Over a third of Americans thought about a financial resolution this year, according to a Fidelity Investments survey. Their top goals were to save more, spend less and pay down debt.
If you were one of these go-getters and goal-setters, this summer is a perfect time to look at your progress, says US News in “Keep Your Money Goals on Track with a Midyear Financial Checkup.”
While summer is a natural halfway point between New Year's financial resolutions and year-end tax planning, it's also a convenient time to contact financial experts, tax planners, human resources representatives and other advisors—who are less busy during their “off-season.” For your midyear financial checkup, look at each of these financial areas.
Taxes. By summer, you should have a decent idea of what's going on with your tax situation and can start planning. Are there any major life changes since last year to include in your tax strategy? This will mean a transition in your tax situation. Also, if you earned a nice tax refund in April or paid a large tax bill, you should ask for a W-4 from your employer and adjust your withholding. Also, look and see if you're maxing out workplace tax benefits—like your flexible spending accounts and retirement contributions.
Insurance. Use the summer to determine if your insurance plans are meeting your needs. Many employers have an open enrollment for health insurance and other benefits in late fall, so now’s the time to think about this.
Estate Planning. If you don't yet have an estate plan in place, speak with an experienced estate planning attorney. Don’t be one of the 64% of Americans that don't have a will. Get the basics prepared, such as an up-to-date will, power of attorney and health care directive.
Emergency Fund. Check on your emergency fund and see if it was depleted by a summer vacation or another event like a change of jobs. Time to beef it up! You should keep three to six months' worth of living expenses readily available. Build your rainy day fund by putting a percentage of your paycheck into savings every month. If you don't see that money available in your checking account, you won't miss it.
The Long Term. Summer vacation is also a great time to look ahead and consider where you'd like to see yourself in the future. Get started with financial strategies that will help you reach those goals.
Do you live in South Florida? When was the last time you took a basic look or had a checkup of your legal and financial affairs? Call me (305-443-3104) right away for peace of mind. I can help!
- I'm an exceptionally experienced Florida Bar Board Certified Estate Planning Attorney,
- I'm a Florida Bar Board Certified Elder Law Attorney, focusing on ALL legal issues related to aging,
- have prepared over 4,000 estate plans in 30+ years in practice,
- have administered over 600 estates through Probate, and
- am a Certified Financial Planner Professional™, plus
- I am also a Florida Certified Public Accountant (CPA).
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Reference: US News (July 28, 2016) “Keep Your Money Goals on Track with a Midyear Financial Checkup”