The temperatures are cooling, pumpkin spice is in the air, and the fourth quarter is officially underway. Before the holiday season takes over your calendar, take a moment to review your finances.
An hour spent on this year-end checklist now can help you protect your money, use your tax-advantaged accounts well, and start the new year with peace of mind.
1. Check Your Net Worth and Savings Goals
Take a snapshot of where you stand today. Add up what you own, subtract what you owe, and compare the result to your savings goals. If you haven't set goals yet, that's okay. Now is a great time to establish a baseline you can measure against next year.
2. Review Your Health Insurance
Open enrollment is a natural time to look at how you actually used your coverage this year and whether your plan still fits.
Look at your usage. Did you use the plan more or less than you expected?
Check your deductible. If you've already met it, it may make financial sense to schedule any remaining appointments or procedures before December 31st, when the deductible resets.
3. Make the Most of Your HSA or FSA
Health-focused accounts offer real tax advantages, but the timing rules matter.
Health Savings Accounts (HSAs): An HSA is one of the most tax-efficient ways to build savings. If you have a high-deductible health plan, consider maximizing your contributions. The 2026 limits are $4,400 for individuals and $8,750 for families. You can generally still contribute for the tax year until the filing deadline, but your employer's payroll deadlines may be earlier.
Flexible Spending Accounts (FSAs): Check your balance now. Many plans are "use it or lose it," while others offer a limited carryover or a grace period, so confirm your employer's specific rules. The 2026 limit is $3,400.
Source: Schwab Workplace Financial Services, 2026 contribution limits
4. Estimate Your Tax Bracket and Look for Ways to Lower Taxable Income
Look at the income you've earned so far this year to estimate your marginal tax bracket. If you'd like to lower your taxable income, contributions to accounts like a traditional 401(k), traditional IRA, or HSA can reduce your adjusted gross income (AGI). Some of these deadlines fall before December 31st, and some extend to the tax filing deadline, so it helps to know which applies to you.
5. Take Your Required Minimum Distributions (RMDs)
If you've reached RMD age, make sure you take the full required amount from your retirement accounts by the year-end deadline. The IRS can impose steep penalties if you withdraw too little. If this is your first RMD year, you may be able to delay it until April 1st of the following year, but that means taking two distributions in one tax year, which could push you into a higher bracket. It's worth running the numbers before deciding.
6. Review Your 529 College Savings Plan
If you're saving for a child's education, fall is a good time to check whether you're on pace toward your goals. Some states offer a tax deduction or credit for 529 contributions made by year-end, but the rules and deadlines vary, so check what your state offers.
7. Update Your Will or Trust
Your legacy deserves protection. An up-to-date estate plan helps make sure your assets go where you want them to and can spare your loved ones unnecessary stress later. If your documents haven't been reviewed since a major life change, such as a marriage, a new child, or a move, this is a good time to have them looked at by an estate planning attorney.
Final Thoughts: Get Ahead of the Calendar
The holidays have a way of blurring the last few months of the year, and it's easy for important financial deadlines to slip by. Setting aside a little time now can help you capture tax savings, use your workplace benefits fully, and head into the new year feeling confident.
Want a Second Set of Eyes?
Estimating tax brackets, calculating RMDs, and coordinating HSA, FSA, and retirement contributions can get complicated quickly. If you'd like help with any of it, we're happy to walk you through your Q4 financial review whenever you're ready.
This content is for educational purposes only and isn't tax, legal, or investment advice. Contribution limits and rules can change, and your situation is unique. Please consult a qualified professional before making decisions.
Brian Iles
574-709-3026
2705 S Berkley Rd. Suite 1B
Kokomo, IN 46902
765-450-7087