A new year is a good time to review the key areas that keep your financial plan on track. The nine topics below, from tax preparation to Medicare, are core elements of a comprehensive plan. A brief check-in can be helpful, especially if your circumstances have changed. EP Wealth clients may contact their advisor at any time, and prospective clients can click here to speak with an advisor.
Gather last year’s forms and records:
The deadline to make 2025 Traditional, Nondeductible, and Roth IRA contributions is April 15, 2026.
SEP IRAs, Solo 401(k)s, and defined benefit plan contributions can generally be made up to your 2025 tax-filing deadline in 2026, including extensions.
For the 2025 tax year, the combined Traditional and Roth IRA contribution limit is $7,000, plus a $1,000 catch-up for those age 50 or older. For 2026, the limit increases to $7,500, with a $1,100 catch-up.
SEP IRA contributions for 2025 are limited to the lesser of 25% of compensation or $70,000, increasing to $72,000 for 2026. SEP IRAs do not allow catch-up contributions.
Solo 401(k) contributions follow standard 401(k) limits. In 2026, employee deferrals are capped at $24,500, with an $8,000 catch-up for those age 50 or older, subject to overall plan limits.
Confirm income eligibility, applicable phase-out ranges, and contribution limits with your tax professional.
With 2025 complete, reviewing last year’s spending can help clarify where your money is going and identify opportunities to adjust.
Everyday spending is only one part of your financial picture. Larger goals, such as home projects, real estate, travel, or financial support for children or grandchildren, often require advance planning.
If you expect a major purchase in the next year or two, outline the timing, estimated cost, and funding source. Also consider which accounts to use and how the purchase may affect liquidity, taxes, and your investment strategy. Incorporating these decisions into your overall plan can help keep long-term priorities on track.
Charitable giving can be an effective way to support causes you care about while managing taxes.
If you are enrolled in a Medicare Advantage plan, also known as Medicare Part C, the Medicare Advantage Open Enrollment Period runs from January 1 through March 31. During this window, you may make certain changes to your coverage. This period is separate from the Medicare Annual Election Period, which takes place each fall.
This is an appropriate time to review whether your current plan continues to meet your healthcare needs. Changes made during this period generally become effective on the first day of the month following the change. EP Wealth Advisors has partnered with Chapter to offer Medicare guidance consistent with our fiduciary approach. At no additional cost, clients may schedule a 30-minute review with a Chapter Medicare specialist. Please contact your advisor if you would like to arrange a Medicare review.
The beginning of the year is an appropriate time to review retirement and health-related savings elections, particularly as several contribution limits increase for 2026.
For employer-sponsored retirement plans such as 401(k)s and 403(b)s, the employee contribution limit rises to $24,500 for 2026. Individuals age 50 or older may contribute an additional $8,000. Those between ages 60 and 63 may be eligible for a higher “super catch-up” contribution of up to $11,250, subject to plan rules.
Contribution limits for Traditional and Roth IRAs also increase in 2026. The annual limit is $7,500, with an additional $1,100 permitted for individuals age 50 or older.
Health Savings Account limits increase modestly. The individual contribution limit is $4,400, while the family limit rises to $8,750. The catch-up contribution for individuals age 55 and older remains $1,000.
The Flexible Spending Account contribution limit increases to $3,400 for 2026.
Revisiting these elections early in the year can help ensure that contribution levels remain aligned with your goals, cash flow, and tax considerations. If the optimal mix of accounts or contribution amounts is unclear, an advisor can help evaluate the alternatives and integrate them into your broader planning strategy.
If you are age 73 or older, be sure to take your required minimum distributions from applicable retirement accounts to avoid potential penalties. Distributions may be taken periodically throughout the year or as a single withdrawal before year-end.
Confirm that you have paid sufficient taxes through payroll or retirement account withholdings and, if applicable, through estimated tax payments. Staying current can help reduce the risk of underpayment penalties.
EP Wealth wishes you a successful and financially productive year ahead. If you have questions or would like assistance reviewing your financial planning strategies, our team is available to help.
Call or contact us at EP Wealth and start the conversation.
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