{"id":150,"date":"2025-10-10T05:07:48","date_gmt":"2025-10-10T05:07:48","guid":{"rendered":"https:\/\/whiteoakwealtherie.com\/ideas\/?p=150"},"modified":"2025-10-10T05:07:59","modified_gmt":"2025-10-10T05:07:59","slug":"financial-actions-to-take-before-year-end","status":"publish","type":"post","link":"https:\/\/whiteoakwealtherie.com\/ideas\/financial-actions-to-take-before-year-end\/","title":{"rendered":"5 Important Financial Actions to Take Before Year-End"},"content":{"rendered":"

By Michael Nedreski<\/span><\/i><\/p>\n

The past few years have been challenging for many, with worries about a possible recession and persistent inflation leaving people uncertain about what 2026 may bring.<\/span><\/p>\n

But <\/span>your personal finances<\/span><\/a> don\u2019t have to mirror that uncertainty. By taking intentional steps, you can regain control and set yourself up for a stronger financial future. Focus on these key end-of-year financial actions to make sure all your bases are covered before the New Year and start 2026 with confidence.<\/span><\/p>\n

1. Assess Your Emergency Fund<\/span><\/h2>\n

Now is the time to ensure you have enough money set aside in your emergency fund or create a plan to build this up over the next year. An adequate emergency fund should cover 3-6 months of necessary living expenses, including mortgage or rent, utilities, groceries, transportation, etc.\u00a0<\/span><\/p>\n

Recent <\/span>statistics from Bankrate.com<\/span><\/a> (1) suggest that Americans are still woefully short on emergency savings. With continued stock market uncertainty and a slowdown in the economy, some experts recommend keeping a little extra (maybe 6-7 months\u2019 worth of expenses) in savings.\u00a0 If you’re single or your sources of income are inconsistent (e.g., commission-based sales or seasonal income), consider saving at the higher end of this scale to feel confident you’re covered in the event of a job loss or reduction in pay.<\/span><\/p>\n

However much you save, be sure this money is held in a highly liquid account. It needs to be readily available and easily accessible, but it should also be in an account that offers a competitive interest rate so that you don\u2019t lose out on potential growth.<\/span><\/p>\n

2. Review Your Asset Allocation & Invest with Impact<\/span><\/h2>\n

The end of the year is also a great time to review your asset allocation strategy. Given the continued impact of market volatility and historic levels of inflation these past few years, it\u2019s crucial that you evaluate your investments and verify your portfolio is properly diversified.\u00a0<\/span><\/p>\n

It should also be tailored to your specific risk tolerance level, so you\u2019re earning enough returns to keep up with inflation but not overexposing yourself to excess risk beyond your comfort level and your stage in life.<\/span><\/p>\n

3. Consider Charitable Donations<\/span><\/h2>\n

Charitable donations are another option that can be reviewed as the year-end approaches. The holidays are a great time to give money and assets to your favorite non-profits, churches, and organizations.\u00a0<\/span><\/p>\n

Charitable donations can be used as part of your overall tax strategy, or as part of a comprehensive estate plan. Both options provide many potential benefits including supporting causes you care about, reducing your taxable income, and reducing your taxable estate.<\/span><\/p>\n

4. Use Up Your Employee Benefits<\/span><\/h2>\n

While every employee benefit plan has its own rules and regulations, many of them expire or reset at the end of the year. You worked hard for these perks, so be sure to use them before it\u2019s too late!<\/span><\/p>\n

Medical and Dental Benefits<\/span><\/h3>\n

Now\u2019s the time to take care of all your healthcare needs before your deductible resets. Dental plans in particular often have a maximum coverage amount. If you haven\u2019t used the full amount and anticipate any treatments, make it a priority to set an appointment before December 31st.<\/span><\/p>\n

Flexible Spending Account<\/span><\/h3>\n

Like your health insurance benefits, you\u2019ll want to use up as much of your FSA (flexible spending account) dollars as possible by the end of the year since you are only allowed to carry over <\/span>$660<\/span><\/a> (2) for the plan year-ending 2025. That being said, check the restrictions on your account to see what the money can and cannot be used for, and take care of any needs you may have as allowed by your plan.<\/span><\/p>\n

Sick and Vacation Time<\/span><\/h3>\n

Depending on your company, your sick or vacation time might expire at the end of the year. Check with your HR department to learn about any expiration dates. If it <\/span>does<\/span><\/i> expire, fit in a last-minute staycation or take some time off to work on projects you\u2019ve been putting off. If you need to make any trips to the doctor, schedule those appointments now to make use of paid-time-off benefits before you lose them.<\/span><\/p>\n

