This financial planning checklist outlines the key steps to take as you prepare for the year ahead, better positioning you to navigate market changes, tax updates, and shifting personal priorities with confidence.
1. Revisit Your Financial Goals
The first step in any year-end financial planning checklist is revisiting your goals. If you’re planning for retirement, saving wealth for unexpected life events, or preparing for significant milestones such as your child’s education costs, clarifying your objectives helps anchor your plan and ensures that every financial decision supports the future you want.
Ask yourself the following questions:
- Have my savings targets or spending priorities changed?
- Did any major life events occur that require updating my plan?
- Am I still comfortable with my current timeline for large purchases or retirement?
2. Review and Update Your Estate Plan
Estate planning remains an essential part of any comprehensive financial planning checklist, and 2026 brings an important update. The federal estate and gift tax exemption was originally set to drop at the start of 2026, but the One Big Beautiful Bill that passed in July prevented that reduction and instead increased the exemption.
Beginning January 1, 2026, the federal exemption rises to $15 million per individual or $30 million for married couples, with automatic inflation adjustments beginning in 2027. This change offers more predictability for long-term planning and allows families to revisit their strategies with greater clarity.
As you review your plan, consider the following:
- Ensure your will, trusts, and beneficiary designations reflect your current wishes.
- Evaluate annual gifting opportunities, including the yearly exclusion amount.
- Be mindful of state-level estate or inheritance taxes, which often have lower exemption thresholds.
- Understand that future legislation could adjust the exemption again.
Including your estate plan in your financial planning checklist helps your strategy stay aligned with your goals and the latest tax landscape.
3. Assess Whether Your Investments Still Match Your Goals
Your investment strategy should evolve alongside changes in your life and the market. As part of your financial planning checklist, take time to evaluate whether your portfolio is still positioned to support your objectives.
A thorough review of your financial management plan may include:
- Rebalancing your asset allocation
- Assessing performance relative to your time horizon
- Considering how interest rates and market trends affect your mix
- Evaluating private market and public market exposure
4. Maximize Tax-Advantaged Accounts
Tax law changes and annual inflation adjustments make it worthwhile to revisit how your savings accounts contribute to your long-term financial strategy. As part of your year-end financial planning checklist, review your contributions to:
- 401(k), Traditional IRA, and Roth IRA accounts
- Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA)
- 529 plans for education savings
The IRS publishes annual updates on retirement contribution limits and tax bracket thresholds to help taxpayers plan effectively. You can also explore how tax planning fits into your broader strategy with one of our dedicated financial advisors.
5. Benchmark Your Business Retirement Plan
Retirement planning remains an important part of your financial planning checklist, and several SECURE Act 2.0 updates take effect in 2026 that may influence how you save. The most notable change involves how certain earners make catch-up contributions, along with new rules for plan accessibility and enrollment.
Roth catch-up contributions for high earners
Beginning in 2026, employees who earned more than the inflation-adjusted wage threshold in the prior year must make their catch-up contributions on a Roth basis. The 2025 wage threshold is $145,000, and this number will be adjusted for inflation in 2026.
This update affects:
- Employees age 50 or older who exceed the wage threshold
- Workers whose employers’ plans offer Roth contribution options
- Anyone who relies on catch-up contributions as part of their long-term strategy
If a retirement plan does not allow Roth contributions, eligible high earners will not be able to make catch-up contributions until the plan is updated. This makes it important to understand how your employer intends to handle the change and whether updates are scheduled for the year ahead.
Additional retirement plan updates for 2026
A few other SECURE Act 2.0 provisions also take effect in 2026, including:
- Automatic enrollment requirements are in many new employer-sponsored plans
- Expanded eligibility for long-term and part-time employees
- An increase in the SIMPLE IRA catch-up limit for individuals age 50 and older, rising to $4,000
What this means for your planning
You should review the details of your current retirement accounts and consider the following steps:
- Check whether your plan offers a Roth option for catch-up contributions
- Account for the possibility of higher taxable income if you must shift to Roth contributions
- Speak with your employer or plan administrator to understand how they are implementing the 2026 rules
- Review how these changes impact your savings goals and retirement timeline
Including retirement updates in your comprehensive financial planning checklist makes sure your contributions remain aligned with the latest rules and your long-term objectives.
6. Plan Your Charitable Contributions Thoughtfully
Charitable giving strategies look different in 2026 due to the return of itemized deduction limits and the introduction of a 0.5 percent AGI floor on charitable deductions. These updates may influence how and when deductions offer the greatest benefit.
When reviewing your charitable plan in your financial planning checklist, consider:
- Whether consolidating your contributions will be beneficial
- How a donor-advised fund (DAF) may support your long-term goals
- Opportunities for multiyear charitable commitments
- How gifting interacts with your broader tax strategy
When to Seek Guidance
Navigating financial decisions during a year of legislative changes can feel overwhelming, but you don’t need to handle it alone. A financial advisor can help you interpret new rules, refine your investment strategy, and ensure that your plan remains aligned with your long-term goals.
If you would like support as you work through your financial planning checklist, the BIP Wealth team is ready to help you approach the year ahead with clarity and confidence. Contact us today to be connected with a trusted advisor.
This article is intended for informational purposes only and does not constitute legal, tax, or investment advice. Investors should seek legal and tax advice based on their particular circumstances from an independent estate planning attorney and tax advisor as tax laws are subject to interpretation, legislative change and unique to every specific taxpayer’s particular set of facts and circumstances.
