Wealth Planning Guide Report 2026

Managing your wealth involves juggling many moving parts, and it can feel overwhelming. Rather than trying to think about it all at once, consider breaking it down into component parts, and take care of a few at a time.

We’ve designed this month-by-month Wealth Planning Guide to help you get everything done—with less stress.

January

Define your wealth goals

The beginning of a new calendar year is an excellent time to pause, take stock, and decide what wealth goals you’d like to achieve in the next 12 months. Maybe you want to pay down debt, or develop a comprehensive legacy plan, or take concrete steps towards an early retirement.

No matter your goals for this year, we invite you to use two strategies we believe can increase your likelihood of success. First, write them down somewhere you’ll see them regularly. Second, make a plan for how you’ll achieve them. The more you can break your goals down into easy action steps, the more likely we think you’ll be to reach December with achievements you can be proud of.

Pay the first set of your estimated taxes

If your payroll withholdings aren’t sufficient to cover your tax payments, send your estimated payment to the IRS for money earned between September 1 and December 31 of last year. Note that this covers four months, not three! This is your last payment for the tax year, so it’s also your last chance to catch up before filing your tax return in April.

February

Organize your tax documents

The IRS requires most tax forms to be delivered to you by January 31, so it’s a perfect time to pull together all of the documents you need to do your taxes, including W-2s, 1099s, and receipts for any deductions, such as charitable donations or medical expenses.

If you’re hiring a CPA to file your taxes, get your documents to them sooner than later—it should make them more likely to be able to file by the April 15 deadline. 

Get romantic with a Spousal IRA

When your spouse says they want something special for Valentine’s Day, ditch the chocolates and consider the ultimate gift: a shot at retirement security. If one spouse is working and the other is not, the non-working spouse is still eligible to contribute to a Spousal IRA. This is a special rule, since normally a taxpayer is required to have earned income to contribute to an IRA. And, it can help non-working spouses accumulate retirement savings that are otherwise reserved for income-earners. 

Drive away with a shiny new tax deduction

Spring tends to be one of the most popular seasons for new car purchases. Because of the recent One Big Beautiful Bill Act (OBBBA), there is a new tax deduction of up to $10,000 for the interest on a new car purchase for vehicles with final assembly in the United States. Make sure to review applicable income thresholds and confirm that your lender is set up to report your loan details to the IRS so you can confidently claim the deduction. Then hit the open road!

March

Don’t get trapped in "lifestyle creep"

According to LinkedIn, March is the most popular month for employers to pay out bonuses.¹ Many people have spent that money before even receiving it, but you’re no (lowercase f) fool. Rather than incorporating your bonus into your ongoing spending, consider saving a portion before splurging on the fun stuff. This can get you closer to retirement in two ways: first, you’re adding to that all-important nest egg, and second, you’re limiting the upward creep on what it takes to maintain your lifestyle. 

Review your 401(k) and other employer plan contributions

In 2026, employees can contribute up to $24,500 to 401(k) plans and 403(b) plans if you’re under 50 and $32,500 if you’re 50 or better.² There’s now an additional catch-up contribution opportunity if you’re between 60 and 63—you can contribute up to $11,250.³ Review your contributions so you’re confident you’re setting aside enough to meet your retirement goals. If your employer offers a retirement contribution match, double check that you’re taking advantage of as much of it as you reasonably can.

And, since it’s Women’s History Month, we thought it would be worth mentioning that the catch-up contribution to retirement plans was originally conceived as part of the The Economic Growth and Tax Relief Reconciliation Act as a way to help women in particular save for retirement.³ Thanks, ladies!

April

Celebrate Tax Freedom Day

Tax Freedom Day, not to be confused with the tax deadline in the U.S., usually falls around mid-April. This is the date the Tax Foundation estimates the average U.S. taxpayer would pay their tax burden (state, local, and federal) if everything they earned was paid in taxes starting January 1. Getting to keep some dollars in your pocket after this date is certainly worth a celebration. Plus, with recent changes to the tax code, you may also benefit from lower taxes on tips and overtime, worthy of a celebration, indeed.

Catch up on last year's retirement contributions

If you haven’t maxed out your contributions to your Roth or your traditional IRA for 2024, you have until tax day to add more funds. Since every tax year has limits on how much you can contribute, putting 2025 dollars into 2024 contributions may help you sock away a bonus, a tax refund, or any other windfall for your future. Not sure if this is the right strategy for you? Our guide can walk you through it.

