As 2025 winds down, Sean Mounce, Wealth Management Advisor at WestPac Wealth Partners, shares his take on financial moves to consider before year-end. From tax strategies and retirement contributions to charitable giving and planning for major 2026 milestones, he offers insights for closing this year and starting the next one with a coordinated financial plan.
REDONDO BEACH CITY LIFESTYLE: As we approach the end of 2025, what are important financial steps individuals and business owners should consider before the year closes?
SEAN MOUNCE: Year end is the perfect time to check your financial playbook. For individuals, that means reviewing investments for tax opportunities, making sure retirement contributions and required distributions are handled, and updating plans after any major life changes. Business owners should also look at how money flows between their business and personal finances, confirm they are maximizing deductions, and revisit succession or exit strategies. The goal is not one move in isolation. It is making sure legal, tax, and financial strategies are coordinated so money is working as efficiently as possible.
RBCL: Are there any common mistakes people make at year end when managing investments or retirement accounts?
SEAN: One of the most common mistakes is making changes without a plan. Chasing investment fads, reacting emotionally to market swings, or trying to time the market often backfires. Another mistake is neglecting account structure. People sometimes hold the wrong assets in taxable accounts versus retirement accounts, which can quietly increase taxes over time. For business owners, a frequent oversight is not leveraging the flexibility they have. Because they control their own W-2 income, retirement plan design is directly tied to that number. Done correctly, this gives them options to maximize contributions and deductions, but too often that opportunity gets missed. The key is to step back and coordinate these decisions rather than making last minute, reactive moves.
RBCL: If someone only had time to do one financial move before the end of the year, what should it be?
SEAN: Understanding the tax impact of income for the year. For individuals, that’s knowing their tax bracket and whether it makes sense to accelerate deductions or income. For business owners, it’s ensuring their compensation mix, including salary, distributions, and retirement contributions, is set intentionally before December 31. This is an area where coordination pays off. Meeting with a financial advisor, CPA, and attorney can help ensure that decisions are working in harmony. A well planned adjustment here can often provide more benefit than any last minute investment change.
RBCL: How can contributing to retirement accounts like IRAs or 401(k)s help reduce taxable income before year end?
SEAN: Contributing to tax advantaged retirement accounts can be a powerful way to manage taxable income, but it should not be viewed in isolation. Taxes need to be considered over time. Deferring income today at a lower rate might not always be the best move if future rates or required distributions change the picture. For individuals, traditional IRAs and 401(k)s reduce taxable income this year, while Roth contributions create future tax-free withdrawals. Business owners may have more options. Defined benefit plans or customized retirement plan designs can allow for much larger deductions and provide more control over contributions based on the W-2 income they set. These strategies should be used intentionally considering both current and future impacts.
RBCL: What charitable giving strategies should people consider?
SEAN: Charitable giving is about generosity, but it can also be a thoughtful part of year-end financial planning. Individuals can make direct donations, bunch contributions into a single year to maximize deductions, or use donor advised funds to control timing and impact. Business owners have additional flexibility. Contributions can be made personally or through the business, and certain strategies can also align with succession or estate plans. An effective approach is to give intentionally, ensuring that donations fit within overall tax, estate, and financial strategies.
RBCL: What advice would you give someone who wants to start the new year with a stronger financial plan?
SEAN: Step back and look at the entire picture. For individuals, that means reviewing goals, cash flow, investments, and retirement plans to make sure each piece works together. Business owners should do the same, but with the added lens of how personal and business finances interact. Salary, distributions, retirement plan design, and long-term wealth transfer all need to be aligned. At WestPac, our approach is to act like a personal CFO, coordinating legal, tax, and financial strategies so the plan is actionable and optimized from the start.
RBCL: Beyond investments, what financial habits should individuals focus on as they head into the new year?
SEAN: Strong financial habits start with clarity and consistency. Track cash flow, review budgets, and prioritize saving, since consistent savings often matter more than chasing high investment returns. Becoming a systematic saver, even in small amounts, compounds over time and sets the foundation for long term goals. It is also important to regularly review insurance coverage, update estate documents, and coordinate with advisors to ensure plans keep pace with life changes. For business owners, this means treating personal and business finances as interconnected. Payroll, distributions, and retirement contributions should be managed with both sides in mind. Small, consistent habits today reduce surprises and create a smoother path forward.
RBCL: How can families plan for major life events in 2026 such as buying a home, paying for college, or retirement?
SEAN: Planning for major life events starts with seeing the full picture. Families should map out goals such as buying a home, funding college, or retiring, and understand how each interacts with cash flow, savings, and taxes. Building a timeline and prioritizing objectives helps clarify what is realistic and when to act. For education, tax advantaged strategies such as 529 plans, UTMAs and juvenile life insurance may play a role, depending on the family’s needs. For business owners, it is also important to consider how personal and business finances intersect. Distributions, compensation, and retirement contributions can all affect a family’s ability to reach these goals. Coordinating with advisors can help ensure that every decision is weighed from legal, tax, and financial perspectives, so families can move forward with confidence rather than guesswork.
RBCL: Any other insights that you want to provide?
SEAN: Financial planning is not just about selecting investments. It is about making sure every part of financial life is connected and aligned with personal goals. For individuals, that might mean consistent savings and protection strategies, including estate planning and wealth transfer. For business owners, it involves understanding how decisions inside the business affect personal wealth, taxes, and long-term planning. For high-net-worth families, it often includes estate and charitable planning to manage both taxes and legacy. No single advisor can cover every angle in isolation. True efficiency and confidence come from coordination among financial, tax, and legal professionals, with a trusted advisor helping to ensure the pieces work together. That coordination is where real value is created.
Sean Mounce is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. WESTPAC WEALTH PARTNERS is not an affiliate or subsidiary of PAS or Guardian. Insurance products offered through WestPac Wealth Partners and Insurance Services, LLC, a DBA of WestPac Wealth Partners, LLC. CA Insurance License Number – 4220054. This material is intended for general use. By providing this content The Guardian Life Insurance Company of America, Park Avenue Securities LLC, affiliates and/or subsidiaries, and your financial representative are not undertaking to provide advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity. Guardian, its subsidiaries, agents and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. 8463692.1 Exp. 10/27
"Financial planning is not just about selecting investments. It is about making sure every part of financial life is connected and aligned with personal goals."