping family members can all require money that may need to be positioned differently from long term retirement assets. Review your expected income, savings rate, charitable goals, retirement distributions, and opportunities for tax efficiency in 2027. Writing those priorities down can make them easier to revisit throughout the year. ## **Finish the Year With a Clearer Picture** A good year end financial review is not about making changes simply because December is approaching. Sometimes the review confirms that what you are already doing remains appropriate. The value comes from looking at the pieces together while there is still time to act. Retirement contributions, Roth conversions, RMDs, HSAs, investments, beneficiaries, insurance, cash reserves, and next year's priorities can affect one another in ways that are easy to miss when each account is viewed separately. You do not need January 1 to create a fresh start. Sometimes the best way to begin the new year is to finish the current one well organized. ## **Sources** Internal Revenue Service. **401(k) Limit Increases to $24,500 for 2026, IRA Limit Increases to $7,500.** Internal Revenue Service. **Retirement Topics: Catch Up Contributions.** Internal Revenue Service. **Retirement Plans FAQs Regarding IRAs.** Internal Revenue Service. **Publication 590 A, Contributions to Individual Retirement Arrangements.** Internal Revenue Service. **Publication 590 B, Distributions from Individual Retirement Arrangements.** Internal Revenue Service. **Publication 969, Health Savings Accounts and Other Tax Favored Health Plans.** Internal Revenue Service. **Topic No. 409, Capital Gains and Losses.** ## Share this post [mailto:https%3A%2F%2Fblog.designfinancialgroup.com%2Fblog%2Fyour-year-end-financial-checklist-9-things-to-review-before-december-31](mailto:https%3A%2F%2Fblog.designfinancialgroup.com%2Fblog%2Fyour-year-end-financial-checklist-9-things-to-review-before-december-31) ## Keep reading ### [![](https://blog.designfinancialgroup.com/hs-fs/hubfs/The%20$1%20trillion%20Interest%20Bill%20blog.png?width=1774&height=887&name=The%20$1%20trillion%20Interest%20Bill%20blog.png) The $1 Trillion Interest Bill: What America’s Growing Debt Could Mean for Your Financial Future](https://blog.designfinancialgroup.com/blog/the-1-trillion-interest-bill-what-americas-growing-debt-could-mean-for-your-financial-future) ### [![](https://blog.designfinancialgroup.com/hs-fs/hubfs/AI%20is%20Changing%20Blog.png?width=1774&height=887&name=AI%20is%20Changing%20Blog.png) AI Is Changing the Financial World. 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