Your Financial Checklist for the New Year: Starting Strong in 2026

The new year is the perfect time to reflect on your financial journey and prepare for a fresh start with the right financial partner in 2026. After all, you can feel more confident when you consider your money head-on. And we’re here with a list to help you get organized.

As you consider these ideas, remember that you don’t need to feel like you’re on your own. Your Northwestern Mutual financial advisor is ready to help you turn potential into possibilities.

Set goals

Before you think about the future, it might help to review the money moves you made last year and consider how they fit with your short- and long-term goals. Then go beyond a financial resolution this year and set a true goal that you can stick with.

Steps to take

• Pay down debt such as credit card balances and student loans. It can be a huge help.
• Save toward your goals, whether that’s a big purchase, a down payment on a house or boosting your emergency fund.
• Whatever you’re aiming toward, your financial advisor can help you decide how to prioritize your goals—and can help you keep those goals in mind as the months go by.

Get a head start on planning for your taxes

Kick off tax season on the right foot by getting organized. The prep can make everything that follows much less stressful.

Steps to take

• Organize folders for your tax documents—including W-2s, 1099 forms and receipts for any tax deductions—to prevent last-minute scrambling and avoid stress. When the time comes, visit our tax resource center for answers to common questions and access to your documents.
• Decide whether you’re going to prepare your own tax return or hire a professional.
• If you expect a large refund, work with your financial advisor to figure out how to use the windfall for a little fun and to get a boost toward your goals. (The same applies to a year-end bonus.)
• On the other hand, if it looks like you’ll owe money, consider changing your tax withholding to lessen the amount you’re likely to owe at tax time next year.

Plan for milestones

A lot happened in 2025, and you’re smart to gear up for 2026. Although you can’t anticipate everything, it’s strategic to prepare for major events.

Steps to take

• Think about any milestones your family is looking forward to, such as buying a home, having a baby or eventually retiring.
• Plan and prepare for these milestones to position yourself for success.

Review your spending plan

Once you’ve set your goals for the year and identified potential changes in your life, you can make sure your budget can keep up.

Steps to take

• Make sure you know how much money you bring in each month and how much you’re spending. (Pro tip: If you work with Northwestern Mutual, we have a proprietary tool that can help with this for next year.)
• Check whether your spending patterns align with your long-term goals. If not, think through how you can adjust.

Review your insurance coverage

The best financial plans help to make sure you and your loved ones are ready for whatever comes your way. That’s why managing risk has a vital role alongside your investment tools in your financial plan. Your Northwestern Mutual financial advisor can help you decide if your insurance coverage is right for your family’s future.

Steps to take

• Consider where you may need additional insurance coverage to keep your finances secure if you were to pass away unexpectedly—or if you became disabled and couldn’t work.
• If you currently have term life insurance, see whether you might be eligible for a term conversion.
• Check the beneficiaries you named to make sure these designations still reflect your wishes.
• Look into long-term care solutions to help protect what you’ve saved for retirement.

Optimize your tax-favored accounts

As you map out your financial moves for 2026, think about how you’re investing in your future. Keep annual limits in mind, but remember that you have until April 15, 2026, to make individual retirement account (IRA) contributions that count toward the 2025 limits.

Steps to take

• Consider rolling retirement accounts like 401(k)s or 403(b)s from past employers into your current employer’s plan. If your employer doesn’t offer a plan, you might roll accounts into an IRA, including a Roth IRA.
• Look at the amount you’re automatically investing. Get as much of your employer’s match as you can. If you’re turning 50, take advantage of catch-up contributions.
• Think about automating increases to the amount you invest. That way, you can keep pace with any annual raises or bonuses you receive.
• If you aren’t taking advantage of a Health Savings Account, look into whether you’re eligible for one.

Lean on your financial advisor

Your financial advisor knows you and what’s important to you, so they can help you make the most of your money in 2026. They can help you update your financial plan, which is way more than a monthly budget or a recommendation for great stocks and funds to invest in. A comprehensive financial plan takes a broad look at your entire financial picture over time. Your advisor can use it to show you how your investments and insurance can work together to get you where you want to be.

All investments carry some level of risk, including the potential loss of principal invested. Diversification and strategic asset allocation do not assure profit or protect against loss.

This article is not intended as legal or tax advice. Northwestern Mutual and its financial representatives do not give legal or tax advice. Taxpayers should seek advice regarding their particular circumstances from an independent legal, accounting or tax adviser.