Fall Financial Check-In: 7 Things to Review Before the End of the Year
By Stephen Serati, AIF®, WMS®, BFA™ | President, Millenia Investments
As the leaves begin to change and the holiday season approaches, October is a natural time to reflect on the year and prepare for what's ahead.
While many of us are thinking about holiday plans, family gatherings, and wrapping up projects before December, it's also a good opportunity to take a closer look at our finances.
October is Financial Planning Month, making it a timely reminder that financial planning isn't something we should only think about once a year. It's an ongoing process that evolves as our lives, goals, and circumstances change.
Whether you're preparing for retirement, already enjoying retirement, or simply looking to stay organized, here are seven areas worth reviewing before the year comes to a close.
1. Take a Fresh Look at Your Budget
It's easy for spending habits to change throughout the year without us realizing it. Between everyday expenses, travel, subscriptions, and unexpected costs, even small purchases can add up.
Before the holiday season gets into full swing, take some time to review your recent spending.
Are there subscriptions you no longer use? Have certain expenses increased? Are you setting aside enough for upcoming holiday purchases or travel?
You don't necessarily need to make major changes. Sometimes, identifying a few opportunities to reduce unnecessary expenses can make a difference in your monthly cash flow.
Something to consider: Establish a holiday spending budget now rather than waiting until November or December. Planning ahead can help you enjoy the season without creating unnecessary financial pressure.
2. Get Ahead of Year-End Tax Planning
When it comes to tax planning, waiting until December can limit your options.
October provides an opportunity to review your financial picture and identify potential tax considerations before the end of the calendar year.
Depending on your circumstances, this may include reviewing:
Investment gains and losses
Retirement account distributions
Required Minimum Distributions (RMDs)
Charitable contributions
Changes in income or tax withholding
For retirees, this is also an important time to confirm whether any required distributions have been completed or scheduled.
Tax planning should be coordinated with your overall financial strategy. Working with your financial advisor and tax professional can help identify opportunities that align with your individual situation.
3. Check In on Your Retirement Plan
Retirement planning doesn't stop once you retire. In fact, your financial needs and priorities may continue to change throughout retirement.
If you're still working, consider reviewing your retirement contributions, employer-sponsored benefits, and progress toward your long-term savings goals.
If you're already retired, take a moment to evaluate your current withdrawal strategy and income needs.
Have your living expenses changed? Are you planning any significant purchases or travel? Have healthcare costs or family circumstances affected your financial picture?
These are all important considerations when determining whether your retirement income strategy continues to support your lifestyle.
Remember: A retirement plan should be flexible enough to adapt to life's changes while keeping your long-term goals in focus.
4. Review Your Investment Strategy
October has historically been associated with some notable market events, but short-term market headlines shouldn't be the driving force behind your investment decisions.
Instead, this is a good time to revisit your investment strategy and make sure it still reflects your goals, risk tolerance, and financial timeline.
Consider whether your portfolio remains appropriately diversified and whether changes in market performance have shifted your investment allocations.
For those approaching or already in retirement, it's also important to consider how much cash or other liquid assets may be needed for upcoming expenses.
The goal isn't to predict what the market will do next. It's to make sure your investment strategy continues to serve the purpose it was designed for.
5. Revisit Insurance and Beneficiary Information
Life changes, and your insurance coverage should be reviewed periodically to reflect those changes.
Marriage, retirement, the birth of a grandchild, a new home, or changes in your financial responsibilities may all be reasons to revisit your existing policies.
Consider reviewing your life insurance, health insurance, and other coverage to determine whether it still meets your needs.
This is also a good opportunity to verify that beneficiary designations on retirement accounts and insurance policies are accurate.
An outdated beneficiary designation can create complications for loved ones, even when other parts of your financial plan are up to date.
Taking a little time now to review these details can help prevent unnecessary challenges later.
6. Make Sure Your Estate Plan Reflects Your Wishes
Estate planning is one of those important tasks that can be easy to put off.
However, having an updated estate plan can help ensure your wishes are documented and provide guidance for the people you care about.
If you haven't reviewed your estate planning documents in several years, or you've experienced a significant life change, consider revisiting your will, trusts, powers of attorney, and healthcare directives with your estate planning attorney.
It's also helpful to make sure your loved ones know where important documents are stored and whom to contact if assistance is needed.
Estate planning isn't just about preparing for the unexpected. It's also about protecting what matters most and making things easier for the next generation.
7. Plan Your Charitable Giving Before Year-End
As the holiday season approaches, many individuals and families begin thinking about ways to support the organizations and causes that matter to them.
If charitable giving is part of your financial plan, October is a good time to review your contributions for the year and consider any additional gifts you'd like to make.
Depending on your age, financial circumstances, and charitable goals, there may be different strategies worth discussing, including Qualified Charitable Distributions (QCDs) from eligible retirement accounts.
Planning ahead allows time to coordinate your giving with your financial advisor, tax professional, and the charitable organizations you wish to support.
A Little Planning Today Can Make a Difference Tomorrow
As we approach the final months of 2026, it's worth remembering that financial planning isn't about having everything figured out or making every decision at once.
It's about regularly reviewing where you stand, understanding your options, and making thoughtful decisions that support your goals.
Over the years, I've seen how important it is for individuals and families to have a financial strategy that can adapt as their lives change. What worked five years ago may not be the right approach today, and that's why ongoing conversations and reviews matter.
At Millenia Investments, we believe financial planning goes beyond investments. Our financial planning services focus on the bigger picture, from retirement income and investment management to estate planning considerations and the goals you have for your family.
As the year winds down, consider setting aside some time for your own financial check-in.
Have questions about your financial plan or want to prepare for the year ahead?Meet our team of financial professionals and learn how we can help you review your strategy and plan for what's next.
Contact Millenia Investments at 636-777-7780 or visit www.milleniallc.com to start the conversation