Your year-end retirement checklist

A few deadlines arrive every December 31, and missing them can cost real money.  Use this checklist to confirm required distributions, review your contracts and beneficiaries, and line up decisions for the new year before the calendar turns.  The dollar limits below are for tax year 2026.  They come from IRS Notice 2025-67, not from a news summary.

The short version

• Take required distributions by December 31.  Missing one can trigger a 25% excise tax on the amount not taken, reduced to 10% if corrected promptly.
• Consider a qualified charitable distribution.  At 70½ or older, you can give up to $111,000 directly from an IRA to a qualified charity in 2026.
• Check inherited accounts.  Many beneficiaries must now take annual withdrawals under the 10-year rule.
• Review contracts and beneficiaries.  Maturities, renewal rates, and free withdrawals often reset with the contract year.

Required minimum distributions

An annuity inside an IRA is still an IRA for this purpose.  The insurer or custodian calculates the amount for that contract.  If you have more than one IRA, the total can often be taken from one of them, but that is a question for the custodians and your tax professional, not a guess from a statement.  A plain illustration of the Uniform Lifetime Table is in the RMD estimate.  It is education, not the number on your return.

Turning 73 this year? If you were born in 1953, your first RMD is for 2026.  You may delay it until April 1, 2027, but your 2027 RMD is still due by December 31, 2027, so both would be taxed in 2027.

Inherited IRAs

Most non-spouse beneficiaries must empty an inherited IRA by the end of the tenth year after the owner’s death.  If the owner had already begun required distributions, IRS final regulations generally require annual withdrawals in years 1 through 9 as well, starting in 2025.

Spouses, beneficiaries who are disabled or chronically ill, those not more than 10 years younger than the owner, and minor children of the owner (until 21) may have more flexible options.  If you inherited an account, confirm whether 2026 requires a withdrawal.

That 10-year rule is for IRAs and other retirement accounts.  A non-qualified annuity — money that was never in an IRA — follows a different set of payout choices.  Those are described in the non-qualified annuity stretch.  Do not use one article to answer the other question.

Giving, and the 2026 contribution limits

A qualified charitable distribution for 2026 can be up to $111,000 per person, from an IRA directly to a qualified charity, if you are at least 70½ when the gift is made.  A QCD can count toward your RMD and is excluded from income.  Donor-advised funds and private foundations cannot receive one.  The check has to leave the IRA in 2026, so request it early enough that the custodian finishes before December 31.

The IRA contribution limit for 2026 is $7,500.  That is the base limit.  People age 50 and older can add a catch-up of $1,100.  Contributions for 2026 can generally be made until the April 2027 tax filing deadline.  A 401(k) employee deferral limit for 2026 is $24,500.  The catch-up for ages 50 and older is $8,000.  People who turn 60, 61, 62, or 63 in 2026 can use a higher catch-up of $11,250 instead of the $8,000, not on top of it.

Those figures are in IRS Notice 2025-67.  Limits for 2027 are usually announced in the fall and will replace these.  This is not a calculation of what you personally can deduct or exclude.

Contract and account review

• MYGA and CD maturities.  Note any term ending in the next 90 days.  Many contracts give a short window to move money without charges.  How a MYGA differs from a CD is in MYGA rates and CDs.
• Renewal and participation rates.  Compare the rate your insurer declared for the new term with what is available today.  Moving a contract is not automatic. When a 1035 is actually worth it is the test.
• Free withdrawals.  Many annuities allow about 10% a year without surrender charges.  Unused amounts often do not carry over.
• Beneficiaries.  Confirm primary and contingent beneficiaries on every policy, annuity, and retirement account.  If a beneficiary dies first, the form decides who receives that share.  See per stirpes and pro rata.
• Income needs for next year.  Plan where next year’s withdrawals will come from and how they will be taxed.
• Coverage gaps.  Revisit life insurance and long-term care after any change in health, family, or income.  The care questions are on the long-term care hub.

Your December timeline

• Early December.  Confirm RMD amounts with each custodian and insurer, and request QCDs early so checks clear by year-end.
• Mid-December.  Review statements, maturities, and beneficiary designations.  Schedule a review of contracts nearing renewal.
• By December 31.  Complete distributions and gifts.  Processing can take several business days, so do not wait for the final week.

If you want a year-end review before December 31, that conversation is complimentary and carries no obligation.  Call 317-900-6970 or start a conversation.

About the Author

Ted Byrer, CAS®, is a Retirement Income Specialist and Independent Insurance Agent with Byrer Wealth Management, LLC in Westfield, Indiana.  Learn more at Ted Byrer.

Figures are for tax year 2026 and are subject to change by law or IRS guidance.  The 2026 QCD, IRA, and 401(k) limits cited here are from IRS Notice 2025-67.  RMD and inherited IRA rules are summarized from the SECURE Act, SECURE 2.0, and IRS final regulations.  This is education, not tax, legal, or investment advice, and not a recommendation to buy, exchange, or surrender any contract.  Confirm your own required amount with the custodian and a qualified tax professional.  Ted Byrer is a licensed insurance professional, not a registered investment adviser, broker-dealer, or bank, and does not offer securities.  Byrer Wealth Management, LLC is compensated by commissions paid by insurance companies.  Annuities are not a deposit, are not insured by the FDIC or any government agency, and may lose value.  Guarantees depend on the claims-paying ability of the issuing insurer.  Product features vary by carrier, contract, and state.