Your mid-year financial planning checklist: 7 items to review

By Jamie Viceconte, Head of Investment Product | Citizens Wealth Management

_{Jamie joined Citizens Wealth Management in 2022 and is responsible for the curation and management of the investment product suite of ETFs and mutual funds, and portfolio models constructed with these products. As a strategic partner, he has over 30 years of experience in financial markets focused on a broad array of public and private equity and fixed income products.}

The same way you see the doctor for an annual physical or take your car in for an oil change, your finances need regular check-ups too. That's where a mid-year financial planning checklist can come in handy.

A structured review halfway through the year helps ensure that your financial plan still matches your goals and adapts to changes in your life and plans. To help you stay on track with your goals, here are seven items to consider for your mid-year financial planning review.

1. Revisit your financial goals

Midway through the year is the perfect time to revisit your financial goals. Maybe you've landed a new job, gotten married, welcomed a child or bought a home. Life changes like these can significantly impact timelines or individual goals.

As the first step in your financial planning checklist, review the list of goals you set at the top of the year — retirement savings, a house down payment, debt payoff, or increasing your emergency fund. Then ask yourself: Are these still my top priorities? This one question can help you update timelines, savings targets and monthly contribution amounts if necessary.

2. Review your investment portfolio

In any market environment, it's important to regularly review your portfolio. Market fluctuations can shift asset allocations in your portfolio, potentially increasing risk or making it more conservative than originally planned. For example, if your portfolio was built with a 60/40 equity to bond allocation, but equities have grown to comprise 70% of your portfolio, it may make sense to rebalance.

Mid-year is a good time to review your investment portfolio with your financial advisor. They can help you determine whether your current asset allocation still aligns with your risk tolerance, goals and time horizon, or if adjustments should be made.

3. Optimize your tax efficiency

Speaking of tax planning, it doesn't have to wait until the end of the year. Engaging in some savvy mid-year tax planning is a crucial step in your financial planning checklist.

Start by checking contributions to retirement plans like 401(k)s and traditional and Roth IRAs. Are you on track to hit the annual contribution limits? If there's room in your budget, now's the time to adjust monthly contributions instead of waiting until December.

This could also be a good time to harvest tax losses or gains. Selling underperforming investments to offset capital gains could help reduce your taxable income. If you plan to make charitable contributions, consider using appreciated assets or setting up a donor-advised fund to leverage those tax benefits.

4. Assess cash flow and spending

Is your spending on track for the year? To get the answer, compare projected spending versus actual spending to see if you're on target.

Pull your bank and credit card statements from the last six months and categorize your spending into key areas like housing, food, and savings. You can also use a budgeting app or spreadsheet to help spot trends. If you find spending has crept up, especially in discretionary categories, consider setting new limits for the rest of the year.

5. Review insurance policies and how you manage risk

Like other parts of your finances, life changes — a new job, house or family member — can leave you over- or under-insured without the proper policy updates.

Review your insurance across all categories: auto, life, disability, health, home, long-term care and umbrella policies. Are your policy amounts still appropriate for your current income and liabilities? For example, if you've taken on a higher mortgage or added family members, your life insurance might need to increase.

6. Check your retirement contributions

Check in on your retirement savings goals. It's time to ensure your contributions to every type of plan — personal and employer-sponsored — are on track.

For those with an employer-sponsored plan, check your contribution percentages. If you aren't already on track to meet the maximum contribution limits, consider increasing your contribution rate — even by as little as 1%.

For IRAs, calculate the monthly amount you need to contribute between now and year's end to reach the annual limit. If you need a bit more time to maximize contributions, don't forget that you can contribute to an IRA for the previous year up until the tax filing deadline.

If you're at least age 50, consider also taking advantage of catch-up contributions. In 2025, the catch-up limit for 401(k)s is an additional $7,500 and $1,000 for IRAs. There is also a higher catch-up contribution limit for 401(k)s for those age 60 – 63.¹

7. Revisit your estate plan

Use your mid-year check-in as an opportunity to review your estate plan, including documents such as wills, trusts, health care proxies and powers of attorney.

Life events such as marriage, divorce, separation, birth, adoption or death may mean you need to update documents. If you've named someone to key roles such as guardian, executor or trustee, ensure they're still appropriate choices.

Also, it's important to review beneficiary designations on retirement accounts, life insurance policies and bank accounts, as these will override what's written in your will or trust.

Connect with a Citizens Wealth Advisor*

A mid-year financial planning check-in isn't about making drastic changes. It's about checking your progress and making small updates that can pay off in the long run.

Meeting with a financial advisor allows you to ask questions, refine your plan and address areas you may have overlooked. For professional guidance, connect with a Citizens Wealth Advisor who can help ensure your plan grows alongside your life.

Request a call