Sep 24 2026 13:00
With fewer than 100 days left in 2026, this is a useful time to review your financial picture before the calendar turns. Holiday commitments, travel, and seasonal responsibilities can make the final stretch of the year busy, but they should not overshadow the value of a thoughtful financial check-in.
Progress does not always depend on dramatic changes. A few intentional steps before December 31 may help you stay organized, reinforce your long-term priorities, and enter 2027 with more clarity. From retirement planning and cash reserves to estate planning details, a year-end review can help you make use of opportunities that may be time-sensitive.
Review Your Retirement Savings Contributions
Retirement contributions are one of the first areas worth examining at year-end. Because annual contribution limits begin again each January, the remaining months of 2026 offer a final opportunity to contribute as much as you intend to for the current year.
For 2026, the maximum employee contribution to a 401(k) is $24,500. Many individuals age 50 and older may also be eligible to make additional catch-up contributions. IRA limits have risen as well, allowing contributions of up to $7,500 for those under age 50 and up to $8,600 for eligible individuals making catch-up contributions.
Increasing contributions by even a small amount can support meaningful progress over the long term. If you receive a bonus, commission payment, or other additional income near year-end, directing part of it to retirement savings may advance future goals and may offer tax advantages, depending on the account.
Assess Retirement Plans From Former Jobs
Changing jobs can leave retirement savings spread across several former employer plans. After time passes, old 401(k) accounts may become easy to overlook, and it may be harder to see whether their investments still support your current objectives.
The end of the year can be a practical time to locate and evaluate those accounts. Consolidating eligible retirement assets may reduce administrative complexity, make investments easier to monitor, and provide a clearer picture of overall retirement progress.
That said, a rollover is not automatically the right choice in every situation. Plan features, investment selections, taxes, and distribution rules can differ from one account to another. R.M. Shannon Wealth can help you consider these factors as part of a broader financial planning strategy.
Reconsider How You Hold Cash Savings
Short-term savings deserve attention, especially while interest rates remain higher than they were in recent years. Reviewing where cash is held may reveal ways to better support your near-term needs without losing appropriate access to funds.
Depending on your objectives, options may include high-yield savings accounts, money market accounts, certificates of deposit, Treasury bills, or other cash-management solutions. These approaches can be useful for emergency reserves, planned purchases, and other short-term goals while keeping funds available when necessary.
As you compare choices, look beyond the advertised rate. Liquidity, account fees, balance minimums, and withdrawal restrictions all matter. The most suitable option should reflect both your financial needs and your level of comfort with access to the money.
Use a Budget Review to Reset Priorities
Year-end often comes with higher household spending. Gifts, travel, entertainment, and seasonal gatherings can add up quickly when they are not included in a plan.
A budget review can help you identify recent spending patterns and decide whether any adjustments would better support your priorities. A budget is not simply a restriction; it is a way to make sure your resources are being directed toward what matters most to you.
This review may also uncover funds that could be redirected to savings, debt reduction, investment management, or other future goals. Small adjustments, maintained over time, can make a substantial difference.
Set Clear Boundaries for Holiday Expenses
Holiday costs often deserve their own plan because they can lead to financial pressure that continues after the celebrations end. Without a spending framework, it is easy to depend too heavily on credit cards or spend beyond what was originally intended.
Creating limits before expenses begin to build can make the season more manageable. Some households set individual gift limits, streamline gift exchanges, or prioritize shared experiences over expensive purchases. Others make purchases gradually rather than taking on a large expense at once.
The purpose is not to take away from the enjoyment of the season. It is to make certain that celebrations fit within the financial priorities you have established.
Consider Year-End Gifting Strategies
For families who want to support loved ones while considering estate planning goals, year-end can be a good time to revisit gifting options. A purposeful gifting strategy may be part of a larger plan for transferring wealth and helping family members.
In 2026, the annual gift tax exclusion is $19,000 per recipient. This can create an opportunity to provide financial support to children, grandchildren, or others while incorporating broader wealth-transfer considerations.
Gifting decisions should reflect each family’s circumstances and larger objectives. R.M. Shannon Wealth can help Saint Paul families evaluate whether charitable giving or family gifting fits appropriately within their financial and estate planning approach.
Confirm Your Beneficiary Selections
Beneficiary designations are frequently missed during routine financial reviews. Yet retirement accounts, life insurance policies, and some financial accounts generally transfer directly to the people named on those documents, even when a will or trust says something different.
Major life changes can make an existing beneficiary election no longer reflect your intentions. Marriage, divorce, a birth, a death, or a remarriage are all reasons to revisit these records.
Taking time to confirm beneficiary information before year-end can help ensure it remains aligned with your wishes and may reduce avoidable complications for the people you care about.
Make Time for a Complete Financial Review
One of the most productive steps you can take is to pause and assess your current position alongside where you want to go. A year-end financial review creates space to measure progress, raise questions, identify planning opportunities, and confirm that your strategy still reflects your goals and values.
As 2027 draws closer, R.M. Shannon Wealth is available to help you review retirement planning, cash savings, beneficiary designations, and broader wealth management priorities. As a fee-only fiduciary advisor serving Saint Paul, MN, we can help you approach the coming year with a financial plan designed around what matters most to you.
