Why a Midyear Financial Checkup Is Worth Your Time
Life moves fast, and financial plans made in January can feel distant by the time June rolls around. That’s why a midyear financial checkup is an essential part of staying on track with your budget, savings, taxes, and investment planning.
Midyear Budget Review: Are You on Track?
Have you stuck to your spending plan this year? If you’re over or under budget, now’s the time to course-correct.
- Pro tip: Use budgeting tools to track your spending automatically.
- Don’t have a budget yet? It’s never too late to start!
Thinking About Increasing Your Retirement Contributions?
Did you get a raise or bonus this year? Consider increasing your contributions to your 401(k), IRA, or other retirement accounts. The 2025 limits are:
- 401(k): $23,500 ($31,000 if age 50+)
- IRA: $7,000 ($8,000 if age 50+)
Have You Had a Life Change That Affects Your Tax Withholding?
Review your tax withholdings to avoid surprises at tax time if you’ve had a significant life change—like a new job or a pay increase. The IRS has a helpful withholding calculator to guide you.
Check If Your Investment Strategy Still Matches Your Goals
Markets change, and so do your goals. Make sure your portfolio still aligns with your long-term plan.
Do You Need to Update Your Insurance Policies?
Major life events like marriage, starting a business, or buying a home might mean it’s time to adjust your coverage. Don’t forget to revisit life, disability, or business insurance as well.
Midyear Review of Your Employee Benefits and HSA/FSA Accounts
Open enrollment might feel far off, but midyear is a good time to prep. Check on your:
- Flexible Spending Account (FSA) or Health Savings Account (HSA) balances.
- Current benefits to see if changes might be needed.
Why Reviewing Your Credit Report Midyear Matters
You can get a free credit report every year from each major bureau at AnnualCreditReport.com. Use this midyear checkup to spot errors or fraud.
Do You Have Enough in Your Emergency Fund?
Having an emergency fund is important for staying financially secure. Experts suggest saving 3–6 months' worth of living expenses. Take a moment to check—do you have enough set aside? If not, think about putting extra cash toward building it up.
When Should You Revisit Your Will or Estate Plan?
Life changes quickly, and your will or trust should reflect that. If you’ve had a major event like a birth or divorce, it’s a good idea to revisit your estate plan documents.
Adjust Your Financial Goals for the Rest of the Year
Look back at where you started the year and adjust your goals for the next six months. Planning ahead now can make a big difference by December.
Simple Ways to Stay on Top of Your Financial Plan
Staying organized with your financial plan doesn’t have to be complicated. One easy strategy is to set calendar reminders to review your finances twice a year—once in June and again in December. This midyear and end-of-year rhythm can help you stay accountable to your goals and make timely adjustments. It’s also a great time to check in with a financial advisor. An advisor can help you evaluate your budget, investments, insurance, and savings strategies, ensuring your financial plan stays aligned with your life and priorities.
Ready to Tackle Your Finances?
If you're ready to get back on track, a midyear checkup is a great place to start. Let’s review your budget, investment strategy, and financial goals together—schedule an introductory meeting today.
Jordan Hickey is a CERTIFIED FINANCIAL PLANNER® professional who helps clients create personalized financial plans. Based in Glastonbury and Wilton, CT, Jordan offers guidance on retirement, insurance, investments, and overall wealth management. Schedule a complimentary introductory meeting with Jordan.
This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision and it does not constitute a recommendation.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Any opinions are those of the author, and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice.