2025 Year-End Financial Checklist: What Everyone Should Review Before 2026

With the holiday season upon us, your calendar is probably filled with meetings, events, travel plans, and family commitments. But while the year’s final weeks are often hectic, they’re also one of the most important times to review your financial life.

For high-income earners, executives, and business owners, year-end planning is not optional—it’s a strategic opportunity to reduce taxes, maximize retirement benefits, and ensure your long-term financial plan stays on track.

Before the champagne pops on New Year’s Eve, take time to work through these essential year-end financial strategies—including Roth conversions, qualified charitable distributions, and required minimum distributions (RMDs)—to position yourself for a strong start to 2026.

To make your planning even easier, we’ve created a comprehensive Year-End Checklist you can download and use today.

Why Year-End Planning Matters More for High-Income Earners

High earners and business owners face complexities most households don’t—multi-layered compensation packages, stock options, multiple retirement accounts, and higher tax exposure.

A well-executed year-end review helps you:

• Reduce taxes while staying within IRS rules
• Take advantage of time-sensitive planning windows
• Avoid costly RMD or estimated tax penalties
• Protect beneficiaries and streamline estate planning
• Strengthen retirement readiness heading into 2026

✓ KEY YEAR-END PLANNING AREAS TO REVIEW

1. Have You Experienced Any Major Life Events This Year?

Life changes often require immediate adjustments to your financial, estate, and tax plans. Review and update your strategy if any of the following occurred:

• Birth, death, marriage, divorce, remarriage
• Serious illness
• Change in employment (layoff, new job, retirement)
• Child’s marriage or divorce
• Receipt of an inheritance or major gift
• Creation or amendment of a trust
• Move, home purchase, or sale
• Change of IRA or plan custodian
• Completion of a Roth conversion this year

These events often require updating beneficiaries, estate documents, account titles, and tax planning strategies.

2. Have You Reached Any Milestone Ages?

Certain ages trigger IRS rules or new opportunities:

• Age 50: You can make catch-up contributions to retirement plans/IRAs
• Age 50 or 25 years of service: Public safety employee exception to 10% penalty
• Age 55: Separation from service exception for employer plan withdrawals
• Age 59½: Penalty-free withdrawals begin
• Age 70½: Eligible for Qualified Charitable Distributions (QCDs)
• Age 73: Required Minimum Distributions (RMDs) begin
• Age 75: 403(b) RMD exceptions apply in certain cases

Knowing these milestones prevents unnecessary penalties and opens opportunities to reduce taxes.

3. Have You Reviewed Your Beneficiary Selections?

This is one of the most important—yet most commonly overlooked year-end tasks.

Discuss with beneficiaries and review:

• Post-death distribution options
• Required minimum distributions (RMDs) specific to inherited accounts
• Proper titling for inherited IRAs
• Spousal vs. non-spousal beneficiary options
• Tax benefits, such as Net Unrealized Appreciation (NUA) for employer stock
• Income in respect of a decedent (IRD) deduction opportunities

Keeping beneficiary designations accurate ensures your intentions are honored and taxes are minimized.

YEAR-END TAX & RETIREMENT CHECKLIST FOR 2025

✓ Have You Taken Your RMDs?

Confirm you’ve withdrawn the correct amount from all applicable accounts:

• Traditional IRAs
• SEP or SIMPLE IRAs
• Employer retirement plans, if applicable

Missing an RMD triggers a steep penalty.

✓ Should You Use Qualified Charitable Distributions (QCDs)?

If you’re age 70½ or older, QCDs can satisfy part or all of your RMD and reduce taxable income.
This strategy is especially valuable for high earners aiming to minimize AGI-related surcharges.

✓ Did Market Volatility Impact Your Portfolio?

Review performance, rebalance as needed, and ensure your allocation still aligns with your 2026 goals.

✓ Do You Need to Adjust Estimated Taxes?

Avoid penalties by confirming:

• Sufficient tax withholding
• Accurate estimated tax payments

If you’re short, consider withholding taxes from a year-end IRA distribution and redepositing the funds within 60 days (while being mindful of the once-per-year rollover rule).

✓ Should You Complete a Roth Conversion Before Year-End?

Roth conversions can be powerful for high-income earners—especially in lower-income years or market downturns.
Evaluate:

• Current vs. expected future tax bracket
• Lingering investment losses
• Long-term legacy goals

Conversions must be completed by December 31 to count in the 2025 tax year.

✓ Should You Roll IRA Funds Into a Company Plan?

Executives who qualify for the still-working exception may want to roll IRA funds into an employer plan before year-end to avoid additional RMDs next year.

✓ Are You Taking Advantage of Year-End Estate Planning Opportunities?

Consider reviewing:

• Annual gifting limits
• Trust funding
• Estate tax projections
• Legacy planning for heirs
• Charitable planning strategies

Year-end is also a perfect time to confirm your will, powers of attorney, and healthcare directives are current.

Download Your Complete “2025 Year-End Checklist”

We’ve condensed all the most important items into a clear, easy-to-follow, printable checklist.

Get Trusted Guidance Before 2026 Arrives

Year-end planning can feel overwhelming—and trying to navigate tax law, employee benefits, investments, and estate rules alone can create unnecessary stress.

Financial Success Doesn’t Happen by Chance.
Our advisors can help you understand what needs to be updated and how to optimize your financial life heading into the new year.

📞 Call 940-464-4104 to discuss your retirement, investment, or beneficiary questions.
💻 Or schedule a free virtual consultation here

About RFG Wealth Advisory

RFG Wealth Advisory in Argyle, Texas, is an independent, fee-only Registered Investment Advisor firm.
We always put our clients’ interests first and use a transparent, simple fee structure that’s easy to understand.

Call us today—your financial confidence in 2026 starts now. 940-464-4104     

Important Disclosure

Investment advice is offered through RFG Wealth Advisory, a Registered Investment Advisor. This blog is for educational purposes only and should not be considered personalized financial, tax, or legal advice. Consult your qualified professional team for recommendations specific to your situation.