Year-End Financial Planning for Pediatricians: What to Do Before December 31

As a pediatrician, your time is already pulled in a dozen directions: patients, parenting, paperwork — and maybe squeezing in a holiday concert or two. The end of the year can feel more chaotic than reflective. But if you can carve out even 30–60 minutes for financial planning before December 31, you’ll give yourself a much calmer start to the new year.

This guide walks through what’s worth focusing on — and which deadlines matter most.

🧠 1. Start With a Quick Financial Pulse Check

Before we get into numbers, take a step back.

• Where did your money go this year?

• Did savings happen automatically — or not really?

• Did your goals shift?

You don’t need a spreadsheet to do this. Just pull up your main bank or credit card dashboard and scan your biggest expense categories. If you have a partner, schedule a 30-minute debrief to reflect and talk through next year’s priorities.

⏳ 2. Items to Tackle Before December 31

These items have hard year-end cutoffs — and they’re worth reviewing now so nothing slips through.

🧮 Tax Strategy + OBBBA Planning

The One Big Beautiful Bill Act (OBBBA) brings several tax changes starting in 2025 and 2026. A few are already baked in for this year; others hit in 2026 — and they’re worth planning around now.

Key upcoming changes:

• Charitable deductions: Beginning in 2026, taxpayers in the highest bracket will be able to deduct charitable donations only up to 35% of income (down from 37%). Plus, all itemizers will face a new 0.5% of AGI threshold before charitable deductions even begin to count.
  → Translation: if you’re a high earner or a generous giver, you’ll get more tax benefit by doing extra giving in 2025 rather than waiting until 2026.

• SALT (State and Local Tax) deduction: The cap will rise from $10,000 to $40,000 in 2026. That means it’ll become easier for many families — especially dual‑income households in high‑tax states — to itemize again.

Bottom line: some thoughtful planning now can help you make the most of these shifts — and avoid paying Uncle Sam more than your fair share.

❤️ Charitable Giving

• If you plan to itemize, donations must be made by 12/31 to count for 2025.

• Donor-Advised Funds (DAFs) remain an excellent tool to bundle multiple years of giving while locking in today’s deduction.

• For those in higher brackets or who typically give larger amounts, 2025 may be the better year to accelerate donations before the 2026 deduction limits tighten.

🔁 Roth Conversions

If you’re planning to convert pre-tax dollars to Roth this year, it must be completed by 12/31 to count for the 2025 tax year.

• This won’t apply to everyone, but it’s worth checking if:

• Your income is unusually low this year (e.g. parental leave, job transition)

• You’re already working with a CPA or advisor who flagged a conversion opportunity

🏥 FSA + Benefits Review

• Healthcare & Dependent Care FSAs: Many plans have “use-it-or-lose-it” rules or a limited rollover ($660 for 2025). Check your balance and submit reimbursements ASAP.

📈 3. Max Out or Catch Up (Key Contribution Deadlines)

✅ 403(b)/401(k) Contributions

• Deadline: December 31

• Limit for 2025: $23,500 (+$7,500 catch-up if age 50+)

• Not sure where you stand? Log into your plan portal and check YTD contributions. You can still increase your final paycheck contributions in many cases.

✅ HSA Contributions

• Payroll-based contributions: Must be completed by 12/31

• Direct contributions: Deadline is April 15, 2026

• Limit for 2025: $4,300 individual / $8,500 family (+$1,000 catch-up at age 55)

✅ Backdoor Roth IRA Contributions

• Deadline: April 15, 2026

• Consider making contributions by 12/31 if you want a clean tax year. Backdoor Roths often require a Form 8606 and a little extra clarity helps if you're juggling conversions or rollovers.

✅ 529 Plan Contributions

• Deadline: Varies by state — but contributing by 12/31 is cleanest

• In Wisconsin, for example, you can deduct up to $5,130 per beneficiary for 2025.

• These contributions aren’t reported to the IRS as directly as IRA or 401(k) contributions, so making these contributions within the calendar year is cleaner from a tracking standpoint.

🔍 4. Optional (But Smart) Year-End Checks

These may not have hard deadlines, but they help set you up for a strong new year.