Complete prior year FSA claim reimbursements

Don’t forget to get that money! Flexible spending accounts (FSAs) have a grace period that allows you to submit claims from the prior year’s expenses into the new calendar year. For your 2025 FSA, the deadline to submit claims on 2025 expenses is April 30.⁴

Pay the second set of your estimated taxes and file annual tax returns

If your payroll withholdings aren’t sufficient to cover your tax payments, send your estimated payment to the IRS for money earned between January 1 and March 31.

It’s also time to file your annual tax return—or an extension. If you’re not filing an extension, the IRS expects you to pay anything you owe for the 2025 tax year by the April 15th deadline.

May

Check on your college savings plans

If you’re contributing to a college savings plan, also known as a 529 Plan, check to see if your state allows you to deduct those contributions. If there isn’t a deduction, consider moving to one of the plans Morningstar rates highly in its annual review.

Because of the SECURE Act 2.0, excess savings in 529 Plans could be eligible to be converted to a Roth IRA. That’s along with previous changes that expanded the use of 529 Plans to include payment for secondary tuition and paying down student loans. This has truly become a flexible and potentially powerful savings vehicle for parents and grandparents.

Review your wealth goals

You’re a third of the way through the year, and it’s a good time to check in on your progress towards the wealth goals you identified in January. Is your plan working? Do you need to change how you’re going about achieving your goals? Do the goals themselves need to change?

We set goals to help us build the life we want, and sometimes circumstances change. It’s always okay to update your goals to match what’s happening now.

June

Pay the third set of your estimated taxes

If your payroll withholdings aren’t sufficient to cover your tax payments, send your estimated payment to the IRS for money earned between April 1 and May 31. Note that this covers two months, not three!

Open or add deposits to an IRA

If you don’t yet have an IRA, consider opening one, especially if you anticipate landing in a lower tax bracket as you age. Depositing money in an IRA may lower your current tax bill, all else being equal, and the money will be able to grow tax-free until you take it out.

If you already have an IRA, consider adding funds. The 2026 limit is $7,500 for those under 50 and $8,600 for those 50 and above.²

Plan your required minimum distributions

While you’re required to take minimum distributions from sponsored retirement plans and traditional IRAs accounts by the end of every calendar year, you don’t have to wait until December. Identifying how much you need to withdraw, how you’d like to do it (lump sum or in increments), and what market conditions you’d prefer to do it in can help you optimize your distributions. And don’t forget that you don’t have to spend that money! You can reinvest it for your future.

July

Review property and casualty policies

You probably have multiple policies protecting you from everything from theft to a car accident. It’s a good idea to make sure they’re all (homeowners, renters, car, umbrella) up to date. 

• Review your insurance coverage. Life events, including having a child return to the fold, adding a driver to the family, or retiring, can affect the kinds and amounts of insurance you need. Review your policies to ensure that you’re enjoying the coverage you need to keep yourself and your family financially secure in the event of something going wrong.
• Review your beneficiary designations on retirement accounts, add Transfer on Death (TOD) beneficiary designations on your bank and brokerage accounts, or add a Trusted Contact to your brokerage account. By setting an appropriate beneficiary, you’ll ensure the right person receives your retirement accounts and enable your heirs to bypass a lengthy probate process, and a Trusted Contact ensures that if you’re out of reach for some reason, any issues with your brokerage account can be addressed.

August

Review your estate plan

If you have wills, trusts, or powers of attorney set up, review them to be sure they’re current and reflect your wishes. It’s easy to lose sight of these once they’re set up, and changes to your life and circumstances may require updates.

If you don’t have a will or powers of attorney set up, consider contacting a lawyer to have them drawn up. They don’t have to be complicated or expensive, but having them in place can make crises less onerous for you and for your loved ones. And that’s priceless.

Add investing to to your back-to-school list

The One Big Beautiful Bill Act (OBBBA) introduced a new savings vehicle for families called “Trump Accounts” for children born between January 1, 2025 and December 31, 2028. Parents can open an account for each eligible child and receive a one-time $1,000 contribution from the federal government. After that, they can contribute up to $5,000 per year on an after-tax basis until the child turns 18. Like a 529 plan, contributions grow tax-deferred. At age 18, the child can withdraw up to 50% of the account balance tax- and penalty-free for qualified purposes.⁵

529 Plans and Trump Accounts aren’t mutually exclusive, so this is a good moment to think through how they can each support your savings plans.

September

Pay the fourth set of your estimated taxes

If your payroll withholdings aren’t sufficient to cover your tax payments, send your estimated payment to the IRS for money earned between June 1 and August 31.

