Broker Check
Stay on Track: The Essential Mid-Year Financial Check-In

Stay on Track: The Essential Mid-Year Financial Check-In

June 04, 2024

As the year progresses, it's easy to get caught up in the day-to-day demands of life and forget about the financial goals you set at the beginning of the year. However, taking the time to evaluate your financial situation and make necessary adjustments can have a significant impact on your long-term financial success. 

At Wealthspring, we understand the value of mid-year planning, and we encourage all our clients to take the time during the slower summer months to talk with us for a comprehensive review. Why is mid-year planning so important? Let’s explore:

The Importance of Mid-Year Planning

Mid-year planning can be a crucial checkpoint to assess your financial goals and make any necessary adjustments. Have you had any major life updates like buying a new home, the passing of a loved one, or sending a kid off to college? At a mid-year review, these things are considered, and adjustments are made to keep you on track with your financial goals. 

Whether you're an individual taxpayer or a business owner, mid-year planning offers several key benefits:

  • Maximizing Tax Savings
    By reviewing your financial situation mid-year, our tax experts can identify potential tax-saving opportunities. Our tax-intelligent approach to financial planning allows us to help ensure you are on the right track to minimize your tax liabilities, whether it's optimizing deductions, answering your charitable donations questions, maximizing retirement contributions, or implementing tax-efficient investment strategies.
  • Capitalizing on Market Trends

The financial landscape is dynamic, and market conditions can change rapidly. Mid-year planning gives you the opportunity to assess your investment portfolio and make the necessary changes based on current market trends. Our team can assist you in capitalizing on opportunities while mitigating risks, ensuring that your investments remain aligned with your goals. 

  • Optimizing Retirement Planning

Whether you're approaching retirement or still have a long way to go, mid-year planning is an excellent time to review your retirement strategy. Our team of experts will utilize this mid-year planning period to assess your savings, evaluate your retirement income projections, and provide recommendations to help you pursue the retirement of your dreams.

  • Revisiting Your Estate Plan
    The slower summer months can be the ideal time to work on protecting your legacy. Now, more than ever, it’s critical to revisit your plan because of the hefty increases on the horizon for estate and gift taxes. Waiting could result in higher tax rates and we’re already seeing increased demand for estate planners. Also, these strategies often take time to execute, so now is the time to check in on your plan and make needed shifts to lower your heirs’ tax burden.

Mid-year planning is a powerful tool to ensure your financial success. At Wealthspring, we understand the importance of adaptability and being able to make adjustments when necessary for the long run. Contact us today to talk about your progress during this mid-year season.