As the end of the year approaches, it’s smart to take stock of your finances and prepare for what’s ahead. With recent tax law changes, shifting market conditions, and continued uncertainty regarding inflation, your financial strategy deserves a second look—especially before the calendar turns over.

This checklist, prepared by the independent retirement advisors at 1st Choice Financial Services, Inc., is designed to support thoughtful year-end planning. As your trusted resource for retirement planning in Pennsylvania, our Camp Hill-based team works with clients across Harrisburg, Hershey, Halifax, Lancaster, Lebanon, Enola, Mechanicsburg, and beyond. We understand the questions that come up at year-end, and we’re here to help you feel ready—without the stress.

Whether you’re newly retired or already several years into this phase of life, this checklist will guide you in identifying potential adjustments for 2025 and help position your finances for a stronger 2026.

The Year-End Wealth Management Checklist

Review Your Investment Portfolio

1. Assess performance: Review how your investments have performed this year. Are your assets still aligned with your goals, timeline, and risk tolerance? If not, it may be time for some adjustments.

2. Rebalance your assets: You may be able to rebalance your portfolio to maintain your target asset allocation. Markets fluctuate throughout the year, and rebalancing helps bring things back in line with your original strategy.

3. Consider tax-loss harvesting: This strategy allows you to sell underperforming assets to help offset taxable capital gains. It’s often best reviewed alongside an experienced advisor for wealth management in Harrisburg who understands the implications on your overall tax plan.

Social Security and Retirement Income

1. Review your Social Security benefits: If you’re already receiving benefits, review your COLA increase for the upcoming year to understand how your income may change. If you haven’t claimed yet, log in to SSA.gov to check your earnings history and estimate future benefits.

2. Evaluate your withdrawal strategy: Are you withdrawing the right amount from your retirement accounts? It’s good to revisit your approach, especially if your needs, goals, or tax situation have changed this year.

3. Adjust income if needed: If your specific retirement plan allows, you might consider changing your income stream for next year to help manage taxes or better reflect your spending patterns.

Taxes and Estate Planning

1. Required Minimum Distributions (RMDs): If you’re age 73 or older, confirm that you’ve taken your RMDs from applicable retirement accounts such as traditional IRAs or 401(k)s. Missing the deadline can lead to significant penalties.

2. Charitable giving opportunities: If you’re looking to support a cause and reduce taxable income, a Qualified Charitable Distribution (QCD) may be available to you. This option allows those aged 70 1⁄2 or older to transfer up to $100,000 directly from an IRA to a qualified charity, helping to satisfy RMDs while potentially lowering your taxable income.

3. Review estate documents: The end of the year is an excellent time to review and update your will, trust, powers of attorney, healthcare directives, and beneficiary designations. Life changes such as marriage, divorce, the birth of a grandchild, or the loss of a loved one can affect your estate plan. Make sure everything reflects your current wishes.

Healthcare and Insurance

1. Medicare review: The Medicare Annual Enrollment Period (October 15 to December 7) offers an opportunity to evaluate your healthcare coverage. Compare Part D prescription drug plans, Medicare Advantage plans, or supplemental coverage to see if your current choices still meet your needs.

2. Evaluate long-term care needs: Nursing care or home health care can be among the largest expenses in retirement. If you haven’t already, consider whether long-term care insurance or another funding strategy fits into your retirement plan.

3. Life insurance check-in: Review your life insurance policies to verify that coverage levels remain appropriate and that beneficiaries are correctly listed. This is especially important if your family dynamics or financial responsibilities have changed.

The Value of a Retirement Planning Specialist in Central Pennsylvania

Why Professional Guidance Matters

Managing your wealth alone can be time-consuming and stressful, especially when rules around taxes, RMDs, and retirement income strategies continue to change. Working with an independent retirement advisor in Harrisburg, PA, can offer substantial value. A professional can help you identify opportunities, uncover risks, and avoid costly missteps as the calendar turns.

At 1st Choice Financial Services, we take a personalized approach to serving our clients. We don’t use one-size-fits-all plans. Instead, we help each client build a strategy that matches their goals, lifestyle, and financial situation.

Deep Local Knowledge

When it comes to retirement planning in Pennsylvania, location matters. Our team understands the regional tax environment, cost of living, and community-specific concerns that impact retirees in Harrisburg, Hershey, Halifax, Enola, Mechanicsburg, Lancaster, and Lebanon.

Whether you’re evaluating property tax implications or reviewing your income streams, it helps to work with someone who understands Central Pennsylvania inside and out.

Tailored Advice, Year After Year

As skilled retirement specialists in Central Pennsylvania, 1st Choice Financial Services, Inc., an independent advisor firm headquartered in Camp Hill, provides comprehensive financial solutions to support your long-term financial well-being.

Build a Wealth Management Plan That Works for Retirement—And Beyond

Wealth management isn’t just for the ultra-wealthy. In fact, it may be most valuable for those who have steadily built savings for retirement and want those resources to last. At 1st Choice, we work with retirees across Central Pennsylvania to create thoughtful, flexible strategies that align with both your financial security and lifestyle goals.

Our wealth management approach brings together investment guidance, tax strategies, retirement income planning, estate considerations, insurance review, and more—designed to reflect your personal goals. As an independent practice, we don’t answer to a brokerage or bank. That means we recommend only what we believe will support your financial well-being in today’s economy and tomorrow’s.

We also believe trust comes from transparency. No hidden agendas. No cookie-cutter portfolios. Just a team that’s focused on your best interests, every step of the way.

If you’re ready to revisit your strategy for the year ahead, we’re here to help.

Schedule a no-obligation consultation today and start 2026 with more confidence.

Investment advisory services offered through Foundations Investment Advisors, LLC (“Foundations”), an SEC registered investment adviser. The views, statements and opinions expressed herein are those of the  1st Choice Financial, and not necessarily of Foundations or their affiliates.  The content provided is for educational purposes only and the views reflected are subject to change at any time without notice.  A Qualified Charitable Distribution (“QCD”) is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (“RMDs”) for the year, as long as certain rules are met. Some charities may not qualify for QCDs.  First consult your tax advisor or the charity for its applicability. Tax loss harvesting is a strategy that may help minimize the amount of current taxes you have to pay on your investments by choosing to sell an investment at a loss.  It is only appropriate for certain taxpayers in certain scenarios.  Please review your retirement savings, tax and legacy planning strategies with your legal/tax advisor before attempting a tax loss harvesting strategy.  No investment, tax or legal advice provided.  Always consult with a professional.

Foundations deems reliable any statistical data or information obtained from third party sources that is included in this article,  but in no way guarantees its accuracy or completeness.