Year-End Financial Housekeeping: A Quick Checklist Before 2026 Arrives
This one is important, so I’ll say it right up front: If your financial advisor isn’t proactively talking to you about these items, it may be time to reach out to me for a free conversation to make sure nothing slips through the cracks.
As we wrap up the year and look ahead to 2026, here are the key planning items physicians should review, plus a few early-2026 reminders that often get missed.
• Use-It-or-Lose-It: FSA Balances
Most Flexible Spending Accounts (FSAs) allow a small rollover into the next year, but not all. Many employers stick to strict “use it by December 31 or lose it” rules.
Action: If you have a remaining balance and aren’t sure about your plan’s rules, check with your HR or benefits team now so you don’t accidentally forfeit money you’ve already earned. Even small balances add up this time of year.
• Retirement Plan Contribution Limits for 2026 Are Out
The IRS has released the new 401(k), 403(b), and 457 contribution limits for 2026, and they’ve increased once more.
Since this coincides with open enrollment season for many physicians, it’s a smart moment to confirm with HR that your salary deferrals are set correctly for January, especially if you intend to fully fund your plan or maximize matching opportunities.
A quick review now can help avoid missed contributions later.
• HSA Contribution Limits Increased Too
If you're eligible for a Health Savings Account (HSA), the allowable annual contribution is rising for 2026. HSAs remain one of the most tax-efficient tools available particularly for physicians who value flexibility, tax advantages, and long-term planning options.
Even if you’ve been contributing regularly, it’s worth double-checking whether your automated contributions need to be adjusted for the new year.
• New Rule: The Age-50 Catch-Up Goes Roth for High-Income Earners
Beginning next year, age-50 catch-up contributions will be required to go into the Roth side of your retirement plan for anyone classified as a high-income earner.
Early guidance suggests the threshold will be $150,000 of income for next year (not this year). Final details are still being clarified, but the direction is clear:
Plan for your catch-up contributions to go into Roth and for this shift to potentially increase your taxable income.
If you’re close to the threshold or unsure how this affects your strategy, now is a good time to map out what next year will look like.
• The Extra "Super-Duper" Catch-Up (Age 60–63) Remains Unchanged
No updates here, the expanded catch-up contribution window for ages 60 to 63 remains in place. Still, it’s worth confirming whether it fits into your long-term retirement plan, especially as tax laws continue to evolve.
• Quarterly Tax Payments: January 15, 2026
If you make quarterly estimated tax payments, your next one is due January 15, 2026.
The IRS gives us December off. I like to think it’s so we spend more during the holidays to support the economy…but that’s just my personal theory.
Either way, mark your calendar now so January doesn’t sneak up on you.
If your current advisor isn’t helping you navigate this… let’s talk.
These rules matter, especially for physicians. Unfortunately, said rules also shift more often than most people realize. If you’re reading this and thinking, “I haven’t heard any of this from my advisor,” then this is a good moment to schedule a free conversation.
I’m here to help you enter the new year with clarity, confidence, and a plan that works for you, not against you.