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- Max out retirement. Hit contribution limits to cut taxes and grow savings.
- Review insurance. Update disability and life coverage to match your current income.
- Use health accounts. Spend FSA funds and boost HSA savings.
- Give smart. Donate strategically to lower taxes and make an impact.
- Meet your planner. A quick check-in now can save thousands later.
The end of the year sneaks up fast.
Between patients, charting, and family plans, it’s easy to put finances on the back burner.
But before December 31 hits, there are a few simple steps that can save you money, protect your income, and set you up for a stronger financial year ahead.
Here are five smart money moves every physician and dentist should make before year-end.
1. Max Out Your Retirement Accounts
If you haven’t hit your retirement contribution limit, now’s the time.
- 401(k) or 403(b): You can contribute up to $23,000 for 2025 (plus $7,500 if you’re 50+).
- Traditional or Roth IRA: Up to $7,000 for 2025 (plus $1,000 if you’re 50+).
These contributions reduce your taxable income and help your money grow tax-deferred.
If you’re self-employed, consider a SEP IRA or Solo 401(k) — both allow larger contributions and big tax deductions.
Don’t leave free money on the table. Check with your payroll or financial advisor to make sure your final paychecks maximize your contributions.
2. Review Your Disability and Life Insurance Coverage
Your income and lifestyle may have changed this year — but has your protection?
If you’ve had a raise, changed jobs, or started a family, it’s smart to review your coverage.
- Disability insurance: Make sure your monthly benefit still matches your current income. Many doctors qualify for increases without new medical underwriting.
- Life insurance: Check your policy amount and beneficiaries. If you bought coverage years ago, your needs have likely grown.
Your future income is your most valuable asset. Don’t let it go unprotected.
3. Use Up Remaining FSA or HSA Funds
If you have a Flexible Spending Account (FSA), use those dollars before they expire. Most FSAs are “use it or lose it.”
Book that dental cleaning, eye exam, or refill your prescriptions now.
If you have a Health Savings Account (HSA), it’s even better — those funds roll over and grow tax-free.
Consider adding extra contributions before year-end if you’re under your limit.
4. Make Charitable Contributions Strategically
Giving back is part of who you are — and it’s also smart tax planning.
Donations made by December 31 can lower your taxable income this year.
A few ideas:
- Donate appreciated stock instead of cash (you’ll avoid capital gains).
- Set up a donor-advised fund for flexibility.
- Keep records or receipts for every donation.
Even small gifts can add up, both in impact and deductions.
5. Meet With Your Financial Planner
A short check-in before year-end can make a big difference.
Your advisor can help you:
- Review your tax projections.
- Adjust estimated payments.
- Rebalance investments.
- Make sure you’re not missing key deadlines.
Think of it like a financial “check-up” — one hour now can save you thousands later.
Bonus Move: Plan for 2026 Now
Start the new year strong by setting financial goals early.
Maybe it’s paying off loans, funding your kids’ college, or increasing retirement savings.
Small changes now compound over time — and consistency is where financial freedom begins.
The Bottom Line
The end of the year is more than a finish line — it’s an opportunity.
A chance to take control of your finances, protect your family, and finish strong.
Most of these moves take less than an hour to complete. But the peace of mind they bring lasts all year long.
Next Step: Make This Easy
We’ve put together a free Year-End Planning Guide just for physicians and dentists.
It walks you through each of these steps with simple checklists and reminders so nothing slips through the cracks.
Ready to protect your future?
Get a personalized side-by-side policy comparison of the leading disability insurance companies from an independent insurance broker.
