If you’re subject to RMDs, take them by the Dec. 31 deadline. (Read more about the latest rules for RMDs if you’re not sure.) IRA owners who are age 70 ½ or older should consider a qualified charitable distribution to their favorite charity – it will count toward any RMD.
When the world moves, we move with it.
Every year brings its own mix of headlines, surprisesand opportunities and 2025 was no exception. Markets rose and dipped.The future came into focus. The world kept turning. Andweturned with it, helping people stay on track even aslifearoundusmoved fast.
Of course, itwasn'talways straightforward. Economic signals weremixed,short-term events created uncertainty, and it took perspective to separate what truly mattered from passing noise.That'sexactly what financial planning is designed to do–a rapidly shifting landscape is when planningcanproveits worth.
Thoughtful, strategic planninghelpsmakeit possible tocapitalize on opportunitywhile staying grounded in long-term goals.Here,you’llfind the key trends and shifts that shaped the year–and what they may mean for your next steps.Be sure to bookmark the page:We’llbe updating it regularly with new insights.
The look
back
back
Key lessons
from 2025
from 2025
Diversificationis back: Why the 60/40 portfolio still works.
2025’scomeback kid has risen from the dead.
Social Security Fairness Act:
What It Means for Retirees
In January, the Social Security Fairness Act ended the Windfall Elimination Provision and Government Pension Offset, which had reduced oreliminatedSocial Security benefits fornearly3million peoplewho receive a pension based on work thatwasn’tsubject to Social Security payroll tax. (Most were teachers, firefighters, police officers and other public servants.)
As of July,$17billionin lump-sum back payments had been sent to beneficiaries as a result (retroactive to January 2024).And starting in April 2025, any impacted monthly Social Security payments were increased to reflect the repeal.
If you were already receiving a reduced benefit or if the benefit you applied for had been eliminated because of WEP or GPO, there was no action needed – you should have automatically received notifications and payments. But if you never applied for retirement benefits because of WEPor a spouse or survivor benefit because of GPO, you might need to file an application to get them started.
End-of-year planning to-dos: final reminder.
You and your advisor have likely addressed these items as part of your tax planning strategy. If any remain unfinished, be sure to complete them before Dec. 31.
Make final tax-advantaged contributions by the deadline (Dec.31 for employer plans andusually529s;April 15 for IRAsandHSAs). Ifyou’reage60-63,don’tforget about the new, higher “super catch-up contributions” that started this year. Note that payroll deductions for employer planslikely needto be updated by early December to maximize them.
If annual gifts are part of your tax strategy, make them by the Dec. 31 deadline. You can gift a maximum of $19,000 ($38,000 as a married couple) per recipient under the annual exclusion without reporting it or using any of your lifetime exemptions.
Make anyDAFor other charitable contributions (donating highly appreciated securities is especiallyadvantageous) by Dec.31 and consider bunching them if you want to get ahead of2026 changes.
If you plan to itemize because ofthe higher SALT limit, consider prepaying eligible state and local taxes.
Ifyou’llreceive thenew senior deduction,see if there areplanning opportunities around Social Security and retirement income.
The look
ahead
ahead
Trends we're
watching in 2026
watching in 2026
Looking ahead to 2026: key market lessons from a volatile 2025.
Investing is “risky business,” but you know how to handle it.
Important note for Qualified Charitable Distributions: Look for the new Code Y.
Remember!If you made a Qualified Charitable Distribution for 2025, you may see a new Code Y on your 1099-R tax form reporting the distribution as a QCD.(A QCD is a contribution made directly to a charity from your IRA, and the new Code Y will make it easier toidentifyQCDs on taxforms.)
However, financial institutionsaren'trequired to implement the code untilthe2026tax year.In fact,neitherCharles Schwab nor Fidelity will be adding this new code Y to their 2025 1099-R tax forms.
Whether or not your tax form includes the new Code Y, you should keep careful records of your QCDs and work with your tax preparer to ensure they are reported correctly on your tax return.
Watch for the end of expanded ACA subsidies.
Increased subsidies for health insurance under the Affordable Care Act are due to expire at the end of the year, unless extended by Congress.
In general, the enhanced subsidies allowed more people to qualify for them and made subsidies larger. Without them, monthly premiums for many people will increase, sometimes substantially. (Almost everyone with marketplace health coverage currently receives subsidies.) The Center for Budget and Policy Priorities, a nonpartisan research and policy institute, estimates that premiums will double on average.
Turn 'someday' into today.
Your goalsdon’thave to wait. Connect with an advisor to explorewhat’spossible and take concrete steps toward the futureyou’vebeen imagining.