Yes, it is only October. And yes, this might feel like a way too early reminder. But the end of the year has a habit of sneaking up fast, and once the holidays hit, money matters are easy to push off until January. However, a few minutes of planning now can set you up for a stronger new year.

Before the year wraps up, ask yourself:

  • Am I saving enough for retirement? Some contribution types must be made by December 31.
  • Have I had enough withheld for taxes? Checking now can help you avoid a surprise bill or penalty in April.
  • Am I taking advantage of the new tax law? The One Big Beautiful Bill Act created several new tax breaks, some of which are only temporary. Depending on your situation, there may be benefits worth acting on before the year ends.
  • Does a Roth conversion make sense this year? A lower income year can be a good time to consider one.
  • Are there losses I can harvest? Selling an investment at a loss may help lower your tax bill, and you can often buy it back later if you still like it.
  • Have I done my giving for this year? Gifts to family or charity can support causes you care about and may offer tax benefits.
  • Does my portfolio still match my goals? Investments can drift over time, and investment decisions made decades ago may not align with today’s needs.
  • Have my goals changed? Life changes, and your plan should too.
  • Are my beneficiaries up to date? These forms often override an estate plan.

These questions may look simple, but each of them comes with rules, deadlines, and fine print that can make a real difference. A Roth conversion can raise your taxes this year. Harvesting a loss the wrong way can cancel the benefit. A gift can be structured several ways, each with different results. Does your tax estimate consider capital gain distributions or interest received? And every topic affects the others.

Working with a financial planner who knows the details can help you see how the pieces fit together and help you make choices that move you toward your goals. There is wisdom in a multitude of counsel. We at Masters Financial Group are working through these questions with our clients right now to make sure they are set up for success and taking advantage of every opportunity available while weighing the cost of each step taken.

Do not just get through December 31. Start the new year with a plan built for you

Andrew Rabon, CPFA®

864.765.0374

[email protected]

Securities offered through LPL Financial, Member FINRA/SIPC. Content provided here reflects personal views and has not been reviewed by LPL Financial for accuracy or completeness. The information provided is for informational purposes only, may not be suitable for all investors, and does not constitute personalized financial, tax, investment, or legal advice. All investments involve a degree of risk, including the risk of loss.