Fall offers several months to address financial tasks before year-end. Here are key items to add to your fall financial to-do list:
Search for Tax Bunching Opportunities
Fewer people itemize now, making traditional year-end deduction strategies less relevant. However, you can cluster deductions in one year to exceed the standard deduction threshold, then take the standard deduction the next year.
This works best with flexible expenses like charitable donations. Unreimbursed medical costs also qualify, but only exceed 10% of income thresholds. The standard deduction is often the better choice, depending on your total deductions.
Reap Your Losses
Sell investments showing paper losses to offset gains and reduce tax liability. If losses exceed gains, you can deduct up to $3,000 from ordinary income, with excess losses carried forward to future years.
Note: losses in IRAs and 401(k)s are not deductible. Use this strategy for taxable account assets.
Gather Your Gains
Complement tax-loss harvesting by selling investments at a gain if your income places you in the 10% or 12% tax bracket. You may qualify for a 0% long-term capital gains rate.
This strategy is underutilized because it primarily benefits lower-bracket earners. Note: larger gains may push you into a higher tax bracket, offsetting the benefit.
Know Your Benefits
Understand your employer benefits during open enrollment. Many people skip this step and miss valuable options like car insurance discounts and legal plans.
Research shows that 80% of employees don't read their benefits materials. Take time to review your full benefit package.
Use Automatic Contribution
Enroll in your employer's 401(k) or similar plan if available. Set up automatic contributions to route additional wages into investments. Be aware of contribution limits, which adjust annually (for 2026, the limit is $7,500 if you're under 50, or $8,500 if you're 50 and over).
Automatic investing has two key benefits: participants are less likely to notice the deduction, and they're less prone to behavioral investing mistakes that come from tinkering with strategies. Understanding Roth IRA contribution limits can also help you make smart choices about which retirement accounts to prioritize.
Downsize Your Memberships
Review your budget and cut rarely used services: gym memberships, apps, and subscriptions. Many have auto-renewal features that trap you into another year of unnecessary fees.
Check membership terms and opt out now if you won't use the service.
Do a Credit Review
Check your credit history and score at least annually. Security breaches make this increasingly critical.
Review credit card and bank statements for fraudulent transactions or errors. Set up account alerts for low balances or suspicious activity. Order free credit reports from Experian, Equifax, and TransUnion. There's no cost, and the benefit is significant.
Document Your Belongings
Create a record of your possessions to support insurance claims in case of fire, theft, or damage. This is simple: walk through your home with a camera and photograph or video each room.
For valuable items, note model numbers and keep purchase receipts. This small effort can significantly strengthen your insurance claims.
Take a Fresh Look at Your Estate Plan
Review your estate plan annually to verify beneficiary designations. Relationships change, and life events may require updates.
Check beneficiaries across trusts, wills, retirement accounts, and insurance policies. Update healthcare and financial powers of attorney if they're over one or two years old. Ensure all documents are current and legally valid.
As the year winds down, tackling these fall tasks now prevents year-end rush and positions you for success. Address financial goals while time allows. For those nearing retirement, fall is also a good time to review how your savings accounts will coordinate during retirement distribution planning.
