6 tips for an effective mid-year financial check-up


This blog post was originally published on June 23, 2021. It was updated on June 13, 2023.

It’s your financial halftime – use it wisely.

In basketball and football, each team retreats to their respective locker room during halftime to get some much-needed rest, make adjustments and regroup – and most importantly adapt their strategy for the second half of the game.

So too when it comes to your finances, you should use your “halftime” mid-year review wisely. But if you’re like most people, you’re probably not even conducting one. Here are six tips on how to get started and what to focus on during this time of the year.

  1. Make it a priority – Think about your finances as though your life depends on it, because essentially it does. Your financial security is critical in the pursuit of a long and fulfilling life, so invest the time in planning for your future.
  2. Build savings – Chances are you are going to live a long time, and the more savings you can squirrel away now, the better your chances will be to have the financial freedom in your later years. Think of a number between 10% and 15% of your annual income as a good starting point for savings. A good first step is to do this in your 401(k), should you be fortunate enough to have one. An individual retirement account (IRA) can be another pocket to use for building your nest egg.
  3. Review investment strategy – Having a long-term investment strategy in place is essential for your long-term success. A broad-based, globally diversified portfolio is a good place to start. A financial advisor can add value by designing a strategy that aligns with your financial goals, reviewing your current investments, and helping you to make adjustments where needed.
  4. Plan for taxes – As the old saying goes, it’s not what you earn but what you keep. And starting mid-year gives you much more time to make changes compared to waiting until the typical year-end tax review.
  5. Review budget/financial goals – This is a great time to review your budget and your financial goals. Do they still make sense? Are you on track? What changes might be necessary to improve your odds of meeting these goals?
  6. Review estate plan – Do you have a will and other basic estate planning documents? If so, when was the last time you reviewed them? If you are missing any important documents or if it’s been a while since you reviewed them, mid-year can be a good time to discuss this with your family, tax professional and attorney. Your professional advisors can help you implement an effective estate plan tailored to your specific needs, situation, and long-term financial goals.

Don’t you want to start the second half of the year in a strong position? Take this opportunity to maximize your financial halftime by reviewing your performance and making adjustments as needed to reach your goals. Contact me or another member of the Kaufman Rossin Wealth team to learn how we can help.

Charles Sachs, CFA, CFP®, is a Chief Investment Officer at Kaufman Rossin Wealth, LLC, a Registered Investment Adviser.

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