Thursday, November 12, 2026
Question: I know I should be doing some financial planning before year-end, but where should I focus my attention?
Answer: As we close out 2026, many of us are busy preparing for the holidays and looking forward to welcoming children and grandchildren home for Thanksgiving and Christmas. With all the activity, it’s easy to put financial matters on the back burner.
This time of year, we often hear the same question from clients: “What should I be doing before December 31?” Fortunately, simple reviews may help uncover opportunities, avoid missed deadlines, and provide greater confidence heading into the new year. Here are six to consider before the start of 2027.
1. Review Medicare Coverage
Medicare Open Enrollment runs from October 15 through December 7 and is an important time to review healthcare coverage. Even if you’ve been happy with your current plan, premiums, prescription costs, provider networks, and coverage options can change. What worked in 2026 may not necessarily be the best fit for 2027. Rather than renewing the same coverage, taking time to compare options may help avoid surprises later.
2. Make Charitable Giving Part of Your Plan
Holidays are a time to think about giving back. Many of our clients support local churches, educational programs, healthcare organizations, animal rescues, and other charities that have touched their lives.
Charitable giving may fit into your broader financial and tax planning. For example, donating appreciated securities rather than writing a check may be advantageous. Other strategies may include a donor-advised fund or, for those who qualify, a Qualified Charitable Distribution (QCD) directly from an IRA. The right approach depends on your circumstances and coordinating larger gifts with your financial advisor and tax professional.
Donors are urged to consult their attorneys, accountants, or tax advisors with respect to questions relating to the deductibility of various types of contributions to a Donor-Advised Fund for federal and state tax purposes.
3. Review of Your Portfolio and Tax Situation
After a year of market movement, your portfolio may look quite different than it did a year ago. This is a good time to review your asset allocation, consider whether rebalancing is appropriate, and an opportunity to look at gains and losses in taxable accounts.
Tax-loss harvesting may allow investors to use investment losses to offset gains, but it isn’t appropriate in every situation. Wash-sale rules, future tax considerations, and your long-term investment objectives all matter. The goal shouldn’t simply be to reduce this year’s tax bill. It should be to make thoughtful decisions that support your longer-term financial plan.
Rebalancing a non-retirement account could be a taxable event that may increase your tax liability.
4. IRAs and Required Minimum Distributions
Retirement accounts also deserve attention before year-end. If you’re eligible to contribute to a Traditional or Roth IRA, consider whether making an additional contribution fits your plan. If you’re required to take a Required Minimum Distribution (RMD), make sure it is completed by the applicable deadline.
Inherited IRAs can be extra complicated because distribution requirements vary depending on when the original owner died and the beneficiary’s relationship to that person. A review now may help prevent unpleasant surprises later.
Contributions to a traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status, and other factors. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty. Like Traditional IRAs, contribution limits apply to Roth IRAs. In addition, with a Roth IRA, your allowable contribution may be reduced or eliminated if your annual income exceeds certain limits. Contributions to a Roth IRA are never tax deductible, but if certain conditions are met, distributions will be completely income tax free. Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted.
RMD’s are generally subject to federal income tax and may be subject to state taxes. Consult your tax advisor to assess your situation.
5. Revisit Your Social Security Strategy
Social Security is an important part of retirement income for many households. If you’re receiving benefits, year-end is a good time to review how changes may affect your household cash flow. Medicare premiums, healthcare expenses, and inflation can also affect how far those dollars go.
If you haven’t claimed Social Security yet, revisit your strategy. Your health, marital status, anticipated longevity, other retirement assets, and income needs can all influence the decision. It isn’t simply about getting the largest monthly check. It’s about how benefits fit into your overall retirement income strategy.
6. Review Your Financial Plan and Important Documents
Revisit beneficiary designations, insurance coverage, powers of attorney, healthcare directives, trusts, estate documents, and financial goals. Life has a way of changing. A marriage, divorce, retirement, birth of a grandchild, loss of a spouse, or other major life events may mean something needs to be updated.
Even without a major event, it’s worth making sure your documents still reflect your wishes and the people you want to protect. The goal is to make sure your plan still reflects your life today and where you want to go tomorrow.
Start 2027 With Clarity
Some of the most productive conversations we have with clients happen at this time of year as we pause and review. A little attention now may uncover opportunities, help avoid missed deadlines, and provide greater confidence heading into the new year.
Successful financial planning rarely happens by accident. It starts by periodically asking three simple questions: Where am I today? Where am I headed? And does my financial roadmap still reflect what matters most to me?
The opinions expressed are those of the writer as of November 1, 2026, but not necessarily those of Raymond James & Associates, and are subject to change. Investing involves risk, including the possible loss of capital. Information has been obtained from sources considered reliable, but its accuracy or completeness is not guaranteed. Diversification and asset allocation do not ensure a profit or protect against loss. This material is for informational purposes only and is not intended as tax or legal advice. Please consult the appropriate professionals regarding your individual circumstances.
“Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.”
This article provided by Darcie Guerin, CFP®, Senior Vice President, Investments & Branch Manager of Raymond James & Associates, Inc. Member New York Stock Exchange/SIPC 606 Bald Eagle Dr. Suite 401, Marco Island, FL 34145. She may be reached at (239)389-1041, email darcie.guerin@raymondjames.com. Website: www.raymondjames.com/Darcie.
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