As 2025 ends, clients may want to consider a number of tax-management strategies, including contributing to spousal IRAs, optimizing charitable giving and maximizing retirement contributions, writes Susie McLane of Summit Place. "Donating appreciated securities, rather than cash, can allow clients to avoid capital gains taxes while receiving a deduction for their charitable gift," McLane notes.

The IRS has announced increased retirement contribution limits for 2026, allowing workers to contribute up to $24,500 to 401(k) plans and $7,500 to IRAs. Those aged 50 and older can contribute up to $32,500 to a 401(k) and $8,600 to an IRA. However, high earners will be required to direct catch-up contributions to Roth 401(k) accounts in 2026.

Uncertainty around Federal Reserve policy has intensified as a lack of key economic data has forced officials into a holding pattern. Fed Chair Jerome Powell compared the current climate to "driving in the fog," signaling a possible slowdown or pause in rate cuts until more information emerges.

Financial advisors play a crucial role in supporting families with special needs, who often face higher medical expenses, as well as home modification and caregiving costs. Advisors should be knowledgeable about public benefits, such as Medicaid, and guide families in planning for long-term needs, including housing and guardianship. Experts emphasize the importance of simplifying financial complexities and being accessible, while highlighting the benefits of Achieving a Better Life Experience accounts and special needs trusts.

In some cases, psychological hurdles may stop higher-net-worth individuals from spending as much as they could in retirement, potentially inhibiting their lifestyle goals. "Permanent life insurance can help solve this 'permission to spend' dilemma by acting as a financial backstop," writes Gabe Schulman of Lenox Advisors.

People in their 30s and 40s have several key financial planning tasks to accomplish, including managing debt and beginning the estate planning process. Acquiring life and disability insurance is another critical task to ensure that family members are taken care of in case of an unexpected event, writes Roger Wohlner.

Vanguard's "How America Retires" report analyzes retirement plan data and 401(k) trends, offering insights into Americans' retirement planning behaviors. The report emphasizes the importance of converting savings into income, noting that over 100 million Americans are covered by defined-contribution plans with $12 trillion in assets.