Your Mid-Year Financial Check-In: 5 Tips To Stay on Track

Longer days, backyard barbecues, and summer getaways often take center stage this time of year. But before you shift into vacation mode, take a moment to check in on your financial plan. Why? Because life changes, and so do the markets. A mid-year review is your opportunity to help ensure your financial strategy remains aligned with your goals.

Whether you’re saving for retirement, managing risk, or building wealth, now’s the time to revisit five key areas of your financial plan.

1.  Review and rebalance your investment portfolio

Even a well-constructed portfolio can drift off course. Market fluctuations can change your original asset allocation, potentially increasing your risk, or making your investment more conservative than intended. A mid-year review allows you to:

• Determine if your current mix of stocks, bonds, and other investments still matches your risk tolerance.
• Rebalance as needed to stay aligned with your goals.
• Position your portfolio for the months ahead based on changing economic conditions.

Consult with your wealth advisor to assess whether adjustments are necessary and to help ensure your strategy aligns with both short-term realities and long-term priorities.

2.  Reassess your retirement plan

Whether retirement is decades away or just around the corner, a mid-year check-in helps confirm you’re still on track. Ask yourself the following questions:

• Am I contributing enough to my retirement accounts?
• Are my investments performing as expected?
• Has anything changed in my timeline or vision for retirement?

If you’re falling short, you might need to increase your savings rate, adjust your asset allocation, or rethink your expected lifestyle in retirement. On the flip side, if you’re ahead of schedule, it could be time to protect those gains by reducing your exposure to risk.

3.  Revisit your insurance coverage

Insurance isn’t always top of mind, but it plays a critical role in what you’ve worked so hard to build. Summer is an ideal time to review your policies, especially if your circumstances have changed. Consider:

• Have you recently married, had a child, changed jobs, or bought property?
• Do your life, disability, and long-term care policies still meet your needs?
• Are the beneficiary and ownership details current?

If your net worth has grown, it may also be time to explore more robust property, casualty, or umbrella insurance coverage.

4.  Refresh your estate plan

Estate planning isn’t just about what happens after you’re gone. It’s about making your wishes clear and easing the burden for your loved ones. Now’s the time to:

• Review your will, trust documents, powers of attorney, and healthcare directives.
• Ensure your chosen representatives are still the right fit.
• Update any changes in family dynamics, such as marriages, births, or losses.

Even if you’ve retired or your estate plan was created years ago, it’s worth revisiting regularly to reflect your current intentions.

5.  Explore new tax planning opportunities

Tax planning isn’t just a once-a-year task. With tax season behind you, reviewing your recent return can uncover strategies to help reduce future tax liability. A few smart mid-year strategies include:

• Donating to a charity in a tax-advantaged way.
• Harvesting investment losses to offset gains.
• Contributing to education savings accounts or health savings accounts.
• If you’re already retired, now’s a good time to review your income sources and consider tax-smart withdrawal strategies. Structuring your distributions carefully can help you keep more of what you’ve earned.

Pro tip:

Financial plans are most effective when they’re flexible and reviewed regularly. A mid-year financial review is a powerful way to reconnect with your goals and make thoughtful adjustments as needed. For more information, contact your wealth advisor. If you’re not a client and would like to learn more, let’s talk.

Mercer Advisors Inc. is a parent company of Mercer Global Advisors Inc. and is not involved with investment services. Mercer Global Advisors Inc. (“Mercer Advisors”) is registered as an investment advisor with the SEC. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements.

All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change. Some of the research and ratings shown in this presentation come from third parties that are not affiliated with Mercer Advisors. The information is believed to be accurate but is not guaranteed or warranted by Mercer Advisors. Content, research, tools and stock or option symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. The services and third-party links are presented for information and educational purposes only. For financial planning advice specific to your circumstances, talk to a qualified professional at Mercer Advisors.