5 Financial Moves to Make This Fall

Andrew Weber is senior director of Planning Philosophy, Research and Guidance at Northwestern Mutual.

Fall brings a shift in routines—back-to-school energy, cooler days, and a natural moment to pause and take stock. It’s also the ideal time for a financial reset. Before the year ends, several deadlines and opportunities will expire. A fall check-in gives you the runway to act while there’s still time and prevents a last-minute scramble in December.

This article walks you through five categories of money moves: open enrollment and benefit selections, portfolio management and tax preparations, retirement planning and distributions, seasonal and holiday budgeting, and general financial housekeeping. By the time you finish, you’ll have a clear plan for what to do next.

1. Make your open enrollment and benefit selections

Open enrollment is the limited window each year when you can make changes to your health, dental, and vision coverage without a qualifying life event. For most workplace benefits, it falls between October and December, while Medicare open enrollment runs from October 15 to December 7. Missing this window typically means waiting a full year to make changes, so it’s worth reviewing your options early.

How to choose the right health plan

Selecting a health plan can be overwhelming with so many options to consider, but try to look beyond just the monthly premium. Compare out-of-pocket costs like deductibles, copays, and coinsurance, and check whether your preferred doctors and prescriptions are in-network. If you’re eligible, consider whether a health savings account (HSA) or flexible spending account (FSA) fits your needs—understanding the difference between an FSA and HSA can help you decide. This is also the time to evaluate dental and vision coverage.

Don’t overlook life and disability insurance through work

Open enrollment is also the moment to review employer-sponsored life insurance and disability insurance. Employer-provided coverage is often a multiple of your salary, but it may not be enough to fully protect your family. Consider whether supplemental coverage makes sense, and take a look at other workplace benefits that may be adjustable at this time, such as retirement contribution rates or other perks.

2. Check that your portfolio and tax preparations are on track

Fall is the time to review your investment portfolio and make tax-efficient moves before the tax year ends on December 31. These strategies can help you stay on track, but they come with rules worth understanding to make the most of your investments before the deadline.

Tax-loss harvesting and portfolio rebalancing

If you sold shares for a profit earlier in the year, now is the time to consider how this could affect the taxes you owe. Tax-loss harvesting is a strategy that lets you offset capital gains by selling investments at a loss before year end. The IRS allows you to deduct up to $3,000 of net capital losses against ordinary income each year, with any remaining losses carried forward to future years. Portfolio rebalancing, meanwhile, helps you maintain your target asset allocation as markets shift by selling assets in some categories, purchasing more in others, or doing a combination. Both moves are subject to IRS wash-sale rules (preventing you from selling the same investment for a loss in a 30-day period) and tax considerations, so they’re best made with guidance from your financial advisor or a tax professional.

3. Retirement planning and distributions

Fall is a great time to review your retirement strategy and make sure you’re on track, particularly with potential contributions and distributions to and from tax-advantaged accounts—401(k) and IRA—to be made before year-end. Keep in mind that contribution limits reset each calendar year, and if you don’t contribute the full amount, this generally doesn’t roll over (with the HSA as the exception at a deadline of April 15 the next calendar year).

If you’re still working, review contributions and catch-up eligibility

If you’re still working, review your 401(k) contribution rate and employer match to make sure you’re capturing the full match—it’s essentially free money. Check the current 401(k) contribution limits to see how much room you have left. If you’re 50 or older, you may be eligible for catch-up contributions, which let you set aside more each year. Increasing your contributions before year-end, if cash flow allows, can make a meaningful difference to your eventual retirement income.

If you’re retired, map out RMDs and QCDs

If you’re retired, required minimum distributions (RMDs) are withdrawals you must take from certain retirement accounts each year after turning 73, and they need to be made before year-end to avoid penalties. A qualified charitable distribution (QCD) allows you to direct part of your RMD to a qualifying charity, which can satisfy your RMD requirement while supporting charitable goals.

4. Consider seasonal and holiday budgeting

Fall gives you enough breathing room to plan for upcoming seasonal expenses in November and December that can strain your budget if you’re not prepared. Building a holiday spending plan before the season starts, preparing for potentially higher heating and maintenance costs, and reviewing your monthly budget can keep the holidays joyful and the winter months manageable.

Build a holiday spending plan before the season starts

Fall is the ideal time to build a holiday spending plan before the season ramps up. Set a realistic gift budget, account for travel and entertaining, and build in a buffer for unexpected costs. Starting early gives you time to save and helps you avoid holiday overspending. You can also review how to create a monthly budget to stay on track through the end of the year.

