A quick review now can help you avoid errors, prevent processing delays, and set yourself up for a smooth start to 2026. Consider this your simple, do these now guide.
1. Review Your Account Information
Small details make a big difference with retirement accounts. Before the rush of year end, take a moment to confirm that your information is current.
Check the following:
- Legal name, address, and contact information
- Email address and communication preferences
- Any Interested Parties listed on the account
- Entity information, if applicable
- Your current custodian records in general
Accurate information ensures your 1099 forms are issued correctly, prevents delays in processing, and keeps your account compliant. If you have moved, changed email addresses, or updated business details this year, now is the time to review everything.
2. Evaluate Your 2025 Contributions
Next, confirm whether you have made your IRA contributions for 2025.
A few points to review:
- How much you have contributed so far
- Whether the contribution should be Traditional or Roth
- Income limits that could impact deductibility or Roth eligibility
- Catch up contributions if you are age 50 or older
If you are skipping your 2025 contribution or unsure whether you will make one, it can be helpful to begin planning for 2026 now. Setting a contribution plan early in the year prevents last minute rushing and allows you to take advantage of new opportunities more quickly.
3. Review Your Investments and Any Pending Transactions
If you are a self directed investor, now is the time to look at any ongoing or upcoming transactions.
Before December 31:
- Make sure pending investments are submitted as early as possible
- Check your account balance and make sure you have sufficient funds
- Confirm that you have provided all required documents for purchases or expenses
- Review any deals that may require action before year end
Custodial processing times tend to slow down in December as volume increases. Submitting documents early helps you avoid delays and ensures transactions are completed within the current tax year. The most common delays come from missing signatures, incomplete supporting documents, or waiting too long to submit a time sensitive deal.
4. Check Your Beneficiary Designations
One of the most important and most overlooked tasks at year end is reviewing your beneficiary information.
Your beneficiary designation determines who receives the assets in your IRA and can have significant estate planning implications. Life changes like marriage, divorce, the birth of a child, or the passing of a family member may require updates.
Confirm that:
- Your primary and contingent beneficiaries are accurate
- Percentages are correct
- Contact information is up to date
Keeping this information current protects your heirs and ensures your wishes are honored.
5. Confirm Required Minimum Distributions
If you are at the age where Required Minimum Distributions apply, now is the time to verify that your RMD has been taken.
A few reminders:
- RMD rules apply to Traditional IRAs and certain employer plans
- Roth IRAs do not require RMDs
- Missing your RMD can result in significant penalties
- First time RMD owners may delay their initial distribution until April 1 of the following year, but doing so may result in having two RMDs in the same year
If you are unsure how much you need to withdraw or whether this rule applies to you, reviewing the calculation before the end of December is essential.
Final Notes
A small amount of proactive planning in December can save you from unnecessary stress and set you up for a more organized 2026. If you have questions or need help reviewing your account, our team is here to support you.