Audit Your Financial Plan: A 2026 Checkup for What Comes Next

Many people approaching or living in retirement take comfort in knowing they have a financial plan in place. They’ve saved consistently, invested thoughtfully, and made intentional decisions over time. And often, that plan is working.

The challenge is that while portfolios and account balances naturally change, the assumptions behind a financial plan can quietly fall out of date. Tax rules shift. New incentives appear. Life evolves. Without regular review, even a strong plan can drift out of alignment.

As we move into 2026, recent legislative changes make this an especially timely moment to step back and audit your financial plan. Not to start over, but to confirm it still reflects today’s rules and your current goals.

When the rules change, assumptions matter

For several years, much of the planning conversation centered on the expected “sunset” of the 2017 Tax Cuts and Jobs Act. Many individuals and families were preparing for higher taxes and fewer deductions.

Instead, recent legislation—the One Big Beautiful Bill Act—has reshaped that outlook. Some provisions were made permanent, others expanded, and entirely new planning opportunities were introduced. The result is a financial landscape that looks meaningfully different from what many plans anticipated.

This is where risk often hides, not in market volatility, but in assumptions that no longer apply.

Financial plans don’t usually fail — they age

Most financial plans don’t become ineffective overnight. They age gradually as life and laws move on.

Common pressure points include:

• Changes in tax deductions and income thresholds
• New account types or expanded eligibility for existing ones
• Shifts in healthcare coverage and costs
• Evolving family priorities, including support for children or grandchildren

A financial plan audit is simply a structured way to check whether today’s opportunities and constraints are reflected in your strategy.

Four reasons to audit your financial plan for 2026

Recent changes introduce very practical reasons to revisit the structure of your plan. Here are four that stand out as 2026 approaches.

Larger standard and senior deductions change the income equation

The standard deduction was not only preserved, but it was also increased beyond the rate of inflation.

For 2026, the standard deduction rises to $16,100 for single filers and $32,200 for married couples. In addition, individuals age 65 or older may qualify for a new, additional deduction of up to $6,000 per person, subject to income phase-outs.

Why this matters:
Income timing decisions (think withdrawals, Roth conversions, or part-time earnings) should be reviewed to ensure they still make sense under these expanded deductions. For many households, careful coordination could reduce taxable income without sacrificing flexibility.

Expanded HSA eligibility opens a new planning door

Health Savings Accounts have long been one of the most tax-efficient tools available, but eligibility was previously limited to specific high-deductible health plans.

Starting January 1, 2026, that changes. Bronze and Catastrophic plans on the ACA marketplace are now HSA-compatible, and individuals using Direct Primary Care arrangements may also qualify.

Why this matters:
If you previously assumed an HSA was not an option, your healthcare coverage for 2026 may tell a different story. Contributions of up to $4,400 for individuals or $8,750 for families can lower taxable income while building tax-advantaged resources for future healthcare costs.

A new savings vehicle adds flexibility for family planning

A new type of savings account—sometimes referred to as a “Trump Account”—will be introduced in mid-2026 as a tool for long-term family wealth building.

Eligible children will receive a one-time $1,000 federal seed contribution, and parents or employers may contribute up to $5,000 annually.

Why this matters:
For families supporting children or grandchildren, this creates a new option alongside 529 plans and custodial accounts. An audit helps determine where this account fits best within broader education, gifting, or legacy goals.

The SALT cap increase rewrites the itemization conversation

For years, the $10,000 cap on State And Local Tax (SALT) deductions made itemizing impractical for many homeowners, particularly in higher-tax states.

The new tax legislation raises the SALT deduction cap to $40,000 for single and joint filers, but with several caveats: The full deduction phases out for filers with modified adjusted gross income above $500,000 ($250,000 in the case of a married individual filing separately), and reverts to $10,000 for incomes of $600,000 and above.

Why this matters:
It may once again make sense to itemize deductions. Reviewing SALT payments alongside mortgage interest and charitable giving could meaningfully improve tax efficiency, but only if the numbers are recalculated under the new rules.

What a financial plan audit really covers

A financial plan audit is not just a tax exercise. It is a holistic review that looks at how different pieces of your financial life interact, including:

• Income sources and withdrawal strategies
• Investment alignment with time horizon and spending needs
• Tax efficiency across accounts
• Healthcare planning and long-term considerations
• Family and legacy objectives

The goal is integration—making sure decisions reinforce one another rather than compete. Your financial advisor’s role is to help you understand how all the pieces of your financial plan work together and how they might be optimized in the coming year.

IMA Private Wealth serves as a long-term planning partner, not a one-time checkpoint. Through ongoing reviews and disciplined adjustments, the focus remains on helping you navigate change with clarity and confidence. Our approach is practical and grounded. Advice is built around real lives, not theoretical models, and evolves as laws, markets, and priorities change.

Staying current builds confidence

A strong financial plan is not static. It adapts.

As 2026 approaches, an audit offers an opportunity to confirm that your plan reflects today’s rules and supports what matters most to you moving forward. You don’t need to react to every headline—but you do deserve a plan that stays current, intentional, and aligned with your life.

Wondering what you need to be thinking about for 2026? Download our 2026 Wealth Goals worksheet to explore your family’s needs.