As 2026 winds down, the final months of the year offer an opportunity to look at more than holiday plans and New Year’s resolutions. They can also be a valuable time to review your finances and make sure your investment, retirement, tax and estate planning strategies still reflect where you are today.
A lot can change in a year. Maybe you changed jobs, received a raise, sold an investment, welcomed a new family member, purchased a home, started a business or simply found that your financial priorities have shifted.
Even if 2026 was relatively uneventful, a year-end financial review can help identify opportunities or loose ends before January arrives.
Here are seven financial moves to consider before the end of 2026:
1. Review Your Investment Portfolio and Consider Tax-Loss Harvesting
Year-end can be a good time to look at how your investments have performed and whether your portfolio still reflects your goals, time horizon and comfort with risk.
One strategy investors may consider is tax-loss harvesting. This involves selling certain investments at a loss to offset realized capital gains elsewhere in a taxable portfolio.
If your capital losses exceed your capital gains, federal tax rules generally allow individuals to use up to $3,000 of net capital losses to reduce ordinary income ($1,500 if married filing separately). Additional unused losses can generally be carried forward to future tax years.
Tax considerations should not be the only reason to buy or sell an investment, however. Before implementing a tax-loss harvesting strategy, consider how the transaction fits within your broader investment plan and consult your tax and financial professionals.
2. See Whether You Can Increase Your Retirement Contributions
Before the year ends, review how much you have contributed to your workplace retirement plan.
For 2026, the employee contribution limit for 401(k), 403(b) and most governmental 457 plans is $24,500. The general catch-up contribution limit for participants age 50 and older is an additional $8,000, although different rules may apply to certain participants.
The 2026 IRA contribution limit is $7,500, with an additional $1,100 catch-up contribution available for individuals age 50 and older. Eligibility and tax treatment depend on factors including income and participation in a workplace retirement plan.
If you are below the applicable limit and have room in your budget, increasing contributions during the remaining pay periods may be worth discussing.
3. Review Your 2026 Tax Picture Before December 31
Tax planning can be more useful before the calendar year ends than after tax season begins.
Start by looking at income, realized investment gains and losses, estimated tax payments and paycheck withholding. A job change, bonus, investment sale, business income or other financial event can alter your tax situation.
You may also want to determine whether you expect to take the standard deduction or itemize deductions.
For tax year 2026, the federal standard deduction is:
• $16,100 for single filers and married individuals filing separately
• $24,150 for heads of household
• $32,200 for married couples filing jointly
Gathering relevant tax documents and discussing potential planning opportunities before year-end may give you more options than waiting until your return is being prepared.
4. Revisit Your Charitable Giving Strategy
If charitable giving is important to you, year-end is a natural time to review your plans.
Beginning with tax year 2026, eligible taxpayers who take the standard deduction may generally deduct up to $1,000 of qualifying cash charitable contributions, or up to $2,000 for married couples filing jointly, subject to applicable IRS requirements.
For investors with appreciated assets, there may also be strategies involving charitable gifts of securities or other assets. Depending on your circumstances and charitable goals, you may want to discuss the timing and structure of gifts with your financial and tax professionals.
Remember to maintain appropriate records and verify that an organization qualifies to receive tax-deductible contributions.
5. Check Your Beneficiaries and Estate Planning Documents
Estate planning isn't something that should only be reviewed later in life.
Take a few minutes to check the beneficiary designations associated with your retirement accounts, life insurance policies and other applicable financial accounts. Major life events, including marriage, divorce, births, deaths and changes in family relationships can make older beneficiary elections inconsistent with your current wishes.
This is also a good opportunity to ask whether your will, trust, powers of attorney and other estate planning documents still reflect your circumstances.
Your financial advisor can help identify areas to review, while an estate planning attorney can provide guidance regarding your legal documents and estate strategy.
6. Review Your Cash, Debt and Emergency Reserves
Investment performance tends to receive a lot of attention, but your financial plan includes more than your portfolio. Consider looking at how much cash you currently hold, your emergency reserves and any outstanding debt.
Ask yourself:
Do I have enough accessible cash for unexpected expenses? Am I holding significantly more cash than I need? Have my interest rates or debt balances changed? Are there large expenses coming in 2027 that I should begin planning for now?
The goal isn't necessarily to make a major change. It's to make sure your cash and debt strategy supports the rest of your financial life.
7. Ask Whether Your Financial Plan Still Reflects Your Life
Perhaps the most important year-end question is also the simplest:
Has anything changed?
Financial planning should evolve as your life evolves. Your goals at the beginning of 2026 may not be exactly the same today.
Consider whether anything has changed with your career, income, family, health, housing, retirement timeline, business interests or financial priorities. You may also want to review your current asset allocation, savings rate, insurance coverage and progress toward major goals.
Small adjustments made consistently can sometimes be more valuable than waiting for a major financial event to force a decision.
Your Year-End Financial Planning Checklist
Before December 31, consider reviewing your:
• Investment portfolio and realized gains or losses
• 401(k), 403(b), 457 or other retirement contributions
• IRA contributions and eligibility
• Tax withholding and estimated payments
• Charitable giving
• Beneficiary designations
• Estate planning documents
• Cash reserves and upcoming expenses
• Debt and interest rates
• Financial goals for 2027
Frequently Asked Questions About Year-End Financial Planning
When should I start year-end financial planning?
September through December can be a useful time to begin. Starting earlier gives you more time to evaluate strategies that may need to be completed before December 31.
What financial decisions should I review before the end of 2026?
Common areas include investment gains and losses, retirement contributions, tax withholding, charitable giving, beneficiary designations, cash reserves, debt and changes to your broader financial goals.
What is the 401(k) contribution limit for 2026?
The employee elective deferral limit for most 401(k) plans is $24,500 for 2026. Certain participants may also qualify for catch-up contributions.
What is the standard deduction for 2026?
For tax year 2026, the standard deduction is $16,100 for single filers and married individuals filing separately, $24,150 for heads of household and $32,200 for married couples filing jointly.
Can charitable donations be deducted if I don't itemize in 2026?
Beginning in 2026, eligible taxpayers who do not itemize may generally deduct up to $1,000 of qualifying cash contributions to eligible organizations, or up to $2,000 for married couples filing jointly, subject to IRS requirements.
Why should I review beneficiaries at the end of the year?
Beneficiary designations can become outdated after major life events. Reviewing them periodically can help ensure your retirement accounts, insurance policies and other applicable assets reflect your current wishes.
Start 2027 With a Clearer Financial Picture
Year-end planning isn't about making changes simply because the calendar is turning. It's about taking a deliberate look at where you are, what has changed and whether your financial strategy still supports where you want to go.
At Deschutes Investment Consulting, we help individuals and families bring together investment management and financial planning so they can make informed decisions with greater confidence.
If you haven't reviewed your financial plan recently, or 2026 brought meaningful changes to your life, the year-end may be a good time to start the conversation.
Talk with the Deschutes team about your financial goals for 2027.
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Important Disclosure
This material is provided for informational and educational purposes only and should not be construed as individualized investment, tax or legal advice. Tax laws and regulations are subject to change. Consult your financial advisor, tax professional and/or attorney regarding your individual circumstances.
Sources
Internal Revenue Service, “IRS releases tax inflation adjustments for tax year 2026,” 2025.
Internal Revenue Service, “401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500,” 2025.
Internal Revenue Service, Topic No. 409, “Capital Gains and Losses.”
Internal Revenue Service, Publication 505, “Tax Withholding and Estimated Tax,” 2026.
Internal Revenue Service, Topic No. 506, “Charitable Contributions.”