Life changes rapidly, make sure you’re adjusting your financial plan along the way.
“Whether subtle or dramatic, lifestyle changes can impact your finances in various ways from your saving and spending patterns to your income-to-debt ratio, tax exposure, and more. That’s where reviewing your financial plan can be critical for keeping you on track toward your existing goals and any new priorities you may have recently established.
Summer can be an optimal time to engage with your financial advisor for a mid-year financial review. It’s far enough into the year to gauge how your plans are tracking, but early enough to make any needed adjustments. A mid-year financial review can be especially helpful for:
- Reaffirming your financial goals and priorities
- Evaluating your tax exposure
- Ensuring your investment portfolio is aligned with your time frame and risk tolerance
- Reassessing your spending and savings needs.”
“If you’ve taken the time to create a financial plan, it’s important to keep in mind that change is a constant. Economic shifts and market volatility have an impact on your financial health. So can changes in your own life. Your financial plan needs to be just as dynamic. A mid-year checkup gives you a chance to reflect on what’s taken place so far this year – in the economy, with your investments and with your own life and financial goals.”
Let’s review your plan…schedule a consultation today!
Our team of experienced Financial Advisors, who are also tax preparers, work with you to develop a comprehensive, long-term financial plan that implements customized tax-saving strategies that fit your unique situation. These strategies not only focus on investments and stock portfolios, but factor in elements such as Medicare, Social Security, legacy planning, and much more.
Consultations focus heavily on distributions, Roth conversion strategies, and ways to minimize tax, as well as address correct account allocations, risk levels in those accounts, and why. After your consultation, you’ll walk away with a solid financial plan and recommendations that will help you pursue your specific financial goals.
Ready to schedule or have questions about a consultation? Click HERE to get started.
Want to learn more?
Here are a few more resources to help answer your questions…
Tips for a Mid-Year Financial Checkup – US Wealth Management
Follow This 3-step Midyear Money Checkup to Keep Your Finances on Track – CNB
Is it Time for A Mid-Year Financial Review? – Forbes
Blog by Kiran Sharma – Financial Advisor
Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.