Are you ready? It’s National Preparedness Month

While the designation of National Preparedness Month was conceived as physical preparedness for emergencies, there are also plenty of ways to consider your financial preparedness as well, such as:

• Set aside three to six months of cash needs in an emergency fund. It’s important for your emergency fund to be fully liquid and available to you at a moment’s notice.
• Review your insurance coverage for death and disability. Oftentimes, folks sign up for this coverage through their employer, and employers may offer some base level of coverage as an employee benefit. One pro tip is to make sure that any disability coverage is paid with after-tax dollars—this should mean that in the unfortunate event that you have to use your insurance, the benefits will be paid to you tax-free.

Review your wealth goals

You’re two-thirds of the way through the year, and it’s a good time to check in on your progress towards the wealth goals you identified in January. Is your plan working? Do you need to change how you’re going about achieving your goals? Do the goals themselves need to change?

We set goals to help us build the life we want, and sometimes circumstances change. It’s always okay to update your goals to match what’s happening now.

October

Plan for Medicare open enrollment

It’s about to be open enrollment season, that window of time when you’re able to make changes to your Medicare benefits, including joining, switching, or dropping a Medicare Advantage plan, and joining or dropping a Medicare drug plan if you’re in Original Medicare. Make sure your plan is working for you.

It’s RMD season!

If you’ve reached the milestone age of 73 or better, the federal government is very interested in your pre-tax retirement savings accounts, including 401(k)s, 403(b)s, TSPs, and traditional IRAs. Specifically, you’re required to withdraw (and pay taxes on) amounts accumulated in your pre-tax accounts.

The rules can be tricky to navigate, particularly if your spouse is much younger than you are or if you’ve inherited an IRA. The good news is that a Wealth Advisor can help you navigate this maze. The deadline for taking your RMD is typically December 31, unless it’s your inaugural distribution, in which you have until April 1 of the following year. We think it’s better to get this off your to-do list early rather than pushing it to the deadline, since the government imposes penalties for being late and the end of the year is already hectic.

November

Plan for employer open enrollment

It’s about to be open enrollment season, that window of time when you’re eligible to make changes to your employment benefits for next year, including signing up for a health insurance plan, funding FSAs and HSAs, and signing up for additional life and disability benefits. While you can’t predict what issues might arise in 2026, maximizing your benefits can help you save more for retirement.

Consider enrolling in a health savings account (HSA), if your employer offers one, because it could make a difference in your long-term wealth plan. An HSA is an investment account in your name that is earmarked for health/medical expenses. These have a triple tax benefit: the contributions are tax deductible, the growth in the account is tax-free, and qualified distributions are also tax-free. The annual contribution limits for HSAs are $4,400 for the individual and $8,750 for family coverage.⁶ We believe that HSAs are most beneficial for folks without chronic conditions who can afford to pay for health care needs mostly out of pocket.

Brace for student loan repayments

Student loan repayments begin six months after graduation, which for most recent grads is November. The recent OBBBA legislation made changes to student loan repayment plans, but where the bill taketh away, it also giveth. The same legislation made a permanent change to the long-standing employer benefit of tax-free tuition assistance of up to $5,250 per year.⁷ Now the same benefit is available as tax-free student loan repayment for qualified loans, and will also be indexed for inflation going forward. 

Consider tax-loss harvesting

If the taxes you’re likely to pay on your realized capital gains this year are significant, you might consider selling other investments at a loss to counterbalance those gains with realized losses. This strategy can be most useful when you’re in a higher tax bracket, but be careful not to run afoul of the wash sale rule: if you buy the same or substantially similar security within 30 days, the IRA will disallow that loss. 

You can also look at the flip side—tax-gain harvesting—by intentionally realizing long-term gains while you’re in the 0% capital-gains bracket, a strategy you might choose to spotlight separately during a “spring harvesting season” when portfolios naturally get revisited.

December

Plan for IRMAA premiums

In January, the income-related monthly adjustment amount (IRMAA) on Medicare Parts B and D will update based on your reported income. Here’s the catch: it’s based on your reported income from two years ago. If this applies to you, it will be listed in your Social Security Benefit Rate Change Notice. The difference between the lowest and highest Medicare Part B premiums is $487 per person per month, which adds up to over $10,000 annually for a retired couple.⁸ 

Estimate your investment income 

Tax time is coming, and investment income can be the difference between that sweet refund check and the hefty check you write to the IRS. While circumstances can still change between here and the end of the year, estimate your realized gains and losses so you can be prepared for any taxes you’ll need to pay. You can also review your investment statements for your year-to-date earnings for interest and dividends.