Financial expert lists top money moves to make in 2026

COLUMBUS, Ohio — Stepping into 2026, money managers say it’s time to take stock of your budget, debt and investments, while also checking them against your financial goals.

“Make sure your ducks are lined up in a row,” said Gary Beckman, senior vice president of wealth management at Morgan Stanley in Columbus. “You want to be able to maximize your savings, make sure if you’re participating in a 401(k), that you’re getting your match, if it’s available to you.”

Beckman says there are five steps everyone should take no matter where they are in their investment journey.

1. Review everything
2. Make sure you’re on track with our goals
3. Revisit your household budget
4. Tackle your debt
5. Update your insurance plans and estate.

“Financial plans are living things, not static and change over time as your life stages change,” Beckman added. He laid out a few easy steps to get you started.

If you are able to participate in a 401(k), it’s a great way to help maximize retirement savings. The maximum contribution amount for 2026 is $24,500 for employee salary deferrals. If there is a company match, you want to try to maximize your contributions to ensure you can get the full match and put away as much as you can.

If you are over 50 years old, for 2026, you can contribute an extra $8000 as a “catch-up.” If you are between the ages of 60-63, there are some plans that allow for a “super catch-up,” which may allow you to contribute up to $11,250 — bringing your possible total contribution up to $35,750 if permitted by the plan.

You will need to check with your plan administrator to see if your specific plan allows for this. In addition, if you have tax-related questions or concerns, it’s best to discuss with your tax advisor. Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice.

Additionally, there have been some changes in the rules for 2026. If your social security wages are $150,000 or higher for this year, any catch-up contributions must be designated as Roth, or after-tax, contributions. If your employers plan does not offer a Roth option, you will then be unable to make the catch up for that year. This rule does not apply to IRAs, however.

With all that is happening in the world, it’s hard to quantify how the capital markets will react to headlines. There are currently some significant geopolitical risks floating out there that can impact individual investments in both positive and negative ways.

We are still in what appears to be a rate-cutting cycle, experts say. This can impact mortgages, loans, credit cards and even financial stocks. The Venezuela situation can affect oil prices and respective stocks as well as defense companies. We’ve already been seeing the effects of AI and the data centers and its impact on peripheral names involved, from construction to data storage to energy requirements that have yet to be met. All of these things can contribute to volatility in the markets. But, its important to recognize the difference between volatility and risk. Prices go up and down.

As an investor you need to take a long term perspective. It has shown to be prudent to own quality investment and ride out the volatility. You don’t want to try to be cute and time the markets. Then you are relying more on luck and hoping you hit it right. That is more trading or speculation than investing.

You also want to look at your current allocation and see how volatility can be addressed within your portfolio. Should you lower equity exposure and add to fixed income? Are you in a position to take advantage of private markets or other non-correlated investments to potentially reduce volatility. These are questions to bring up with a financial advisor to help determine the most appropriate path for you

529 plans are an ever-growing valuable tool to help fund education expenses. The gains and distributions, if taken for “qualified education expenses,” are non-taxable. However, state rules may differ.

Another benefit that some parents are not aware of is that anyone can contribute to a 529; grandparents, aunts, uncles, etc. Many parents set them up but fund them too aggressively.

It is also important to remain cognizant of your own financial needs. There have been situations where parents are neglecting their own retirement savings to fund education for their children, which can backfire as a strategy. This is where having a plan can make a huge difference in ensuring your money is working hard and more importantly, efficiently for you.

Beckman added: “All of these issues are important to address early in the year to help avoid any last-minute moves that may end up being too late to resolve. It’s important to have a plan, implement the strategy, and review it on an ongoing basis to avoid potential potholes in the road as you go through different life stages.”