October is an interesting month. In many parts of the country, it marks a transition into colder weather. And from a financial standpoint, it's a turning point in that there isn't all that much time until the new year begins to tackle important money-related moves.
It's important to get organized in October so you can get set yourself up for success in 2026. Here are three financial moves to prioritize before the month of October comes to an end.
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1. Review your Medicare plan choices
October is when Medicare's fall open enrollment period begins. Between now and Dec. 7, Medicare enrollees can make changes to their Part D drug plans or Medicare Advantage plans.
Clearly, you don't have to make a final decision on 2026 coverage in October. But it pays to at least start doing research. That means understanding the ways your current Medicare plan is changing in the new year, and seeing what gaps you have in your coverage today that a new plan might be able to address.
Even if you only do some preliminary legwork on Medicare in October, it's a good idea to at least get started. The longer you wait, the more you risk having to rush through the process.
It especially pays to review your Medicare plan choices if your costs under your current plan are going up. That could mean that your plan's premiums are rising, or that certain of your medications are moving to a higher tier that results in larger copays.
And if you're enrolled in a Medicare Advantage plan, losing certain benefits could come at a cost to you. If benefits you utilize are going away, you may want to find a different plan that offers them.
2. Assess your Social Security COLA
Whether you're happy with your 2026 Social Security cost-of-living adjustment (COLA) (recently announced as 2.8%) or not, it's important to understand what it means for your finances broadly. If you're having a hard time covering your bills now, your upcoming COLA may not change your finances all that much.
If most of your income is your monthly Social Security check, you may need to find ways to supplement those benefits. That could mean working part-time or renting out a portion of your home.
Keep in mind, too, that if you're on Medicare, any increase to your Social Security benefits will be offset by a rise in the cost of Part B in 2026. So don't count on your upcoming COLA to change your situation in a meaningful way. You may have to take an active role in bettering your finances.
3. Plan for your RMD
If you have savings in a traditional IRA or 401(k) plan, you may be on the hook for required minimum distributions, or RMDs. If it's not your first RMD, you have until Dec. 31 to take your mandatory distribution to avoid a penalty. And while that means you still have roughly two months, you don't want to wait too long to make a plan for your RMD.
It may be that you don't need your RMD and want to minimize the tax blow. In that case, now's a good time to start looking at different organizations in case you decide to use qualified charitable distributions to avoid an IRS bill.
Many people would rather spend the month of October enjoying the changing leaves and gearing up for the holiday season. But it's important to focus on financial matters this month so you're not scrambling to get your ducks in a row for 2026. So if you haven't gotten started on any of these moves, consider this your wake-up call.
