Mid-Year Financial Check-In


Mid-Year Financial Check-In

Reviewing your financial goals, retirement planning, and life insurance policies once a year is essential, but many do not realize the benefits of reviewing mid-year. Summertime is the time when people know they’re halfway through the year and think about what they want to accomplish before fall. Summertime is a great time to perform a financial check-in, update your retirement plan, and any insurance policy you need to complete. The benefits of a mid-year review are many:

Financial goals:

Review your financial plan – The first step is to perform a financial check-in. Position yourself to meet your financial goals this year and prepare next year. However, those with a written financial plan may be more likely to follow their plan and monitor their financial professional’s recommendations throughout the year.

Increase savings, decrease spending, and eliminate debt – The less you spend, the more you can save into an emergency fund, pay toward debt reduction, or save for retirement. Review your spending this month to determine what you can eliminate and what you can reduce. In addition, if you feel like you were financially insecure the past year. Now is the time to take control of your financial future.

Retirement planning:

Review this year’s retirement portfolio performance – If your funds didn’t perform to your expectations, it could be time to re-evaluate holdings. You can also consider adding other asset classes such as an annuity.

Reassess your goals – Over the year, did you experience a life change? You may have sold your home, or welcomed a new grandchild. However, by taking a look at the goals you previously set, you can determine if you need to set your sights on a new goal in light of life changes.

Life insurance policy review:

Policy beneficiaries – Has anyone married, divorced, had a name change, or was there a new family member born? Update the life insurance policy beneficiary’s names, and ensure you have accurate social security numbers for each.

Death benefit amount – Have you acquired more debt, retired, or had assets grow? Firstly, reviewing your benefit will help determine if you have enough death benefit on the policy. If you have a large estate, does the death benefit provide enough to offset estate taxes?

Add additional policies – adding a life insurance policy for a child or grandchild is a gift. A gift that will benefit your family member in the years to come. Consult your insurance agent if you wish to add a policy. You can add one for a family member to understand allowable coverages, beneficiaries, etc. There are some stipulations if you are not the custodian of the child. Consult your financial professional for details.

In conclusion, rely on your financial professional by scheduling your mid-year financial check-in. This will help to ensure your financial goals, retirement plan, and life insurance policies are on track and up to date.



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An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to non-qualified distributions. Consult a tax advisor for specific information.

Perform your Financial Check-in

In addition, for those who are looking for financial advice, we realize there are many available options. And deciding who to work with is a challenging problem.  At Strategic Path Financial Group, we know that it is your retirement, and you should have control over it. We offer our experience and knowledge to help you design a custom strategy for financial independence. In conclusion, contact us today to schedule an introductory meeting!