Your Guide to a Midyear Financial Review

Jul 2, 2024

Man typing on computer

Regular financial reviews are a pillar of good stewardship, whether you manage finances for yourself, your family, or your business. Halfway through the year is a great time to reassess your plans, goals, and current standing. Below is a midyear financial review checklist to get you started. How many items can you complete?   

Your Midyear Financial Review Checklist

1. Finalize your 2024 to-dos

What did you want to accomplish this year?

Consult your plan and our advisor’s tips for the new year and decide on a focus for the rest of the year. If you need ideas for financial goals, consider these examples:  

  • Increase your IRA contributions 
  • Open a 529 plan 
  • Maximize your charitable giving 
  • See if you are a good candidate for a backdoor Roth 
  • Look into the possibilities of direct indexing and tax-loss harvesting 
  • Explore structured note offerings 
  • Build a business succession plan 
  • Fully fund your emergency fund 
  • Save for a down payment 
  • Complete a renovation or home project 
  • Increase your contribution to your 401(k) 
  • Set a retirement date 
  • Book flights for a big trip 

One of the best ways to clarify your goals is to have a professionally made, big-picture plan to refer to.

2. Review your financial plan

What are your areas of strength and areas of concern? What has changed since you last reviewed your plan, and what opportunities and changes are coming? 

Your financial plan will evolve, but the best way to know what needs to change is to look at where things currently stand. Are you on track to reach your goals? How does your plan perform under different scenarios and stressors?  

If you don’t have a plan or don’t see the importance of keeping up with your plan, review “5 Reasons Why Financial Planning is Important.” 

3. Discuss your performance

Check how your portfolio is performing, but do so with an expert who can explain market volatility and your overall investing picture.  

A professional can also discuss what to anticipate for the next six months. No one has a crystal ball, but a grounding perspective on geopolitical and economic events can provide stability in a rocky market.  

4. Verify your retirement timeline

If you were planning to retire at the end of the year, is that still the plan? Has anything come up – a medical event, job change, family situation – that necessitates leaving earlier or later than expected?  

If your retirement is fast approaching, make sure you are preparing now.   

Even if you are not retiring this year, ensure your current timeline is accurate. Do you want to be able to retire sooner than you planned? An advisor can help you see the viability of an accelerated timetable.  

5. Assess mistakes and regroup

Mistakes happen. Reflect on the last six months to identify problems and talk to your advisor about solutions.  

  • Did you overspend or underestimate the cost of a new project?  
  • Did you pull your money out of the market unnecessarily?  
  • Did you follow the bad advice of a friend or family member?  

Perhaps you’ve made one of these four common financial mistakes or followed generalized rules of thumb that don’t apply to everyone.  

Financial mistakes are frustrating, but you can choose to regroup well. Ask for support, make adjustments, and move forward better.  

6. Ensure all of your advisors are on the same page

When you review your finances, note changes and communicate them with the necessary professionals (i.e., advisor, accountant, insurance agent, attorney).  

Talk with each professional as a part of your midyear review. Do they have updated recommendations, concerns, or questions? Do you have anything to ask them?  

Keep a running list of non-urgent questions throughout the year and reference it during your conversations.

7. Recall end-of-year deadlines and take action now

What do you need to get done by the end of the year? Can you do it now?  

For example, if you are eligible to do so and have not yet taken your annual Required Minimum Distribution, do so now so you don’t have to worry about it at the end of the year. 

Your advisor can inform you of any other end-of-year deadlines or action items to get started on. 

8. Plan for next year

A midyear review is not just for planning the rest of the year. It’s also a time to look further ahead.  

What important financial events are happening in the next 12-18 months? Are there any weddings, vacations, or major purchases you need to save for now? 

You can also plan for next year’s taxes. Tax planning differs from tax prep, which is pulling the pieces together to complete your taxes. Tax planning involves working with an expert to minimize your taxes – whether through a Roth conversion, contributing to an HSA or FSA, or other options. There is always some proactive planning you can do.   

Your Midyear Financial Review

At Credent, we connect with each of our clients proactively to make sure their plans always align with their goals.  

Staying current with your financial picture and understanding where you’ve been and where you’re headed are central to achieving financial freedom.  

If you’d like to talk to an advisor about a midyear review, fill out the form below.

Schedule an appointment with an advisor in your area.