💸 Review Withholding + Estimated Taxes

• Had any side income? Spouse’s income shift? A bonus?

• Consider adjusting your W-4 or making Q4 estimated payments by January 15 to avoid penalties.

• Bonus tip: Use this time to prep documents for your CPA or tax software (Year-end pay slips, investment & 529 plan statements, contribution & Roth conversion information, etc.)

📆 Set 2025 Planning Dates Now

• Schedule financial check-ins with yourself (or your planner)

• Create placeholders for things like:

• Roth contributions

• College savings updates

• Tax prep in February/March

• Benefits review in the fall

🧘‍♀️ Final Thoughts

You don’t have to overhaul your financial life before January 1. But checking just a few of these boxes now can make next year feel lighter, more organized, and more aligned with what actually matters to you and your family.

If you want help walking through this list, or building a financial plan that reflects your values as a pediatrician and parent, I’m here for that.

👉 Schedule a free intro call
📄 Or download my free year-end checklist: “10 Smart Financial Moves to Make Before December 31”

Working 60-Hour Weeks and Still Behind on Your Finances? You’re Not Alone

You’re caring for dozens of patients a day, answering MyChart messages at night, covering call on the weekends—and still losing sleep, wondering if you’re doing enough for your financial future.

You’re not blowing money on luxuries and making a good income. You’re responsible and motivated.

So why does it still feel like you’re falling behind?

If this sounds familiar, you’re not alone—and it’s not your fault.

For many pediatricians, especially those who are the financial backbone of their families, this tension is more common than you think. And more importantly, there’s a way through it.

Let’s get into it -

Why It Feels Like You’re Behind (Even When You’re Doing Everything Right)

Let’s start with some honest context—because this isn’t about poor decisions or lack of discipline. It’s the opposite. You're overextended in ways few people see.

1. Your schedule is relentless.

You’re juggling medicine, family, call schedules, and community obligations. There's barely time to make dinner—let alone rebalance a portfolio or plan a college savings strategy.

2. You’re doing invisible labor.

Being the primary earner doesn’t just mean bringing home a paycheck. It often comes with planning the family calendar, coordinating childcare, managing household logistics, and being the glue that’s holding it all together. 

These hidden costs—time, energy, and emotional labor—can lead to decision fatigue or have a crowding-out effect on your finances.

3. Your income is “good”—but not endless.

You’re often expected to carry a large financial load: mortgage, student loans, college savings, retirement, vacations, emergency funds. That “good income” stretches thin—fast.

4. No one taught you this stuff.

You trained for over a decade to become a physician. You didn’t go to school for tax optimization or retirement withdrawal sequencing. And yet, many doctors feel like they should just “know this” already—which leads to guilt, procrastination, and avoidance.

What a Busy Pediatrician Actually Needs (It’s Simpler Than You Think)

If you’ve been thinking, “I need a plan, but I don’t even know where to start,” here’s the good news: you don’t need a finance degree or a complete overhaul. 

You just need a few simple, sustainable building blocks…

✅ Automation

Set up automatic transfers to savings, retirement accounts, and even a vacation fund. This reduces your mental load and keeps you moving forward—even when life is chaotic.

✅ Protection

Have the right insurance in place: disability, term life, an umbrella policy, and updated estate documents. These don’t just protect your income—they protect your family and your peace of mind.

✅ Clarity

Know where your money is going. You don’t need a perfect budget, but understanding your fixed vs. flexible expenses helps you plan with intention.

✅ Prioritization

You may not be able to max out every account right now—and that’s okay. A good financial plan helps you focus on the right goals for your stage of life. 

You Don’t Have to Carry This Alone

Financial planning doesn’t need to be another “should” on your to-do list. In fact, a good plan should remove mental clutter, not add to it.

It’s not about cutting out lattes or diving into spreadsheets on a Sunday night. It’s about protecting what you’ve built and creating time to focus on what matters most: your family, your patients, and your own well-being.

You’re already carrying a lot. You need a plan that carries some of the weight for you.

If you’re tired of feeling behind and looking for a partner to help, I guide pediatricians like you and build financial plans that fit real life—not textbook perfection.

👉Schedule a free intro call