As the year comes to a close, most of us start thinking about holiday plans, family gatherings, and what we want to accomplish in the new year. But for retirees, December brings another important task — one that can make the difference between financial confidence and financial stress: the year-end financial checkup.
A quick review now can help you avoid surprises later, take advantage of important deadlines, and start the new year knowing your money is working the way you want it to.
Below is a simple, practical checklist to walk through — no jargon, no overwhelm, just smart steps that help you stay organized and protected.
1. Review Your Annual Budget
Retirement budgets aren’t “set it and forget it.” Prices shift, medical needs change, and lifestyle goals evolve.
What to review:
- Did your spending align with your plan this year?
- Are there categories that consistently run high — groceries, prescriptions, home repairs?
- Did your income (Social Security, pensions, annuities, RMDs) cover what you needed?
- Do you foresee new expenses for next year — travel, dental work, support for family, home upgrades?
Why it matters:
Catching changes early helps prevent overspending and gives you time to adjust before it becomes stressful.
Simple next step:
Update your monthly budget for January so you can start the year with clarity.
2. Revisit Your Insurance Coverage
Insurance needs can shift as you age, and year-end is the perfect time to make sure you’re not under-insured or overpaying.
Medicare
- Did you complete your Annual Enrollment Period review?
- Compare your prescription costs from this year to projected costs next year.
- Make sure your preferred doctors and specialists remain in-network.
- If you skipped reviewing your plan — call me. It’s not too late for a quick check.
Life Insurance & Long-Term Care
Ask yourself:
- Do you still need the coverage you’re paying for?
- Are your beneficiaries up to date?
- Are premiums increasing next year?
Why it matters:
The wrong insurance plan can cost you thousands over time — especially with medication or specialist visits.
3. Check Your Retirement Accounts
This includes: Traditional IRAs, Roth IRAs, 401(k)s, 403(b)s, annuities, and brokerage accounts.
Your year-end checklist:
- Did you take your Required Minimum Distribution (RMD) if you’re required to?
- Do you understand how your current withdrawals will affect taxes for the coming year?
- Has the market changed your risk level? (Too aggressive? Too conservative?)
- Do you need to reposition investments to protect income?
Why it matters:
Small adjustments now can reduce tax liability and keep your savings on track for long-term stability.
4. Do a Quick Tax Check-In
You don’t need to do your taxes now — but you can take steps that make April far easier.
Review:
- Did you have large medical expenses this year?
- Did you donate to charity?
- Did you make any big withdrawals or sell investments?
- Are you eligible for Qualified Charitable Distributions (QCDs)?
- Do you need to adjust withholding for 2026?
Why it matters:
Smart planning today prevents surprise tax bills later — especially for high-withdrawal or high-income years.
5. Update Your Beneficiary Designations
This is one of the easiest financial tasks to complete — and one of the most important.
Check beneficiaries on:
- Life insurance
- Retirement accounts
- Annuities
- Bank accounts
- Trusts or TOD accounts
Life changes that should trigger an update:
- Marriage
- Divorce
- Death of a spouse or family member
- Birth of a grandchild
- Changing who you trust to make decisions
Why it matters:
Beneficiary designations override wills.
If they’re outdated, your assets may not go where you intend.
Simple next step:
Log into each account and confirm names, addresses, and percentages.
6. Organize Your Important Documents
This takes 10 minutes and removes so much stress.
Make sure the following are updated and stored in an accessible place:
- Medicare cards
- Insurance policies
- Bank and investment statements
- Will or trust documents
- Power of attorney
- Healthcare directives
- Contact list for financial and medical professionals
Even better: Download and complete What Your Loved Ones Need To Know our free legacy planning guide. Then share with your loved ones so they have everything they need in the event you need their help or aren’t able to tell them yourself.
7. Write Down Your Goals for 2026
Retirement isn’t just about making money last — it’s about enjoying the life you’ve worked for.
Ask yourself:
- What do you want to do more of next year?
- What big expenses do you want to plan ahead for?
- Are you hoping to travel? Downsize? Help family?
- Do you want a simpler financial plan?
- Are there areas where you want more clarity?
Writing it down makes it easier to build a plan around it.
Final Thoughts: Start 2026 With Confidence
A year-end financial checkup doesn’t have to be complicated. With the right guidance, it’s simply a chance to hit reset, get clarity, and make intentional decisions about your healthcare, your money, and your future.
If you want help reviewing your Medicare coverage, retirement accounts, or upcoming financial changes — I’m here to make it easy.
Call, text, or email anytime.
We’ll make sure you start the new year protected, organized, and confident.
