These days you’re probably thinking about the beach, the mountains, or a road trip with the family. But summer, when life may be a little slower and your mind a little less cluttered, is actually a good time to do a quick midyear financial reality check.
A midyear checkup can accomplish several things. You can stop and think about your financial goals, such as saving for retirement, a house, a child’s education, or a financial cushion, and then make sure that you are investing appropriately for those goals. And while you are looking at your accounts, take care of “housekeeping” items too, like checking beneficiaries, which isn’t complicated but can have serious consequences if neglected.
Here are 5 things to do in a midyear review:
- Review your financial goals
- Check your investemnets
- Get a tax break
- Protect what’s yours
- Review important paperwork