As summer settles in, many of us find a little more breathing room in our schedules. With longer days, lighter calendars, and the rush of tax season behind us, this time of year offers a natural opportunity to pause and revisit your financial life. Whether you’re just starting out or nearing retirement, mid-year is the perfect time to assess your progress and make smart adjustments before year-end.
Why Mid-Year Matters
Checking in on your financial plan mid-year allows you to act while there’s still time. By this point, you’ve seen how the year is shaping up – both in your personal finances and in the markets. That makes it easier to spot trends, prepare for upcoming expenses, or shift gears if your goals have changed. This is a critical window for those in their 50s and early 60s to make sure retirement plans are on track.
Topics to Discuss with Your Advisor
Use this time to connect with your advisor and cover a few key areas:
- Cash Flow & Spending: Are we on track with our budget? Have any new or large expenses come up?
- Tax Planning: How do our gains or losses look so far? Are the estimated payments on target?
- Portfolio Review: Is my investment mix balanced? Are there any tax-smart strategies to use?
- Estate & Insurance: Any life changes – like a birth, marriage, or health shift – to update?
- Education & Gifting: Are we making progress on college savings or gifting plans for family?
Special Planning for Ages 50+
If you’re turning 50 or older this year, you may already know about catch-up contributions – an extra $7,500 for 401(k) plans and $1,000 more for IRAs. These contributions help boost retirement savings during your peak earning years.
But now, there’s even more flexibility for those aged 60 to 63. Thanks to the SECURE Act 2.0, you’ll be allowed to contribute 150% of the standard 50+ catch-up amount to your workplace retirement plan.* These amounts will increase with inflation over time, and you can make these catch-up contributions in the year you turn 60, not just after the day itself!
This expanded window can significantly boost your savings if you’re just a few years from retirement. It’s also a good time to ask: Am I on track to retire when I want? What will my income sources look like once I do?
Feeling Behind? Start Small
You don’t have to do everything at once. Start with what feels most urgent – maybe retirement, maybe your budget. Even one thoughtful conversation with your advisor can create clarity and momentum.
Make the Most of the Moment
If summer’s giving you a little breathing room, use it to take care of your financial life. Reach out to your advisor – or our team at The Partners Group – to schedule a mid-year review. We’re here to help you plan with purpose and prepare with confidence.
CONTACT THE WEALTH MANAGEMENT TEAM
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