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Summer is the Perfect Time for a Financial Checkup

Summer is the Perfect Time for a Financial Checkup

June 30, 2022

The end of the year may be too late to make some key money moves.

During the pandemic, many Americans struggled to maintain financial balance, let alone stay on track towards any retirement goals they may have had. According to a recent research study, 32% of Americans said their financial discipline improved during the pandemic, and 95% expect their newfound habits will stick going forward. Almost 1 in 5 (17%) of American adults said they didn't have a financial plan before the pandemic began, but 83% said they were planning on either creating, revisiting, or adjusting their financial plan.

We are now more than halfway through the year and reviewing your financial plan might not be such a bad idea. It’s far enough into the year to see how your plans are coming along, but still early enough to make any adjustments to your finances before the end of the year.

Consider your financial goals, like saving for retirement, buying a house, saving for your children’s education, or building an emergency fund. And while you're looking at your financial accounts, be sure you take care of your estate planning items, such as checking beneficiaries. It’s not difficult to do, but not doing so can have serious consequences.

Whether you’re still aiming for pre-existing goals or establishing new priorities, a mid-year financial checkup can be just what you need to make it happen.

Here are some topics you can discuss during a mid-year financial review with an advisor.

What’s new in your life?

  • Have you experienced a change in your job, income, or marital status?
  • Did you refinance your mortgage or take out a personal loan?
  • Have you welcomed a new child or grandchild?
  • Have you had any significant changes in your health?
  • If you’re still working, has your retirement timeline changed?
  • If you’re retired, have any of your plans or goals changed?

Addressing this information with your financial professional will help you ensure that your plans still fit your needs, and if they’ve changed, will ensure that you’re able to adjust your plans in a timely manner.

Do you have financial concerns?

  • Are you concerned about the direction of the financial markets or economy?
  • Are you worried about the prospect of rising taxes and inflation?
  • What will happen if you encounter a large, unplanned expense?
  • Are you comfortable with your current savings and spending plans?
  • Are you on track to maximize your contributions?
  • Do you have the right amount and type of insurance to cover unforeseen circumstances that can derail your finances?

It’s crucial to bring up any financial concerns you’re experiencing with your advisor so you can work together to make any necessary changes or adjustments to your strategy. See what you own, ensure that your investment portfolio continues to meet your needs, and make any changes that might be necessary.

What are your future plans?

  • Do you or your spouse anticipate any changes in your employment situation, such as a promotion or job change?
  • Do you plan to move, make home renovations, purchase a new car, or take a big trip?
  • Have any of your goals changed, such as when or where you plan to retire?

Even minor changes in your goals can impact your overall planning and timeline, including how soon you may be able to retire with the income you need.

Do you have any other questions?

You don’t want to get so caught up in the minutia of your finances that you forget to ask those questions you wanted to ask your advisor. Write any questions you have about things that are important to you.

Remember that your financial advisor is an important resource for you, so don’t be embarrassed; there are no stupid questions or concerns. If you’ve found it hard to save more for retirement or build emergency savings, ask your advisor about ways to help you stay on track.


Let Us Guide You

Capital Financial Solutions takes a proactive approach to helping you stay on track towards your financial goals and objectives. We’re here for you anytime. So, CONTACT US today to schedule your mid-year financial review.