Your Mid-Year Financial Check-In
Ah, the lazy days of summer! A time to slow down, relax and enjoy the sunshine. As the halfway point in the year, summer is also a great time to check in on your financial progress and make sure you remain on track to achieve your annual goals.
As summer nears, be sure to check in on the following areas of your finances.
Investments
Oh boy, 2025 has been a wild year so far. Whether you actively follow the market or prefer a more hands-off approach, now’s a good time to take stock. Is your overall investment strategy still in line with your long-term goals? There are many things that could warrant a change, such as losing your job or having a baby. Take time to evaluate where you are today, and be intentional as to what your long-term vision is. If your broader strategy is in good order, has this year’s volatility impacted your allocation? It may be time to rebalance and bring your portfolio back in line with your targets. Failing to regularly rebalance could expose you to unnecessary risk.
Estate plan
Mid-year is also a great time to review your estate planning documents to make sure they continue to meet your changing needs. Have you experienced any major life events that would necessitate a change to your plan? Take a proactive approach by scheduling some time to speak with your estate planning attorney.
Retirement plan
Twice a year, my wife and I sit down to review our long-term retirement plan. The first time is in January, and the second is at the midway point. We evaluate how we’re doing on our savings goals and how we’re thinking about the tail end of the year as we aim to better set ourselves up for success.
If you have the financial flexibility, be sure to take full advantage of any employer matching. If you’re already taking advantage of the full employer match, are you maxing out your contributions? If you aren’t, try increasing your contribution by $50 or $100 per pay period. Start small, and continue to increase your contribution as the years go by. If you’re already contributing the max amount to your 401k, I’d encourage you to find out whether your employer has access to a “mega backdoor” Roth feature. A mega backdoor Roth conversion can be a beneficial strategy to potentially enhance your savings when available. Otherwise, consider saving in a brokerage account (retirement savings don’t always have to be within a retirement account). The more you can save, the better.
If you’re approaching retirement, log in to the Social Security website and take a look at your expected benefit; knowing this amount can help you plan more confidently around when to retire, how much income you’ll need from other sources and whether delaying your benefit might offer a better long-term outcome.
Risk management strategies
Are you planning a road trip this summer? If so, this is a great time to review your auto insurance. While you’re at it, take time to review your home and umbrella policies and make sure they’re still in line with your financial position. Review your deductibles and coverage amounts to ensure you’re properly covered. Also make sure your beneficiaries continue to reflect your wishes and that your policies are titled correctly. If you’ve recently increased your net worth, it may be time to talk with your wealth manager about adjusting your coverage levels.
Tax planning strategies
If you wait until year-end to implement tax planning strategies, you may miss opportunities. Not only can advanced tax planning help you avoid last-minute stress when it comes time to file but it can also help optimize your savings by lowering your tax exposure throughout the year. Work with your wealth manager to identify opportunities to reduce your tax liabilities through strategies such as tax-loss harvesting, asset location strategies, charitable giving and more.
