October is a fantastic time for reflection and planning, much like a harvest season for your finances. As you move deeper into the final quarter of the year, it's an excellent opportunity to review your financial progress and set yourself up for a strong finish.
You can begin by conducting a year-end financial check-up. Are there areas where you can reduce your spending or increase your savings? Are you prepared for holiday spending? This is also a good opportunity to check in on your investments. How are they performing against your goals?
Evaluate your retirement contributions. If you haven't yet maximized your contributions to your 401(k), 403(b), or other retirement accounts, the coming months are an ideal time to boost them. Remember, every dollar you contribute now has more time to grow, potentially reducing your tax liability and/or benefiting your future financial wellness.
Confirm your required distributions have been taken. If you are of age for required minimum distributions (RMDs) from your traditional IRA, have you withdrawn your RMD for the year? If you inherited a traditional IRA, are you required to withdraw a minimum amount before year-end? Consider opportunities for tax-loss harvesting and making charitable contributions: have you explored either?
On the topic of tax liability, now is a terrific time to reach out to your tax professional and begin year-end tax planning. While tax season seems far off, proactive steps can be taken now.
Our firm is available to help you make smart moves like these. Contact us.
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Wendolyn Forbes is CERTIFIED FINANCIAL PLANNER® professional with Wealth Transition Finance, A Member of Advisory Services Network, LLC. Wendolyn is a fee-only financial planner and member of the National Association of Personal Financial Advisors (NAPFA). CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the U.S. This material is provided as a courtesy and for educational purposes only. Advisory Services Network, LLC does not provide tax or legal advice. The information contained herein is general and is not exhaustive by nature. Federal and state laws are complex and constantly changing. Consult your own legal or tax professional for information concerning your individual situation.
Originally published in the October 2025 issue of Positively Haywood.