2025 Year-End Financial Checklist

As you pause to look back over the past 12 months, you may be surprised by the changes that have shaped your household—whether in your finances, your goals, or your everyday circumstances. Sometimes a whole year can fly by in the blink of an eye.

A comprehensive year-end review is an important tool to stay on top of your finances. As tax season approaches, reviewing your personal finances in 2025 could potentially help reduce your tax liability when filing returns in 2026.

Consider using this year-end financial checklist.

Your end-of-year review should examine life events that may have shaped your finances. Births, deaths, marriage, divorce, inheritance, or retirement can all influence both your household budget and your taxes.

Year-end review of your monthly budget

A great first step is reviewing your budget. Take a look at where your money went in 2025 and how much of it was tied to one-time expenses. Maybe this was the year of home improvements, a new car, or even a bucket-list vacation. Looking ahead, do you anticipate any big purchases in 2026?

Most importantly, be honest with yourself. Now is the perfect time to reset your spending plan and adjust your priorities for the year ahead.
Year-end review of employee benefits

It’s easy to let your employee benefits run on autopilot, but taking time each year to review them can really pay off. Start by looking at your employer-sponsored 401(k) or IRA contributions. Did you max them out? If not, did you at least contribute enough to capture your full company match? The company match is essentially free money you don’t want to leave on the table.

For the 2025 tax year, you can contribute up to $23,500 to a company sponsored 401(k), with an additional $7,500 if you’re age 50 or older. For traditional and Roth IRAs, the contribution limit is $7,000, plus an extra $1,000 if you’re 50 or over. ⁽¹⁾

If you’re not maxing out your retirement contributions, consider increasing contributions on an annual basis.

Finally, are your beneficiaries up to date? Have you also designated a contingent beneficiary? You work hard for your employee benefits; be sure they end up where you want them.
Add a tax review to your year-end financial checklist

Tax Day may not arrive until April 15, but getting a head start can save you stress—and potentially money. Think about whether you’ve had any major life changes in the past year—marriage, a new child, divorce, inheritance, or retirement—that could affect your tax situation. The team at WT Wealth Management and WT TaxAccounting are here to help you review your options and make sure you’re prepared well before the deadline.
Look at your charitable contributions

As you review the past year, take a moment to look at your contributions. Did you give only cash, or did you also consider donating other types of assets?

Charitable giving doesn’t just feel good—it can also provide valuable tax savings.

One underused but powerful strategy is donating appreciated assets. For example, if you donate $10,000 of stock that you originally purchased for $3,000, you avoid paying tax on the $7,000 gain and may deduct the full $10,000 on your tax return if you itemize your deductions.
Review your credit/outstanding debts at the end of the year

Credit cards, loans, and other forms of debt can play a role in a healthy financial strategy—as long as they’re balanced with your broader goals. Year-end is an excellent time to review the interest rates on any revolving debt and consider whether refinancing or paying down balances makes sense.

Year end is also a smart time to pull your credit report. With identity theft on the rise, keeping an eye on your credit history is an important step in protecting your financial health.
Year-end assessment of your investments

Year-end is the perfect time to sit down with your advisor and review your accounts. Are your investments still aligned with your long-term goals? This is an excellent time to take a fresh look at what level of drawdown in your accounts would you comfortably ride out, and what would keep you up at night.

Consider a Roth conversion.

One pre-retirement strategy that’s often overlooked is a Roth conversion plan. Converting assets into a Roth IRA can help you build a source of tax-free income in retirement. While it may be less advantageous if you already have a large traditional IRA balance, it’s still a strategy worth discussing with your advisor to see if it fits your long-term plan.
Think about estate planning

Estate planning may look at events for years down the road, but events here and now can change your strategy. Review your will and/or trust if you have experienced life changing events in 2025. At a minimum you should formally review estate planning documents at least every five years.

Use an experienced financial professional as a resource.

At WT Wealth Management, it’s not just your advisor working for you. Your advisor also has access to a team of accounting, tax, and legal professionals, all ready to help build a comprehensive financial plan that considers your entire financial picture.

The WT Wealth Management Learning Spotlights are designed to inform, inspire, and foster meaningful dialogue between our clients and the WT Wealth Management team. Our goal is to demystify complex economic and investment topics, offering clear, practical insights that connect financial theory to real-world decisions.

SOURCES

401(k) and IRA contribution limits in 2025: What’s new this year
Guideline.com

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