The middle of the year is an ideal time to pause and evaluate your financial progress. Life changes quickly and your priorities can shift over the course of just a few months. An August check-in gives you the opportunity to make adjustments now instead of waiting until the busy end of year.
Here are a few areas worth reviewing as we dive into the back half of the year.
Revisit Your Financial Goals
Are you still on track with the goals you set at the beginning of the year? Do you need to set new goals? If your circumstances have changed, your goals and priorities may need to adjust with them.
Think Ahead to Year-End Opportunities
You don't have to wait until December to start planning for taxes or retirement contributions. Mid-year is an excellent time to discuss strategies such as maximizing retirement plan contributions, charitable giving, Roth conversions, or other planning opportunities that may benefit you before the end of the year.
Planning early often creates more flexibility than making decisions during the hectic holiday season.
Evaluate Your Savings
Review your emergency fund and any accounts dedicated to future goals. Are you contributing consistently? Have you received a raise or paid off a debt that would allow you to increase your savings?
Even a small increase in monthly contributions can make a meaningful difference over time.
Check Your Investment Accounts
Take a look at your retirement and investment accounts to see how they've performed so far this year. While it's wise not to react emotionally to short-term market movements, it's worth confirming that your portfolio still aligns with your long-term objectives, risk tolerance, and time horizon.
A mid-year review can also identify opportunities to rebalance your investments if they've drifted from your intended allocation.
Review Insurance and Beneficiaries
Periodically review your life, disability, long-term care, and homeowners insurance to confirm your coverage still fits your family's needs. Major life events like marriage, a new child, a home purchase, a new job, or starting a business are all good reasons to review your coverage.
If you’ve had a big life change, you may need to also update the beneficiaries on your accounts and policies.
Schedule a Financial Review
Perhaps one of the most valuable steps is sitting down with your financial advisor.
A review meeting gives you the opportunity to discuss changes in your life, evaluate your investment strategy, review your insurance and estate planning, and make sure every piece of your financial plan continues working toward your goals. It also gives you time to identify opportunities before year-end deadlines arrive.
Financial planning isn't something that happens once and gets crossed off the list. It's an ongoing process that evolves as your life changes.
If it's been a while since your last review, now is a great time to schedule a conversation. A mid-year check-in can help ensure you're making the most of the rest of the year and staying on track for the future. Contact us today for your review.