As we approach the middle of the year, it’s a perfect time to hit “pause” and reflect on your financial progress with a mid-year financial checkup.
Whether you’re a few years from retirement or already living in it, taking a moment now for a mid-year financial checkup could make a meaningful difference in your long-term success.
Life changes. Markets change. Goals evolve.
Without regular check-ins, it’s easy to drift off course—and small missteps today can create big challenges later. Here’s how to review and refocus for a stronger second half of the year.
1. Review Your Savings Progress
If you set a goal in January to max out your 401(k), IRA, or other savings vehicles, now’s the time to check:
- Are you on pace to meet your contribution goals?
- If you received a raise or bonus, did you increase your savings rate?
- Have you considered “catch-up” contributions if you’re over 50?
Small adjustments now can make a big impact by the time December 31st arrives.
2. Check Your Investment Strategy
Markets can be volatile—and 2025 has been no exception.
Ask Yourself:
- Has your portfolio drifted from your original targets (Stocks vs. bonds, risk levels, etc.)
- Are you diversified enough to weather potential market storms?
- Do you need to rebalance to stay aligned with your risk tolerance and time horizon?
Remember: retirement is not just about growing your assets—it’s about preserving them too.
3. Reassess Your Spending and Budget
Inflation may have cooled slightly, but higher prices are still impacting day-to-day living.
- Has your spending increased compared to what you planned for?
- Are you setting aside enough for travel, health care, and unexpected costs?
Now is a good time to tighten up any overspending and reallocate toward your long-term priorities.
4. Plan for Taxes Now, Not Later
Tax planning shouldn’t start in December—it should happen year-round.
- Are there Roth conversion opportunities while you’re in a lower tax bracket/
- Should you be harvesting tax losses (or gains) now?
- Are your required minimum distributions (RMDs) planned for later this year?
Proactive tax planning now could save you thousands later.
5. Review Your Health Care and Long-Term Care Strategy
Healthcare remains one of the largest expenses in retirement, and it’s often underestimated.
- Are your insurance policies still appropriate for your stage of life?
- Do you have a plan in place for potential long-term care needs?
- Have you reviewed or funded your Health Savings Account (HSA) this year?
It’s much easier to adjust now than scramble when a health event happens.
6. Update Your Estate Plan and Beneficiaries
Life changes—marriages, births, deaths, and moves happen often.
- Are your wills, trusts, and powers of attorney up to date?
- Are your retirement accounts and insurance policies correctly aligned with your intentions?
A mid-year checkup ensures your legacy will be handled exactly as you wish.
Final Thought: It’s Not Too Late to Make 2025 a Strong Year
Taking an hour to review your financial plan today could save you countless hours of stress later. If you’re not sure where to start—or if you’d like a second set of eyes on your plan—I’m here to help.
Schedule a complimentary, 30-minute consultation and let’s ensure you’re on track for a confident, purpose-driven retirement
👉 https://calendly.com/steve-1754/appt
You’ve worked hard to build your future—now let’s protect and grow it together.
Steve Gaito, CFP®
Helping you retire with confidence, purpose, and peace of mind.