It is hard to believe we are halfway through the 2025 year. It is a good time to revisit the Financial Goals you made in January and maybe do some mid-year planning to see if you are on track or need to do some readjusting.
- Your Portfolio – What does your portfolio picture look like? If you have not done so yet this year, sit down with your financial advisor for an account review. It is always a good idea to go over your results and allocations to make sure your risk tolerance is still in line with your investments.
- Taxes – Has your financial situation changed? Factors such as income sources and deductions may affect your taxes that will need to be paid. If you are still employed, you may want to take time to see the HR person and adjust your withholdings. Self-employed making quarterly payments should do the same. Making changes now helps with the tax liability you will need to pay.
- New Investment Opportunities – Are there opportunities I should look at? It is good to explore the different sectors or industries that show potential for growth and discuss with your financial advisor if there are any opportunities to add to your portfolio.
- Charitable Giving – Is this something I should learn more about? There are benefits to giving charitable donations through the year. There is donor advised funds as well as charitable remainder trusts that can benefit you with taxes and legacy planning.
- Summer Fun – What are some ideas? You cannot forget to enjoy the summer. For many people saving and planning a vacation of travel and activities is something they enjoy doing. For others who may be past traveling due to health or finances… plan a staycation. Explore some activities in your community. Many organizations provide evenings of outside entertainment, food, ice cream and just a chance to gather with family and friends.
As we go through life, I think it is important to maintain a work, retirement, relax balance. Some areas of life you plan for and others you look for and enjoy. This month plan and enjoy a relaxing summer activity.