5. Revisit Your Plans and Policies<\/span><\/h2>\n

Lastly, take another look at your estate plan and <\/span>insurance coverage<\/span><\/a>. If you took the time and energy to create an estate plan, check it periodically to ensure all the documents are up to date and no major details have changed.\u00a0<\/span><\/p>\n

Your insurance needs may also change as the year goes by, so periodically review your coverages and designated beneficiaries to bring them up to date to reflect your current financial situation. For example, if you paid off debt, you may not need as much life <\/span>insurance coverage<\/span><\/a> since your family\u2019s liabilities have decreased. You might also want to evaluate your need for other types of insurance, such as long-term care or disability insurance.\u00a0<\/span><\/p>\n

Partner With a Professional to Tackle End-of-Year Financial Actions<\/span><\/h2>\n

At <\/span>White Oak Wealth Partners<\/span><\/a>, we\u2019re here to help you regain control of your finances and set a strong foundation for the year ahead. By focusing on key end-of-year financial actions, we can work together to make your 2026 financial goals a reality.<\/span><\/p>\n

Start the year confident and prepared by calling us today at 814-835-4551, emailing <\/span>MICHAEL.NEDRESKI@LPL.COM<\/span><\/a>, or <\/span>scheduling an appointment here<\/span><\/a>.<\/span><\/p>\n

About Michael<\/span><\/h3>\n

Michael Nedreski<\/span><\/a> is F<\/span>ounder & Independent Wealth Coach<\/span> at White Oak Wealth Partners, a specialized financial lifestyle and wealth management firm serving entrepreneurs, business owners, executives, and their families. Mike has 30-plus years of experience in the financial services industry and is committed to serving his clients through holistic financial planning, disciplined investment strategies, and proactive personal service.\u00a0<\/span><\/p>\n

A native of Erie, Pennsylvania, Mike began his career in the financial services industry in 1988. He has earned the Chartered Retirement Planning Counselor<\/span>SM<\/span> (CRPC\u00ae) designation conferred by College for Financial Planning (188-LPL). Mike is also an active member of the Financial Services Institute (FSI) and Financial Planning Association (FPA).<\/span><\/p>\n

When not working, Mike enjoys spending time with his wife, Amy, and their children. He volunteers in his community and at his church and his children\u2019s schools. An outdoors enthusiast, Mike loves hunting, fishing, golfing, and spending time near or on the water. He also enjoys working out and watching some of his favorite sports teams, the Pittsburgh Pirates and the Cleveland Browns. To learn more about Michael, connect with him on <\/span>LinkedIn<\/span><\/a>.<\/span><\/p>\n

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. Asset allocation does not ensure a profit or protect against a loss.<\/span><\/i><\/p>\n

___________________<\/p>\n

(1) Bankrate, Bankrate\u2019s 2025 Annual Emergency Savings Report, 2025, June 26<\/span><\/p>\n

(2) FSA Feds, New 2025 Maximum Limit Updates, 2024, November 7<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Still want to get your financial house in order this year? Here are 5 essential steps to take before 2026 arrives.<\/p>\n","protected":false},"author":2,"featured_media":151,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/whiteoakwealtherie.com\/ideas\/wp-json\/wp\/v2\/posts\/150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/whiteoakwealtherie.com\/ideas\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/whiteoakwealtherie.com\/ideas\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/whiteoakwealtherie.com\/ideas\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/whiteoakwealtherie.com\/ideas\/wp-json\/wp\/v2\/comments?post=150"}],"version-history":[{"count":1,"href":"https:\/\/whiteoakwealtherie.com\/ideas\/wp-json\/wp\/v2\/posts\/150\/revisions"}],"predecessor-version":[{"id":152,"href":"https:\/\/whiteoakwealtherie.com\/ideas\/wp-json\/wp\/v2\/posts\/150\/revisions\/152"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/whiteoakwealtherie.com\/ideas\/wp-json\/wp\/v2\/media\/151"}],"wp:attachment":[{"href":"https:\/\/whiteoakwealtherie.com\/ideas\/wp-json\/wp\/v2\/media?parent=150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/whiteoakwealtherie.com\/ideas\/wp-json\/wp\/v2\/categories?post=150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/whiteoakwealtherie.com\/ideas\/wp-json\/wp\/v2\/tags?post=150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}