2025 Year-End Planning Checklist for Retirees!
And just like that, we enter the holiday stretch of 2025. Which means that we’re just mere weeks away from the start of a new year.
I’m back with another addition of my year-end planning checklist for retirees!
It’s designed to help you think through key financial items as the year wraps up.
Note: This is not an exhaustive list of all year-end planning items. Additionally, this list is provided for educational purposes only and does not constitute financial, investment, tax, or legal advice. Contact professionals where appropriate to help you make informed decisions about your specific situation.
2025 Year-end Planning Checklist for Retirees:
CASH FLOW
Assess 2026 Cash Flow Needs
Consider how much cash you may need in 2026 and whether your current reserves feel sufficient.
Plan Your Withdrawal Strategy Accordingly
Where will you draw your retirement income from? Think about which accounts would be optimal sources for next year’s withdrawals.
Check Status of Tax Withholdings & Estimated Payments
Review your withholding or estimated tax payments to see if adjustments might help avoid tax surprises.
RETIREMENT PLANNING
Complete 2025 Required Minimum Distributions (RMDs)
If you’re subject to 2025 RMDs in your IRAs, Inherited IRAs, or employer-sponsored retirement plans, confirm that they’ve been taken for the year.
Verify RMD Age Milestones
If you recently crossed an age milestone for RMDs, confirm that you’re aligned with current rules.
Analyze Social Security Taxation
Review how your income this year may affect the taxation of Social Security benefits.
Review Medicare Premium Impacts
Look at your 2024 Modified AGI to see what your 2026 Medicare premiums will be.
Consider Medicare IRMAA Appeals (If Applicable)
If you’ve recently experienced a major life change (retirement, loss of spouse, divorce), consider whether a Medicare IRMAA appeal might apply.
TAX PLANNING
Evaluate Taking the Standard Deduction vs. Itemizing
Compare your standard deduction to your potential itemized deductions to see which might be more beneficial.
Utilize Over-65 Deductions
If you’re over age 65, remember that there are additional deductions that you’re entitled to.
Analyze Roth Conversion Opportunities
Review whether your income this year presents an opportunity to consider a Roth conversion.
Harvest Capital Gains or Losses
If markets moved significantly, consider whether harvesting gains or losses fits your long-term strategy.
Evaluate Your Charitable Giving Strategy
Reflect on which charitable giving methods (QCDs, utilizing Donor-Advised Funds, etc.) may align with your charitable and tax planning initiatives.
INVESTMENTS
Rebalance Portfolio Allocations
Consider whether your portfolio has drifted away from your preferred allocation and whether a rebalance might be helpful.
Review Concentrated Positions
Review any concentrated positions and the gains or losses if said position. This may present planning opportunities depending on this year’s income.
Align Withdrawals with Asset Mix
Reflect on how your planned withdrawals for next year align with your overall investment mix.
Check for Capital Gain Distributions
If you hold mutual funds in a taxable account, consider checking for any pending capital gain distributions.
ESTATE PLANNING
Review Your Beneficiary Designations
Review beneficiaries on retirement accounts, brokerage accounts, and insurance policies to ensure they still match your wishes.
Consider Updating Your Estate Plan
Revisit whether recent asset changes or life events warrant updating estate documents.
Should You Utilize Annual Exclusion?
Consider whether utilizing 2025’s annual exclusion gifting ($19,000 per spouse per recipient) might play into your broader legacy plan.
Leverage Direct Payment Exclusions
If supporting loved ones, remember that direct payments for education or medical care are typically tax-free.
Review Trust Funding and Retitling
If you have a trust in place, think about whether any accounts or property need retitling or updated instructions.
MISCELLANEOUS
Coordinate with Your Professional Team
Consider touching base with your financial planner, CPA, and estate attorney to ensure everyone is aligned heading into the new year.
Monitor Legislative Changes (OBBBA)
Keep an eye on ongoing tax law changes, such as adjustments from the One Big Beautiful Bill Act (OBBBA), including deductions and SALT cap changes.
Document Charitable Gifts
If you’ve made charitable gifts, ensure they’re documented properly.
Note: This is not an exhaustive list of all year-end planning items. Additionally, this list is provided for educational purposes only and does not constitute financial, investment, tax, or legal advice. Contact professionals where appropriate to help you make informed decisions about your specific situation.
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