Fall Money Moves Every Boomer Should Make Before Year-End
Written by
Kerra Bolton
Edited by
Jenna Klaverweiden
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Fall is the perfect time for boomers to fine-tune their finances before year-end deadlines close in. From required minimum distributions (RMDs) to charitable giving strategies, these smart moves can help lower taxes, boost retirement savings and prepare for coming changes to the tax code.
Acting now, rather than waiting until December, gives boomers the chance to make strategic, informed decisions that can strengthen their financial position heading into 2026.
Get Ahead on RMDs
Boomers who are 73 or older face strict RMD deadlines, and missing them can trigger steep penalties. Reviewing distribution amounts now ensures there’s enough time to correct mistakes and explore charitable giving options like qualified charitable distributions.
“Year-end is your last chance to align withdrawals with your recommended tax strategy,” said Patrick Patin, partner and portfolio manager at Great Lakes Private Wealth. “Required minimum distributions (RMDs) can significantly impact your annual strategies, so it is good to review these with your financial advisor.”
Boost Retirement Contributions
For boomers still working, catch-up contributions offer a powerful way to reduce taxable income and build retirement savings. Contributing before year-end helps maximize compounding and ensures no last-minute payroll hiccups.
“If you’re 50 or older, you’re eligible to contribute extra to retirement accounts,” said Michelle Taylor, a financial advisor at GFG Solutions. “For 2025, that means an additional $7,500 into a 401(k) and $1,000 into an IRA. Making these catch-up contributions before year-end helps boost savings and may reduce your taxable income.”
Maximize Charitable Giving
Charitable giving before Dec. 31 can reduce taxable income and help boomers support causes they care about. Fall is also a smart time to look at taxable accounts and plan strategic gifts.
“Fall is ideal for reviewing your taxable accounts,” Taylor said. “Consider tax-loss harvesting, selling losing investments to offset gains and charitable giving, such as donating appreciated stock or making qualified charitable distributions (QCDs) directly from your IRA. Both strategies reduce your taxable income and support causes you care about.”
Review Medicare Coverage
Medicare open enrollment runs from Oct. 15 to Dec. 7, giving boomers a crucial chance to review plan changes and avoid costly surprises in 2026.
“This is the time to review the new plan options that will provide medical coverage commencing Jan. 1 of the next year,” said Jeffrey Stouffer, a certified financial planner and financial expert at JustAnswer. “Here is where you can evaluate the choices and make elections. Expect changes, carriers may withdraw or change plans in the local market, new carriers may compete to offer this coverage.”
Update Estate Plans
Year-end is the perfect time to revisit wills, trusts and beneficiary designations, especially after major life changes.
Older boomers should review trustees, executors and power of attorney selections. Parents or siblings chosen years ago may no longer be the best fit, and fall family gatherings offer a natural time to discuss alternatives, said Scott Leonard, CFP, founder of Navigoe.
“Those can be great times to identify and discuss alternative representatives, often with people one spends holiday time with,” Leonard said. “And don’t forget about adult children as an option.”
Harvest Investment Losses and Rebalance
Year-end is a good time for investors to review their portfolios. Tax-loss harvesting can offset capital gains or even ordinary income, while rebalancing brings portfolios back to target allocations after years of market growth.
“With equities doing so well this year and in preceding years since 2020, a portfolio that has not been rebalanced could look drastically different than intended,” said Thomas Betros, a CFA and CFP professional at D’Arcangelo Financial Advisors. “For example, a 60% equity/40% fixed income portfolio established 5 years ago would now be close to a 75% equity/25% fixed income portfolio, if it was never rebalanced.”
This kind of drift can increase risk just as retirees begin withdrawing funds. Adjusting allocations and locking in tax losses before Dec. 31 can help keep portfolios balanced and taxes lower going into the new year.
More From GOBankingRates
