When it comes to finances, the economy, and the occasional angst that accompanies these topics, we stand by a very important policy at TriaGen: Focus on what you can control.

With the year coming to a close, you may not find relief from the media’s fear-mongering headlines about politics, interest rates, and market swings, and you may not be able to predict the future (let us know if you’ve mastered that though), but you can take proactive steps to bolster your financial wellbeing amidst an ever-changing world.

With a little over two months until the end of the year (it came fast, as it often does!), here’s a fresh look at our year-end Financial Wellness Checklist to help you finish 2025 strong and set yourself up for success in 2026:

1. Address your RMDs

If you’re retired, you’ll need to take your Required Minimum Distributions (RMDs) before year-end to avoid penalties. In 2023, the SECURE 2.0 Act increased the RMD age to 73, with another increase to 75 coming in 2033.

If you don’t need your RMD for income, you might consider making a Qualified Charitable Distribution (QCD) directly from your IRA. This allows you to satisfy your RMD while supporting a cause you care about tax-free. (Keep in mind, you must be at least 70½ to use this strategy.)

2. Minimize your tax burden

Year-end tax planning can help you keep more of what you earn. Review your capital gains and losses and talk with your tax professional about whether tax-loss harvesting or Roth conversions make sense for you this year.

If you’re still earning income, check your withholdings or estimated payments to avoid any surprises in April, and consider whether charitable giving or retirement contributions could further reduce your taxable income.

3. take advantage of new contribution limits

If you can, max out your retirement accounts and HSA (if you have one) before December 31. Here’s a breakdown of the new contribution limits for 2025:

• 401(k): $23,500, plus an additional $7,500 catch-up if you’re over age 50
  • A new, higher catch-up contribution of $11,250 is available for employees aged 60 to 63
• IRA/Roth IRA: $7,000, or $8,000 if you’re 50+
• HSA (Health Savings Account): $4,300 for individuals and $8,550 for families, with a $1,000 catch-up if you’re 55 or older

4. Donate Wisely

The annual gift tax exclusion has risen to $19,000 per person (up from $18,000 in 2024). This means you can give up to that amount to as many individuals as you like, without having to file a gift-tax return or count it against your lifetime gift exclusion.

If you’re charitably inclined, consider these tax-efficient options before simply writing a check to your organization of choice: You can donate appreciated securities, contribute to a donor-advised fund, or make a Qualified Charitable Distribution from your IRA—all of these methods can help you give more while saving on taxes.

5. Review your insurance & beneficiaries

Life changes like marriages, births, new homes, and job transitions can all impact your insurance needs and beneficiary designations. So before the year is over, take time to:

• Review your life, disability, and long-term care insurance coverage to ensure it still aligns with your current situation.
• Confirm your home, auto, and umbrella policies provide adequate protection (think about rising replacement costs and/or lifestyle changes).
• Verify that your beneficiaries on retirement accounts, insurance policies, and estate documents are accurate and up to date.

A quick review can help you avoid costly mistakes in the future.

6. Revisit your overarching Financial Plan

A lot can change in a year—markets shift, interest rates move, and your own life may have evolved too—maybe you changed jobs, bought a home, or sent a kid to college. Take this time to review your asset allocation, cash reserves, and progress toward key goals like retirement savings, college funding, or debt reduction.

Ask yourself:

• Does my portfolio still reflect my time horizon and risk tolerance?
• Am I prepared for both short-term needs and long-term goals?
• Do I have enough liquidity for unexpected expenses?

Taking time to assess and adjust each year helps you stay on track as your life evolves.

7. Meet with us!

There are a lot of factors that impact your financial wellbeing, and it helps to have someone overseeing the big picture and guiding you toward smart decisions that align with the life you want to live. If you want help addressing any of these items, or you want a professional to review your situation so you can better understand where you are in relation to your goals, we’d love to help. You can schedule a meeting with us here.

You can also use our step-by-step checklist to get started on your year-end review.