The final months of the year tend to blur together for surgeons. Packed schedules, patient care, holiday commitments—it’s no surprise financial to-dos can quietly fall to the bottom of the list. But for those focused on building long-term success, this season is more than just a time to wrap up—it’s a valuable window for wealth building.
The calendar year’s end presents deadlines and opportunities that could affect everything from your retirement contributions to your tax strategy. Missed steps now may result in unnecessary tax exposure or overlooked planning options.
At Surgeons® Capital Management (SCM), we specialize in wealth management for surgeons and understand how important it is to approach year-end planning with structure and precision.
Below are four essential financial moves to seriously consider before December 31.
1. Check All Your Retirement Accounts
If you haven’t reviewed your retirement account contributions lately, now is the time. Maximizing these accounts can offer long-term growth potential and short-term tax benefits.
Key accounts to prioritize:
- 401(k), 403(b), or 457: For W-2 employed surgeons, these accounts may come with employer matching. For 2025, the deferral limit is $23,500, with an additional $7,500 catch-up for those age 50+.
- Solo 401(k) or SEP IRA: For practice owners or independent contractors, these offer higher contribution limits and added flexibility. SEP IRA contributions can go up to 25% of compensation or $70,000, whichever is lower.
- Defined benefit plans: High-earning surgeons may consider these for significant tax-deferred savings.
Even if you’re on track for the annual limit, it’s worth confirming if you’re contributing enough to receive any available employer match. For individuals with multiple income sources or practices, it’s vital to coordinate contributions across plans to avoid overfunding.
Action step: Review all contributions now, especially if your income has shifted this year. A conversation with an experienced financial advisor can help you determine where to make final deposits before December 31.
2. Capitalize on Tax-Efficiency in Your Portfolio
Your investment portfolio should work for you—not against you at tax time. As the year ends, this is an ideal moment to fine-tune how your investments are positioned from a tax perspective.
Asset Placement
Every investment type carries its own tax treatment. Long-term capital gains and qualified dividends are generally taxed at lower rates, while interest from corporate bonds or sales of short-term holdings are taxed as ordinary income.
Surgeons often benefit from placing tax-efficient assets in taxable accounts, while using tax-deferred accounts for income-producing investments such as REITs* or bond funds.
High-income earners may also consider tax-free municipal bonds or municipal money market funds for a layer of state and federal tax efficiency.
Tax-Loss Harvesting and Charitable Giving
If some investments have lost value this year, consider using tax-loss harvesting to offset capital gains elsewhere in your portfolio. Losses beyond your gains can be applied to offset up to $3,000 of ordinary income, with the remainder carried forward.
Another way to combine tax planning with charitable intent is through donating appreciated stock. By gifting shares rather than cash, you may still claim a charitable deduction without capital gains taxes. Be sure to consult with your own professional tax advisor before proceeding with any particular course of action.
For those interested in long-term philanthropy, donor-advised funds (DAFs) allow you to make a contribution before December 31 and decide later how to distribute funds to your chosen charities.
Action step: Work with a skilled advisor to identify opportunities for harvesting losses or gifting appreciated assets before year-end. Coordinating these steps now can reduce your taxable income while advancing your financial and personal goals.
3. Evaluate Your Insurance and Risk Management
Even the most accomplished surgeons face unexpected risks—from disability to liability exposure. Reviewing your insurance coverage before December 31 helps confirm your policies still reflect your current needs and income.
Start with malpractice and disability income insurance, which are two of the most important tools for high-income professionals. Consider whether your coverage still matches your earning potential and lifestyle.
Next, assess your umbrella policy, which can provide added liability protection beyond standard home and auto insurance. This layer of coverage may be particularly valuable for individuals with substantial assets or business interests.
Finally, review life insurance if you have dependents or financial obligations that have changed this year. Whether through term or permanent coverage, confirming that the death benefit and policy structure still fit your circumstances is worth the time.
Action step: Schedule a review of your insurance policies to verify that coverage limits and beneficiaries are current. A proactive discussion with risk management professionals can highlight gaps before the new year begins.
4. Start a Conversation With Your Family and Advisors
As demanding as year-end can be, it’s also an opportunity to regroup and refocus—not just on your finances, but on the people involved in managing them. Having a conversation with your spouse, business partner, or family about your financial priorities sets a foundation for shared understanding. Whether you’re planning a major purchase, thinking about a career change, or preparing for retirement down the road, getting everyone on the same page is wise.
This is also the time to coordinate with your team of professionals. Your financial advisor, CPA, and estate planning attorney each bring a different perspective. Bringing them together can help uncover tax-saving ideas, estate document updates, or overlooked planning opportunities.
Action step: Before the calendar flips, set aside time to meet with both your family and advisors. It doesn’t have to be lengthy—but having a clear sense of goals, responsibilities, and next steps can help prevent confusion or missed opportunities in the new year.
SCM: Focused on Wealth Management for Surgeons
At Surgeons® Capital Management, our team has decades of extensive expertise in providing wealth management for surgeons in Pennsylvania. Our experience working with high-income medical professionals allows us to address the specific financial complexities of your field—from uneven cash flow and high tax exposure to retirement readiness and risk management.
We’re not here to offer generic advice. Instead, our approach as leading financial advisors for surgeons in Pennsylvania reflects the dynamic nature of your career and personal goals.
Whether you’re seeking strategic retirement planning, smarter tax strategies, or a second opinion on your portfolio, we’re here to help.
Feel free to contact us to start the conversation about your year-end planning goals.
* There are significant risks associated with real estate investment trusts (REITs), including, but not limited to the possibility of losing your entire investment; no guarantees regarding future performance; upon sale or distribution of assets you may receive less than your initial investment; fluctuation of value of assets; lack of a public market; limited liquidity; limited transferability; reliance on the advisor to select and manage assets; payment of fees and various economic factors that may include changes in interest rates, laws, operating expenses, insurance costs and tenant turnover. Shares of any REIT are not suitable for all investors.
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Associates of Surgeons Capital Management are registered representatives of Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN), a broker-dealer; investment advisor representatives of Equitable Advisors, LLC, an SEC-registered investment adviser; and agents of Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC; Equitable Network Insurance Agency of Utah, LLC; Equitable Network of Puerto Rico, Inc.). Equitable Advisors and its affiliates do not provide tax, accounting, or legal advice or services. AGE-85969568.1(11/25)(exp.11/29)
