32 Financial Planning Strategies to Kickstart 2026
The start of a new year is a great time to take stock of your finances and make plans for the future. If you're not sure where to start, here are 32 key issues to consider in 2026.
Personal
1. Review your progress. Take a look at your goals from last year and see how far you've come. This will help you identify areas where you need to make adjustments.
2. Set new goals. If you didn't have any goals last year, or if your goals have changed, now is the time to set new ones. The best goals are SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.
3. Life events. Think about any major life events coming up for you or your immediate family this year, such as a move, marriage, higher education, job change, retirement, or health-related issues. These events can have a big impact on your finances, so it's important to plan for them in advance.
4. Plan for important milestones. Will you or any family members reach a milestone birthday this year? Turning 50, 55, 59½, 60, 62, 63, 65, 67, 70, 70½, 73, or 75 each come with meaningful financial planning opportunities. If so, make sure you know what's available to you.
Cash Flow
5. Review your income and expenses. Will your household income or expenses change this year? Track your income and expenses for a month to get a clear picture of where your money is going. This will help you identify areas where you can cut back or save more.
6. Adjust your budget. Once you know where your money is going, adjust your budget to make sure you're living within your means and saving toward your goals.
7. Maximize retirement savings. Are you contributing the maximum to your Individual Retirement Account (IRA), Roth IRA, or workplace plan? In 2026, the 401(k) contribution limit is $24,500, or $32,500 if you're age 50 to 59 or 64 and older, or $35,750 if you're between ages 60 and 63 thanks to the SECURE 2.0 super catch-up. The IRA limit is $7,500, or $8,600 if you're 50 or older. Make sure you're also capturing any employer matching contributions.
8. Health Savings Accounts (HSAs). Do you have a high-deductible health plan at work? If so, you may be eligible to fund an HSA. HSAs are triple tax-advantaged: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are tax-free. In 2026, the contribution limits are $4,400 for individual coverage and $8,750 for family coverage, with an extra $1,000 catch-up if you're 55 or older.
9. Flexible Spending Accounts (FSAs). Do you have money left in your FSA from last year? If so, spend those funds before any grace period expires or you will lose them.
10. Required Minimum Distributions (RMDs). Are you required to withdraw money from your retirement accounts this year? RMDs begin at age 73 if you were born before 1960, and age 75 if born in 1960 or later. If you're charitably inclined and over age 70½, consider a Qualified Charitable Distribution (QCD) to satisfy your annual RMD without paying income tax on the withdrawal.
Assets and Debt
11. Review your investments. Take a look at your investment portfolio and make sure it's still aligned with your risk tolerance and goals. Does your current allocation still make sense given where you are in your timeline to retirement?
12. Rebalance your portfolio. If your asset allocation has drifted from your target, rebalance to bring it back in line. Be sure to consider tax consequences before rebalancing, and hold tax-efficient investments in taxable accounts and tax-inefficient ones in tax-advantaged accounts.
13. Check your emergency fund. Is your rainy day fund adequately funded and earning a competitive interest rate? Cash should be working for you. If you're not earning much, consider a high-yield savings account, money market account, or Certificate of Deposit (CD).
14. Pay down debt. Do you have high-interest debt you want to tackle this year? Prioritize those debts first. If you're co-signing any loans, check in with the other parties to confirm payment history and current status.
15. Borrowing. Might you need to borrow money this year? If so, understand your options and how they would affect your overall financial plan.
16. Credit. Have you reviewed your credit report and score lately? You're entitled to free reports from each of the three major bureaus annually at annualcreditreport.com. Consider freezing your credit if you're not actively borrowing.
Insurance
17. Health. Do you expect any changes in your health or medical needs this year? Review your health insurance coverage to make sure it still fits your situation.
18. Life. Is your life insurance coverage still sufficient for your current obligations and goals? If your kids are grown and your mortgage is paid off, you may need less. If you have a spouse who depends on your income, you may need more.
19. Disability. Nearly 1 in 5 Americans will become disabled for a year or more before they turn 65. Do you have enough disability insurance to replace a meaningful portion of your income if you're unable to work?
20. Long-term care. Medicare does not cover care in nursing homes, assisted living facilities, or most in-home care. If you don't have a plan for long-term care expenses, now is a good time to explore your options, including long-term care insurance or hybrid life and long-term care policies.
21. Property. Have you made improvements to your home or acquired valuable items this year? Update your homeowners or renters insurance accordingly so you're not underinsured.
Taxes
22. Gather your tax documents. Start organizing your documents for filing your 2025 tax return. W-2s, 1099s, and other forms typically arrive by late January or early February.
23. Prior year IRA contributions. Did you miss making an IRA or Roth IRA contribution for 2025? You have until Tax Day, typically April 15, to contribute for the prior year.
24. Roth conversions. Would a Roth conversion reduce your lifetime tax bill? If you're in a lower income year, recently retired, or in the window between retirement and the start of Required Minimum Distributions, 2026 may be a good year to convert some traditional IRA or 401(k) dollars to Roth. For a full breakdown of this strategy, see our post on Roth conversion strategy for pre-retirees.
25. Capital gains planning. Do you own investments in taxable accounts that might generate capital gains this year? Review your portfolio for opportunities to harvest losses, realize gains in low-income years, or reposition holdings for better long-term tax efficiency.
26. Tax loss or gain harvesting. Do you have unrealized gains or losses in taxable accounts you can use to your advantage? Tax loss harvesting can offset gains elsewhere, and in low-income years, realizing long-term gains at the 0% capital gains rate can be a powerful strategy.
27. New tax laws. Are there any new tax laws or changes that might affect your plan in 2026? A few worth understanding this year: the new senior deduction for taxpayers 65 and older worth up to $6,000 per person, the SECURE 2.0 super catch-up for ages 60 to 63, and the Roth catch-up requirement for high earners. See our guide on how retirement income is taxed in 2026 for the full picture.
Legal and Estate
28. Estate plan. Do you have a will, trust, power of attorney, and healthcare directive in place? If not, this year is a great time to get them done. If you do have an estate plan, when was the last time you reviewed it? Life changes, tax laws change, and your plan should keep up.
29. Beneficiary designations. Review the beneficiary designations on your retirement accounts, life insurance policies, and any transfer-on-death accounts. These designations override your will, so making sure they're up to date is critical, especially after a marriage, divorce, or the death of a named beneficiary.
30. Asset titling. Review how your assets are titled and owned. Improper titling can cause assets to go through probate unnecessarily or pass to unintended heirs.
31. Fiduciary roles. Are you serving as a trustee, executor, or fiduciary for any accounts or trusts? Review your duties and make sure you're fulfilling them properly. If you are an executor or trustee of an irrevocable trust, consider whether a distribution and election under the 65-day rule would be prudent.
32. Business changes. If you own a business, are there any upcoming changes you need to plan for? Succession planning, buy-sell agreements, and entity structure reviews are all worth revisiting annually.
In Closing
By working through these questions at the start of the year, you give yourself a clear picture of where you stand and a roadmap for the months ahead. You don't need to tackle everything at once. Even addressing five or six of these items thoughtfully can have a meaningful impact on your financial health over time.
If you'd like help working through any of these with a plan tailored to your situation, we'd be glad to help.
To your Atomic Retirement,
Ryan Kilkenny
P.S. If you have a question or would like help planning for retirement, you can schedule an appointment here.
Atomic Planning is a veteran-owned registered investment advisor. This content is for informational purposes only and is not personalized tax or investment advice.
