As 2026 comes to a close, now is a good time to look for opportunities to strengthen your financial plan before the new year. A year-end review can help ensure your financial decisions remain aligned with your long-term goals, identify potential planning opportunities and help you enter 2027 with greater confidence.

Here are several planning opportunities:

Reflect on your progress. Start your review by evaluating how the past year impacted your long-term plan. Consider how any life changes may have affected your goals and update your strategies as necessary.

Consider your tax situation. Work with your financial advisor and tax professional to understand your tax situation and identify year-end opportunities that may benefit you. If you're 73 or older, be sure to take any required minimum distributions (RMDs) if necessary.

Increase contributions to your savings goals. Consider increasing contributions to your health savings account (HSA), workplace retirement plan or, if you’re saving for education, a 529 plan. These accounts can help build financial security and may offer tax advantages. Even small increases today can make a meaningful difference over time.

Maximize your impact. If giving to others is one of your goals, consider charitable giving or annual gifting strategies to help support the people and causes you care about while also providing potential tax benefits. And note that tax rules have changed for charitable donations: with a standard deduction, you can deduct up to $1,000 of cash donations ($2,000 for couples filing jointly) and if you itemize, you can only deduct aggregate donations that exceed 0.5% of your adjusted gross income, up to the applicable limit. These donations must be made to a qualified charitable organization.

Monitor your long-term strategy. If you haven't done so this year, now is as good a time as any to review your portfolio for the year to make sure it is still in line with your goals, time horizon and comfort with risk. If need be, you can rebalance. You might also want to check beneficiaries on your financial accounts, investments and insurance policies, especially if your family or circumstances have changed.

Work with your professionals. Making necessary year-end moves in ways that benefit your situation can feel complicated. Your financial advisor and tax professional can help you identify opportunities and avoid pitfalls.

A few proactive steps before 2027 can help you enter the new year with greater confidence and a clearer understanding of where you stand financially. By reviewing your progress, evaluating tax and savings opportunities and confirming your long-term strategy remains on track, you can start the year focused on what matters most to you.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. 

Edward Jones, its employees and financial advisors, cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.

Edward Jones, Member SIPC