Seven Achievable Financial Goals to Focus on in 2026
Written by: Catherine Buck, CFP®
2025 felt like a whirlwind with an ever-growing, daunting “to-do” list. To start the New Year off right and build momentum towards a positive 2026, consider these seven financial goals that can help strengthen your foundation and position you for long-term success.
1. Increase Your Retirement Plan Contributions
Even a small increase in your retirement contributions can have a meaningful impact over time. Some retirement plans automatically increase contributions by one percentage each year. However, if your cash flow allows consider a slightly larger increase. Or, if you receive an annual bonus, directing a portion toward your 401(k), 403(b), or other retirement plan. Gradually increasing contributions can significantly improve your future financial flexibility.
2. Open or Add to a 529 Plan for Your Children
If saving for education is part of your goals, a 529 plan can be a powerful tool. Contributions grow tax-free when used for qualified education expenses, and many plans offer flexible investment options. New York state offers up to a $5,000 tax deduction per individual ($10,000 MFJ) for an equivalent or higher contribution to a NYS 529 plan.
Whether you’re just starting or adding consistently over time, even modest contributions can help ease future education costs.
3. Refresh Your Net Worth Statement and Tackle High-Interest Debt
Updating your net worth statement provides a clear snapshot of where you stand today. This exercise often highlights areas of opportunity, especially high-interest debt like credit cards or personal loans. Targeting these unhealthy debts can improve cash flow, reduce financial stress, and strengthen your overall balance sheet.
4. Rebalance Your Portfolio
Market movement can cause your portfolio to drift away from your intended risk allocation. Rebalancing helps ensure your investments remain aligned with your goals, time horizon, and risk tolerance. This discipline can help manage risk and avoid unintended overexposure to any single asset class. Take some time to review your employer retirement plans to ensure they align with your risk tolerance. If you work with a fiduciary financial advisor, they can help make recommendations on investments and asset allocations of your outside employer retirement accounts.
5. Move Idle Cash to a High-Yield Savings Account
Many local bank savings accounts still pay very low interest. Although rates are not has high as they were a few years ago, they are still attractive. Moving excess cash to a high-yield savings account can allow your money to work harder while remaining liquid and accessible. This can be especially useful for emergency funds or short-term goals.
6. Understand Your Health Insurance Wellness Programs
Some New Years’ resolutions include improving fitness. Health insurance plans often include wellness benefits that go unused. These may include gym membership reimbursements, rewards for tracking fitness activity, discounts on fitness equipment, or ways to maximize Flexible Spending Account (FSA) dollars. Taking advantage of these programs can support both your physical and financial well-being.
7. Make Your 2025 IRA or Roth IRA Contributions Before the Tax Filing Deadline
You still have time to make IRA or Roth IRA contributions for 2025 up until the tax filing deadline: $7,000 in 2025 and if 50 and over an additional $1,000 catch up. This is a great way to boost tax-advantaged savings. Ensure you are eligible to contribute to a Roth IRA as there are income phaseouts for contributions and deductibility phaseouts for Traditional IRAs as well.
Financial planning is about the progress towards reaching your financial goals. Selecting just a few of the actions above can help your financial health for the long-term. If you are unsure of where to start or how to implement these changes, contact us and we can connect you with a fiduciary financial advisor.
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