Prepare for higher winter costs

For most parts of the U.S., colder weather brings higher energy usage, increased heating costs, and winter home and car maintenance. If they apply, build these seasonal cost increases into your fall budget review so you aren’t caught off guard when the first cold-weather bills arrive. Estimating these expenses now (if you live in a state with colder winters)—and setting money aside—can help you absorb the seasonal spike without disrupting your overall financial plan.

5. Don’t forget general financial housekeeping

Some financial tasks don’t have a deadline, but they’re worth bundling into your fall review while you’re already organized. Here are three moves to protect your financial foundation and give you peace of mind heading into the new year.

Review beneficiaries and estate planning documents

Review the beneficiaries on your insurance policies, retirement accounts, and estate planning documents. Beneficiary designations override wills, so keeping them current is essential—especially after major life events like marriage, divorce, birth, or death.

Check your credit report and consider a credit freeze

You’re entitled to a free annual credit report from each of the three major bureaus, and fall is a good time to review them. If you aren’t actively applying for new credit, consider freezing your credit—it’s free and helps protect against identity theft. This can be a greater risk as purchases and spending increase for the holidays, so freezing your credit can help you avoid being a victim of fraud.

Consider where to use bonuses and raises

Think of smart places to put any upcoming year-end bonuses or raises. A good place to start is paying off credit cards and other high-interest debt. You could also build your emergency fund so it will cover three to six months of expenses. If those are set, then adding to the long-term savings in a brokerage account makes sense.

Talk with your financial advisor

A checklist is a great starting point, but your Northwestern Mutual financial advisor can help you prioritize these moves; personalize them to your situation; and coordinate across benefits, taxes, retirement, and estate planning. They can also identify blind spots and opportunities and help you think bigger, so your fall financial reset turns into a coordinated plan tailored to your goals. Reach out early in the fall—ideally September or October—so you have time to act before year-end deadlines.

Frequently Asked Questions

What financial tasks should I prioritize before year-end?

Start with the most time-sensitive moves: open enrollment deadlines, required minimum distributions if you’re retired, tax-loss harvesting, and maxing out tax-advantaged contributions. Several of these have hard December 31 cutoffs, so they can’t wait. Beneficiary reviews and credit report checks have no deadline, but they’re worth bundling into your fall review while you’re already organized and not distracted by upcoming seasonal festivities. Prioritizing by deadline helps you avoid missing windows that won’t reopen for a full year.

How do I review my budget and savings goals in the fall?

Fall is a natural checkpoint to compare your year-to-date spending against your budget and see where you stand. Reassess your savings goals, adjust for seasonal expenses like holiday gifts and higher heating bills, and set realistic targets for the remaining months. If you’re ahead of plan, consider directing extra cash toward year-end retirement contributions. If you’re behind, the fall review gives you time to course-correct before the year closes out.

Should I review my insurance coverage during open enrollment?

Yes. Open enrollment is the primary window when you can change your health, dental, and vision coverage without a qualifying life event, so it’s the ideal time to review your options. It’s also the moment to evaluate whether your employer-sponsored life and disability insurance is sufficient or whether supplemental coverage makes sense for your family. Missing this window often means waiting a full year to make changes, so it’s worth reviewing carefully.

What tax-planning opportunities should I consider before year-end?

Key opportunities include tax-loss harvesting to offset capital gains, portfolio rebalancing to maintain your target asset allocation, maxing out tax-advantaged contributions, and charitable giving strategies like qualified charitable distributions. Several of these moves must be completed by December 31, and they often benefit from coordination with a tax professional who can help you navigate the rules and avoid costly mistakes like wash-sale violations.

Are there annual benefits or allowances I should use before they expire?

Yes. Flexible spending account funds often follow a use-it-or-lose-it rule, with only limited grace periods or carryover allowances, depending on your plan. Health savings account contributions have annual caps, and tax-advantaged retirement contribution limits reset each calendar year, so an unused allowance doesn’t roll over. Check what’s left in each account before December 31 so you can decide whether to spend, contribute, or adjust before the window closes.

When should I talk with a financial advisor about year-end planning?

Aim to connect with a financial advisor in early fall—ideally September or October—so you have time to act on time-sensitive moves before year-end deadlines. An advisor can help you prioritize the most urgent items; personalize strategies to your situation; and coordinate across benefits, taxes, retirement, and estate planning. Starting early gives you a comfortable runway to make decisions rather than rushing in late December.

This publication is not intended as legal or tax advice. Financial Representatives do not render tax advice. Consult with a tax professional for tax advice that is specific to your situation.

Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP^®, CERTIFIED FINANCIAL PLANNER^®, and CFP^® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.