December has a way of speeding up and slowing down at the same time. Between year-end deadlines and holiday reflection, it’s the perfect moment to hit pause and take stock, especially when it comes to your finances. Whether you’re five years from retirement or you’re just trying to make smarter decisions with what you’ve earned, this year-end financial planning checklist is made to help you move into 2026 with clarity and control.
LaTour Asset Management has worked with individuals and families across Springfield and beyond, and we know the most powerful financial shifts usually start with simple, intentional steps. Here’s a look at what matters most this month.
- Maximize Retirement Contributions
Before December 31, confirm how much you’ve contributed to your retirement accounts. For 2025, the 401(k) limit is $23,500, and those age 50 or older can add a $7,500 catch-up. The IRA contribution limit is $7,000, with an additional $1,000 catch-up. These numbers are long-term tax-saving levers that help protect your future.
Also, if you have access to a Health Savings Account (HSA), consider fully funding it. Unlike FSAs, HSAs don’t expire and can be a powerful retirement healthcare buffer.
- Review Portfolio Allocation and Rebalance
Markets move, and so should your portfolio. If equities have surged or bond holdings dropped in value, you might be more aggressive or conservative than you realize. Rebalancing ensures your mix of assets still aligns with your risk tolerance and long-term strategy.
If any of your investments are down for the year, this may be a good time to explore tax-loss harvesting. By strategically realizing losses, you may be able to offset capital gains and reduce your tax bill.
- Evaluate Spending and Debt
Take a close look at your actual spending for 2025, not just your budget. Are there trends worth adjusting for next year? Are there subscriptions or expenses that no longer serve you? If you’re carrying high-interest debt, prioritize a plan to reduce it. Heading into retirement with a lighter debt load gives you far more flexibility and peace of mind.
- Update Estate Documents and Insurance
This is one of the most overlooked areas in personal finance, but it has real-world consequences. Ensure your will, power of attorney, and healthcare directives are up to date. Review beneficiary designations on retirement accounts—they take legal precedence over what’s written in your will. Also, check your life, health, and long-term care insurance to make sure coverage still fits your situation.
- Connect With Your Advisor
One of the best year-end moves you can make is scheduling a simple conversation. A financial advisor can help you assess whether a Roth conversion is smart this year, if your Springfield property holdings still fit your goals, or how to fine-tune your Social Security strategy. These are not simple decisions, and you shouldn’t make them alone.
Get Financially Ready for 2026
No matter where you are in your financial journey, a thoughtful year-end review sets the stage for a stronger, more confident new year. At LaTour Asset Management of Springfield, we’re here to help you make every decision with purpose and clarity. Call us now at (877) 888-5724 and start your new year off on solid financial ground.
