Some people wait until December 31st to scramble through receipts, retirement balances, and tax folders. You’re not going to be one of those people. You’re here because you’d like year-end to feel less like a fire drill and more like a closing ceremony—you’ve done the prep, the numbers behave, and you can head into January without a paper trail chasing you.
Here’s your month-by-month guide as we head into the final quarter of the year.
September: Social Security, Estimates, and RMD Reality Checks
Social Security & Taxes
If you’re collecting Social Security, remember that it can affect your tax situation. Now’s the time to review your income, see how much of your Social Security might be taxable, and make adjustments if needed. Pay attention to quarterly estimates, and check in with your accountant or CPA to avoid surprises at tax time.
Required Minimum Distributions (RMDs)
If you’re 73 or older - or have an inherited IRA - your RMDs must be taken by December 31. Reviewing them now gives you time to decide whether to withdraw, reinvest, or even explore charitable strategies.
Beneficiary IRA Accounts
If you’ve inherited a retirement account, the rules can be complicated. September is a good month to double-check your withdrawal strategy so you stay compliant and avoid penalties.
October: Tax Prep and a Digital Fall Clean-Up
Start gathering your tax prep essentials. Don’t wait until January to find out you don’t have that one login or forgot where a statement is hiding. Check your accounts now and make sure you can access everything online. If you work with a tax pro, ask them what documents they’ll need. That way, you’re not scrambling when deadlines are looming.
Digital & Paper Clean-Up
You don’t need to keep every statement you’ve ever received. Keep what’s essential for tax prep and shred or delete the rest. Think of it as “fall cleaning” for your finances—out with the clutter, in with the clarity.
Check Your Year-End Strategy
Touch base with your advisor or accountant to confirm if any tax-loss harvesting, charitable contributions, or retirement contributions should be addressed before December.
November: Alternative Gifting & RMD Options
Explore Alternative Gifting Strategies
If gifting is part of your financial plan, November is a great time to think beyond traditional presents. You might consider contributing to a loved one’s 529 plan, helping with retirement savings, or gifting appreciated stock instead of cash.
Revisit Your RMD Options
Not sure what to do with your RMD? You don’t always have to take the distribution as cash. Some options include reinvesting the funds, contributing to a grandchild’s 529 plan, or even using a Qualified Charitable Distribution (QCD) if you’re eligible.
Holiday Prep - Financial Style
With family gatherings on the horizon, November is also a good time to revisit your beneficiary designations or share financial updates with loved ones who may be part of your long-term plan.
If September is about learning, October is about organizing, and November is about giving strategically, then December can actually be… calm. You’ll already be lined up, and your year-end won’t feel like an emergency rush.
Want a personalized year-end checklist? Let’s put one together based on your accounts and goals. As Cannonsburg, PA financial planners, we help individuals and families with their goals for the future while living in the present. Schedule a call today to get started.