As year-end approaches, check in on your finances with this to-do list

Published on 11/22/2025

As year-end approaches, check in on your finances with this to-do list

It’s the time of year when we spend hours raking leaves and almost as much time monitoring our neighbors’ cleanup progress — or lack thereof.

Fall cleanup is not a fun task, but it’s one you will benefit from once it’s done. We encourage clients to take a similar approach to their finances. Check these boxes off your financial to-do list now and be better off for it.

Revisit your target allocation

Every investor should have a formal target allocation, and you should base it on more than just your age. When markets become volatile, let your target allocation guide you. If 80% equities is the target, but your current investments are closer to 85%, rebalance. Also pay attention to U.S. vs. international and small-cap vs. large-cap exposure. If you take monthly withdrawals, your allocation might have shifted quicker than expected. Be mindful of where you stand and construct a plan for returning to target.

Initiate tax loss harvesting

Another strong year for the benchmarks hardly means there are no losses to harvest. Deciding whether to sell depends upon your situation. This is always a balance between tax benefits and investment strategy. But at the very least, identify holdings with sizable unrealized losses in your taxable accounts, and determine if you still have conviction in their risk/reward characteristics. If not, selling could help reduce your 2025 tax bill.

Maximize retirement contributions

Pre-tax contributions into employer plans lower your taxable income dollar-for-dollar. As the year comes to an end, review how much you’ve put in. For anyone under age 50, the 401(k) and 403(b) maximum is $23,500 in 2025. Those 50-59 or older than 64 can contribute an additional $7,500 (meaning $31,000 total). If you are 60-63, the maximum is even higher: $34,750 total.

Consider Roth IRA conversions

Not everyone will benefit from Roth IRA conversions, but you should be crunching the numbers to know for sure. The “sweet spot” tends to be after retirement but before you are subject to Required Minimum Distributions (RMDs), typically at age 73. And the lower your tax bracket, the better the chance these will work in your favor. This is also a great opportunity for your accountant to coordinate with your investment adviser, something that often leads to better overall decisions.

Donate to charitable organizations

Highly appreciated assets
Do you own a technology stock that has outperformed your wildest dreams, but you don’t want to sell because of taxes? Consider gifting shares to your favorite charity. In most cases, you will be able to deduct the fair market value from your taxable income and avoid paying capital gains taxes.

Qualified charitable distributions
If you are 70½ or older, consider making charitable gifts directly from your IRA. These gifts do not increase your income and will reduce your RMD amount. The maximum in 2025 is $108,000 per person or $216,000 for married couples filing jointly.

Bunching charitable contributions
If you itemize your taxes and are a generous donor, charitable contributions made in 2025 will be worth more than charitable contributions made in 2026. That’s because next year brings a new 25% cap on the value of the itemized deduction and a 0.5% adjusted gross income floor on charitable contributions for those who itemize. It might be wise to make more contributions in 2025 and fewer in 2026.

Review your beneficiaries

Most people realize the importance of having a will, but many forget to update beneficiaries on financial accounts and life insurance policies. Did you know beneficiary designations on your bank and investment accounts supersede your will? It’s quick and easy to update these, so make sure they still align with your preferences.

Estate planning and tax planning can become complicated quickly. Tax laws change frequently. If you are unsure of the best approach, consult with an expert to ensure you are checking all the appropriate boxes. You will thank yourself later.

Authors

Ben Marks & Brett Angel

Investment Advice offered through Marks Group Wealth Management, a Registered Investment Advisor.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments and strategies may be appropriate for you, consult with us at Marks Group Wealth Management or another trusted investment adviser. Mention of individual equities in this commentary are for informational purposes only and are not intended to represent a recommendation.

Stock investing involves market risk including loss of principal. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise. International and emerging market investing involves special risks such as currency fluctuation and political instability. These risks are often heightened for investments in emerging markets.

Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The Standard & Poor’s 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on The NASDAQ Stock Market. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the Index.

The Dow Jones Industrial Average is comprised of 30 stocks that are major factors in their industries and widely held by individuals and institutional investors.

Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price to-book ratios and higher forecasted growth values.

Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000 Index is an unmanaged index generally representative of the 2,000 smallest companies in the Russell Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index.

MSCI EAFE Index consists of the following developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

VIX-The Chicago Board Options Exchange’s CBOE Volatility Index, a popular measure of the stock market’s expectation of volatility based on S&P 500 index options. It is calculated and disseminated on a real-time basis by the CBOE, and is often referred to as the fear index or fear gauge.

The Hang Seng Index, or HSI, is a free-float market capitalization-weighted index of the largest companies that trade on the Hong Kong Exchange (HKEx).

The DAX Stock Index is a free-float market capitalization-weighted index of the largest companies that trade on the Frankfurt Stock Exchange (FRA).

Nikkei is a figure indicating the relative price of representative shares on the Tokyo Stock Exchange. The Nikkei is equivalent to the Dow Jones Industrial Average (DJIA) Index in the United States.