End of Year Financial Checklist
As we approach the holidays and end of year, there tends to be a never ending list of things to remember. Between parties, events, and pageants, you likely don’t have much time to consider your finances. So we’re here to help!
Our End of Year Checklist contains five financial best practices to have completed before the end of 2026.
1. Invest in Kids – Literally
Rather than just buying your kids, grandkids, nieces, and nephews a bunch of toys, consider opening a Youth Savings Certificate for them instead – or contributing to an existing one. Our Youth Savings Certificate continues to earn 6% APY. These certificates are not restricted to being used for education either. Kids can use them to save for a car, trade school, or something else entirely.
2. Plan for Future Needs
While you can technically contribute to your IRA or HSA until April next year, consider making an end of year contribution. For an IRA in 2026 contribution limits for individuals under 50 are $7,500 and are $8,600 for those over 50. For HSAs, the contribution limit for individuals is $4,400 and for families it is $8,750.
3. Avoid Large Fees
If you turned 73 this year or are older than that already, be sure that you have taken your IRA’s Required Minimum Distribution (RMD) before the end of the year. You are able to fulfill RMDs from multiple custodians with one larger transaction from any given custodian; just make sure you meet the full amount so that you don’t get hit with a potentially large fee.
4. Tax-Savy Giving
If you would prefer to not increase your taxable income for the year, you can fulfill your RMD requirements through a Qualified Charitable Distribution (QCD). Only people over the age of 70.5 can take advantage of QCDs, but they can be given to any non-profit. Provide your custodian with a completed QCD form, and they can issue a check on your behalf to that organization and request a receipt be sent to you.
5. Give to Your Passions
Finally, to round out this season of generosity, we highly recommend giving to the ministries and organizations you support throughout the year. Organizations, especially non-profits, often rely on year-end gifts. They frequently have special campaigns and donor-matching opportunities you can contribute toward.
We hope that these reminders can act as a checklist for the financial items you may need to address before the end of the year.
We’re wishing you a Happy Thanksgiving, Merry Christmas, and Joyous New Year!
This is neither an offer to sell nor a solicitation of an offer to buy the investments described herein. An offer with respect to Brethren in Christ Foundation investments can be made only by the prospectus. No offer or sale of investments is made in any jurisdiction where the offer or sale is not in compliance with applicable law. Offers and sales may be made only by an authorized officer of the Foundation. These products are uninsured debt obligations of the Foundation. These products are not savings or deposit or other obligations of a bank and are not insured by the FDIC, SIPC, any state insurance fund or any other governmental agency.
The financial condition of the Foundation is the only protection for investors. There is no guarantee that the Foundation will not experience declines in net assets. Both the Loan Fund and the Trust Fund have experienced decreases in net assets in some prior years due to declines in market value of investments. Further, charitable activities of the Trust Fund subject it to increased volatility in changes in net assets over annual periods. Please refer to our prospectus, including the “FIVE-YEAR SUMMARY OF FINANCIAL STATEMENTS” and “USE OF PROCEEDS” included therein.
The value of the Foundation’s investments can decrease. The Foundation may invest certain of its available funds that are not used for loans in investments that are subject to fluctuation in market values. There is no guarantee that the Foundation will not experience declines in net assets. Please refer to our prospectus, including the “FIVE-YEAR SUMMARY OF FINANCIAL STATEMENTS” and “USE OF PROCEEDS” included therein.