Financial Fresh Start: Your 2026 Wealth Checklist

Before the New Year rolls around, now is the perfect opportunity to review your financial strategy and ensure you’re ready for 2026. By revisiting your retirement accounts and contributions, enhancing your portfolio, updating your estate plan, and assessing charitable giving strategies, you can help set yourself up for a strong financial year and beyond.

Below are key ways to optimize your financial strategy:

Portfolio Management:

Review your assets and allocations to ensure your mutual funds, stocks, bonds, and other holdings align with your investment time horizon and risk tolerance. If market performance has shifted your portfolio toward a single asset class, consider rebalancing to help offset risk. Prioritizing diversification and income-generating investments can help protect your portfolio in volatile markets while supporting sustainable long-term growth.

Upcoming Retirement Contribution Changes:

High earners should be aware of upcoming changes under the SECURE 2.0 Act: starting in 2026, individuals aged 50 and older who earn $145,000 or more in the prior year must make catch-up contributions to workplace retirement plans (401(k), 403(b), etc.) on an after-tax Roth basis. Read more about the changes here.

Prepare Required Minimum Distributions:

If you are age 73 or older, the IRS requires you to take RMDs from tax-advantaged retirement accounts such as traditional IRAs and 401(k)s. The deadline for your first RMD is April 1 of the year after you reach 73, while subsequent distributions must be taken by December 31 each year to avoid penalties.

Keep Your Estate Plan Up-to-Date:

Major life events—marriage, divorce, the birth of children, or property acquisitions—are good triggers to review your estate plan. Ensure your wills and trusts are current, beneficiary designations are accurate, and powers of attorney and healthcare proxies reflect your intentions. Working with a qualified estate planning attorney and financial advisor can help ensure your plan aligns with your current wishes and assets.

Contribute to Your Tax-Advantaged Accounts:

Maximize contributions to IRAs and Health Savings Accounts (HSAs) to reduce taxable income. For IRAs and HSAs, you can contribute for the previous tax year up until the tax filing deadline in April.

However, for HSAs, contributing through payroll by December 31 may help you avoid FICA taxes that could apply if you make a direct post-tax contribution. This timing consideration may also apply to 529 college savings plans for potential state tax benefits, so be sure to confirm deadlines for your state.

Philanthropic Tax Advantages:

As the holiday season approaches, consider your charitable goals to maximize both impact and tax benefits. Options include donor-advised funds, charitable trusts, or directly gifting appreciated assets. Planning ahead can help optimize deductions and support causes you care about. Learn more about charitable giving strategies here.

Create or Update Your Emergency Plan:

Different regions face unique risks—hurricanes, wildfires, earthquakes, floods, and more. Preparing both physically and financially can help you mitigate potential challenges. Aim to build a financial safety net of 3–6 months’ living expenses, including rent/mortgage, utilities, groceries, and insurance, to protect yourself and your family. Learn more about emergency preparedness here.

As we enter the holiday season and the final weeks of the year, it’s the perfect time to reflect on both personal and financial priorities. Beyond celebrating with family and friends, take a moment to review your portfolio, retirement accounts, estate plan, and charitable goals to ensure you’re prepared for 2026. The holidays also serve as a reminder of the importance of preparedness—building a financial safety net and revisiting your overall wealth strategy now can provide confidence for the year ahead. By taking these steps, you can enter the new year with clarity and a plan that supports both your long-term goals and the moments that matter most.

Speak with an Oppenheimer Financial Professional today to learn more.