5 Financial Planning Opportunities to Consider Before 2026

Key Points – 5 Financial Planning Opportunities to Consider Before 2026

October Is National Financial Planning Month
Looking at Current and Future Tax Rates
How Estate Planning and Tax Planning Are Intertwined in the Financial Planning Process
There Are a Lot of Financial Planning Opportunities You Don’t Want to Miss Outside of Your Investments
5-Minute Read

October Is National Financial Planning Month

October marks the beginning of the fourth quarter for 2025. Are you on track to reach your financial goals for the year? If not, what action(s) do you need to take to regain confidence in your financial situation? October also happens to be National Financial Planning Month.₁ We’re going to celebrate by reviewing five financial planning opportunities that we don’t want you to miss.₁

Adjust Your Investment Strategy to Support Your Goals
Tax Bracket Management
Review Your Insurance Coverage
Have a Plan for After You’re Gone
Work with a Team of Wealth Management Professionals

5 Financial Planning Opportunities You Don’t Want to Miss

Financial Planning Opportunity No. 1: Adjust Your Investment Strategy to Support Your Goals

It’s important to assess your asset allocation as you’re approaching retirement and during retirement. The markets have certainly been on a bumpy ride in 2025, but they have ultimately been resilient as of late — even with the headwinds of tariffs and significant governmental policy and law changes.

We are seeing many stock market valuations come back at all-time highs. As a result of these elevated values, there is a likelihood of significant volatility within a portfolio. High volatility is more easily tolerated while you’re still receiving a paycheck, but when you’re taking withdraws in retirement, it can be difficult to rebound when funds are withdrawn on a down swing.

Marrying Your Investment Plan with Your Financial Plan

It is important to understand the scope of the risk you’re taking within your portfolio to achieve a desired return compared to the risk warranted return that your plan mathematically requires to achieve the life you want.

Financial Planning Opportunity No. 2: Tax Bracket Management

Along with being diversified from a stocks and bonds perspective, it’s important to be diversified from a tax allocation perspective as well. There are three categories of accounts you can have:

Taxed dollars (i.e. brokerage type accounts) that require additional taxes paid on interest, dividends, and recognized growth.
Tax-deferred savings in traditional savings or qualified accounts that are taxed at ordinary tax rates when withdrawn or converted to Roth.
After-tax Roth savings that can grow tax-free. The goal of tax planning in retirement is to understand your future multi-year tax liability and try to smooth out the taxes paid over your lifetime.

Also, you need to understand the relationship of taxes from different account types. Ask yourself the following questions and think about how taxation can factor into each question.

How do you desire for dollars to transfer to your loved ones?
What years might you have a greater financial need for the things you want or need?
How much do you intend to give to charity on an annual basis?
How will deductions (i.e. even the new Enhanced Senior Deduction) factor into your tax return now and into the future?

Roth Conversion Decisions

Many people who are approaching or in retirement need to be focused on maximizing the tax bracket they’re in. If you’re currently in a lower tax bracket now than you anticipate being in in the future, it may make sense to do Roth conversions. While you’re required to pay tax on the amount you convert in the year of the conversion, the earnings grow tax-free and distributions are penalty-free and tax-free following the conversion under certain conditions.

However, prior to doing Roth conversions, it’s also important to be cognizant of tax triggers within the tax code, such as IRMAA thresholds, various income limit phaseouts, deductions, etc. We find ourselves in a low-tax rate environment today, but that could change in the future.

QCDs

Qualified Charitable Distributions are a way to give to a cherished 501(c)(3)s that negate taxation for the giver or the recipient. If you are 70½ or older, you can donate up to $105,000 a year directly from an IRA to qualified charities without it showing up on your tax return. QCDs can also help reduce Required Minimum Distributions.

Bunching Charitable Contributions

Another thing to keep in mind when it comes to charitable giving is bunching your contributions. Bunching charitable contributions into a single year to the level of itemizing deductions is a way to create room for a desired Roth conversion.

Financial Planning Opportunity No. 3: Review Your Insurance Coverage

What’s your plan for health insurance before and after 65?

Individuals who plan to retire prior to Medicare eligibility — which is typically age 65 except those who have end-stage renal disease, ALS, or a qualifying disability — should prepare for health insurance coverage prior to 65.

Beginning in 2026, the subsidies granted to those on the Affordable Care Act Exchange change drastically. Only those that find themselves under the Federal Poverty Level will continue to find aid.

If you currently find yourself with a high-deductible healthcare plan that allows for Health Savings Account savings, it may be right to maximize your savings to it. Currently, Health Savings Account funds can be used towards COBRA continuation or for base Medicare costs. Additionally, if you keep your out-of-pocket receipts from over the years, you can cash them in after the fact.

What Other Insurance Coverage Do You (and Your Spouse, If You’re Married) Need?

It’s critical to plan for health insurance, but think about what other insurance coverage you might need as well. Along with property and casualty insurance, there are various life insurance policies to consider. Long-term care insurance and disability insurance are also key items to consider. If you have a financial plan, stress test it for a potential long-term care event to determine if you should self-insure and/or look at the many things available to help cover the cost. When it comes to long-term care insurance, it’s really not about you. It’s about making sure that your spouse, children, and other loved ones will be OK if something happens to you.

Financial Planning Opportunity No. 4: Have a Plan for After You’re Gone

This is more important than ever with the different legislation imposed over the past five years. Prior to the SECURE Act, most designated beneficiaries of qualified retirement accounts could stretch out withdrawals over their lifetime. The SECURE Act implemented a 10-year rule for most non-spouse beneficiaries to empty the account by December 31 of the 10th year after the account owner’s death.

Additionally, annual RMDs may be required within the 10-year period as well. Don’t let RMDs catch you and/or your beneficiaries off guard. If it’s important to you to leave a lasting legacy, start planning sooner rather than later so that wealth transfer takes place in a tax-aware manner.

Properly Structure Your Estate Documents

Along with reviewing your beneficiaries on your retirement accounts and having a multi-year tax strategy, make sure that your estate documents are properly structured and up to date. If you don’t have an estate plan, we recommend starting with the following documents.

Last Will and Testament
Revocable Living Trust
Beneficiary Designations
Advance Healthcare Directive: Living Will and Medical Power of Attorney
Financial Power of Attorney

Financial Planning Opportunity No. 5: Work with a Team of Wealth Management Professionals

You may have noticed in the four financial planning opportunities that we’ve covered that there were multiple financial planning opportunities mentioned within each one. And there were many more that we could have mentioned. The bottom line is that there are many financial planning opportunities that are available to you, but so many of them can be missed just by not being aware of them.

We Want to Give You the Modern Wealth Advantage

There are a lot of moving parts with building a comprehensive financial plan that’s tailored to an individual’s unique goals. That’s why we’ve built a team of wealth management professionals here at Modern Wealth rather than putting all the responsibility squarely on the advisor and the client. Our advisors are supported by specialists in tax, estate, insurance, and investments to help deliver what we like to call the Modern Wealth Advantage to our clients.

To learn more about what the Modern Wealth Advantage entails and to uncover what financial planning opportunities are available to you, start a conversation with our team below. We look forward to helping you enjoy the life you want to live today and prepare for tomorrow, all while connecting with the people and causes that mean the most to you.

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[1] https://www.nationaldaycalendar.com/october/financial-planning-month-october

Investment advisory services offered through Modern Wealth Management, Inc., a Registered Investment Adviser.

The views expressed represent the opinion of Modern Wealth Management a Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.