Only a few months remain in 2025, but this is more than enough time for savvy retirees to make all the right money moves to get their finances on track. From strategically shopping during Medicare Open Enrollment to preparing for tax season, retirees will find opportunities to save money and maximize their wealth in retirement before welcoming the new year.
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Take a look at 11 items retirees need to cross off their end-of-year checklists. Plus, explore 50 money moves to make before the end of 2025.
Get Strategic During the Medicare Open Enrollment Period
Medicare Open Enrollment kicks off Oct. 15 through Dec. 7. This is a great opportunity for retirees to shop for the right Medicare plan for their health and wellness needs as well as their budget.
While there are many available plans to choose from, Lisa Cummings, a licensed attorney at Cummings & Cummings Law, recommends retirees compare Medicare Advantage and Part D plans to better optimize their healthcare spending costs.
“Retirees should model the total cost of premiums, deductibles and drug tiers, and confirm their doctors are in the plan’s network instead of just focusing on the premium,” Cummings said. “This helps the retiree avoid the common mistake of choosing the lowest premium plan only to learn their doctor isn’t covered in the network or their drug or specialist costs are going to be even greater next year.”
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If Needed, Evaluate a Chronic Special Needs Plan (C-SNP)
Do you have diabetes or suffer from another chronic condition? You might qualify for a chronic special needs plan (C-SNP).
Whitney Stidom, vice president of consumer enablement at eHealth, told GOBankingRates these popular healthcare plans help lower prescription medication costs. They also provide additional benefits to their recipients like lifestyle programs for improving nutrition and exercise habits. Having this additional coverage, Stidom said, can improve the well-being of retirees and lower healthcare expenses.
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Re-evaluate How Your Retirement Income Is Working Together
Tom Buckingham, chief growth officer at Nassau Financial Group, recommends using the final months of the year to re-evaluate how your retirement income (including Social Security, investments, annuities and pensions) is working to support your lifestyle.
Likewise, it’s critical to consider your risk tolerance and long-term goals as you review these income streams.
Prepare a 2026 Cash Flow Summary
What do your projected income and expenses, as well as healthcare obligations, look like next year?
Cummings recommends preparing a cash flow summary for 2026 and aligning on these financial aspects now. Doing so means the retiree’s investment withdrawals, tax obligations and medical expenses will be timed to ensure one area doesn’t create an expected shortfall in another.
Review Required Minimum Distributions (RMDs)
Several financial professionals who spoke to GOBankingRates advised retirees age 73 or older in 2025 to review their required minimum distributions (RMDs).
If you don’t determine whether you need to take a distribution to satisfy your RMD and miss it instead, Patrick Marcinko — CFP and financial advisor at Bogart Wealth — said retirees will be on the receiving end of an expensive fine from the IRS.
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Meet With Your Tax Professional
Before tax season officially starts next year, set aside some time to meet with your tax professional now. You may be eligible for credits and deductions under the newly passed tax law.
In particular, Marcinko said retirees need to pay attention to the Senior Income Tax Deduction.
“Seniors ages 65 and older can claim an additional $6,000 deduction, but it’s important to monitor your income closely,” he said. “The IRS will begin to phase out this deduction if your income exceeds certain thresholds.”
Review Investments for Tax-Loss Harvesting Opportunities
According to Marcinko, retirees can use up to $3,000 of realized losses to offset ordinary income and reduce their tax bill. These losses also can be used to offset capital gains from other investments or carried forward to future tax years.
Review 401(k) and IRA Beneficiary Designations
For retirees utilizing trusts for estate planning purposes, Cummings recommends reviewing your 401(k) and IRA beneficiary designations before the year ends. Doing so helps ensure the beneficiary designation coordinates with trusts.
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Review Your 2025 Gifting Strategy
Give wealth to family members and loved ones ahead of the holiday season. Marcinko said donors can give up to $19,000 per recipient in 2025. This does not trigger gift tax or create complexities to your tax return.
Make Donations Through a Qualified Charitable Distribution (QCD)
Retirees over age 70 ½ who give to charity should consider making donations through a Qualified Charitable Distribution (QCD).
Marcinko said you can transfer funds directly from your IRA to a qualified charity tax-free with this strategy.
Reassess Your Financial Picture
Before heading into 2026, Buckingham said to reassess your overall financial picture to better meet your retirement goals.
He recommends consulting with a licensed insurance producer or a financial professional who can assist with timing your withdrawals and balancing tax implications, income needs and long-term goals.
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This article originally appeared on GOBankingRates.com: 11 Things Retirees Can Do for Their Finances Before the End of the Year
