We're off to a fresh start in more ways than one! A new year to plan, and a new chapter in our lives to fill!
We can all be happy that busy seasons are over and the distractions have stopped. Without those interruptions, we hope that over the holidays, you had a chance to take stock of your life and see what you want to accomplish.
Maybe it isn't something new, but several unfinished tasks that need to be brought back to the top of your priorities list. This year, make yourself a promise that you'll buckle down and get her done!
The planning we do for our clients brings up a few essential to-dos to consider accomplishing. Did you update or finish that will or trust? What about your health directives? Have you talked to your kids about your affairs when you are not able to guide them?
What about your financial retirement needs? When was the last time you reviewed or updated your financial plan? Did you shift to preservation and distribution mode away from an accumulation model?
And what about focusing time on YOU?
Sometimes, a task list can be overwhelming, but one thing you gotta remember is how do you eat an elephant? One bite at a time! So, get started!
By David Edge
David Edge is a retirement lifestyle writer and contributor to the ARA monthly newsletter. His articles blend personal stories with practical insights on living well in retirement.
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Easy Eddie's Take
David's right about tackling that task list one bite at a time. Let me add some specifics to help you get started. For estate planning in 2026, the federal estate tax exemption is $13.99 million per person, but Arizona doesn't have a state estate tax, which simplifies things for folks here. Your will and trust should reflect current laws and your situation today.
On the financial side, if you're over 73, don't forget about Required Minimum Distributions from your traditional IRA and 401k accounts. The IRS has updated the life expectancy tables, so your RMD amount might be different than you expect. And if you're still working past 65, you might be wondering "Can I delay Medicare Part B without penalties?" The answer depends on whether you have creditable coverage through an employer with 20 or more employees.
Most people are surprised to learn that reviewing your financial plan isn't just about investments. It's also about making sure your Social Security claiming strategy, Medicare choices, and tax planning all work together. A little preparation today can make a big difference tomorrow.