Mid-Year Financial Checkup: What To Review Now

As we cross the year’s halfway mark, it’s a good time to pause and do a mid-year financial checkup. Are your finances still aligned with your goals, your values, and the life you’re building? Now’s not the time to overhaul your entire plan. It’s about making space for intention—reviewing what’s changed, identifying opportunities, and adjusting course if needed, before the year’s final quarter puts everything on fast-forward. 

So, what should you be looking at right now? 

Spending that reflects what matters 

Start with a close look at your cash flow. Have your spending habits aligned with your values, or have they drifted? Maybe there’s been a shift — increased travel, support for adult children, or new household expenses. Or perhaps a major purchase looms, like tuition or a second home renovation. Mid-year might be an ideal moment to review how your dollars are flowing and whether you are supporting the things you want to prioritize. It’s also a good idea to make sure your emergency fund has 3-6 months’ of expenses in reserve. 

Is your portfolio doing its job? 

This is also the time to assess whether your investment strategy still fits your goals and risk tolerance. Markets shift, and so does your life. Have your holdings drifted out of alignment with your intended asset allocation? Is a single stock or sector starting to dominate? If you’re holding RSUs or concentrated positions in company stock, consider reducing exposure or harvesting gains while the market is favorable. (Market conditions may shift, and selling involves risk. Consult a qualified advisor before making changes.) 

Tax strategy: Don’t wait until December 

If you wait until the end of the year to think about taxes, you may have fewer options available. Now is the time to get ahead. A mid-year tax review gives you space to evaluate charitable giving strategies, revisit estimated payments, or explore whether a Roth conversion may make sense for your individual circumstances. If you’ve already realized significant gains—or expect to—there may still be time to offset them. And if you’re approaching IRMAA thresholds or considering a large gift, reviewing income projections now can help you avoid costly surprises later. It’s also a good time to see how new tax rules will impact your finances. 

Are you on track for retirement? 

Even if you’re years from retirement — or well into it — check in on your savings strategy. If you’re still contributing, are you on pace to max out your 401(k) or HSA? If you’re eligible for catch-up contributions, have you made those adjustments? And if you’re no longer accumulating, how do your withdrawals match your income plan? This is a good moment to recalibrate, especially if income or expenses have shifted since January. 

Legacy and estate planning: quietly powerful moves 

Estate planning doesn’t always feel urgent — until it suddenly is. Mid-year is a calm, focused time to make sure everything is still up to date. That includes your will, powers of attorney, healthcare directives, and the quieter details: Are your beneficiaries still correct? Are you taking advantage of gifting opportunities this year? Has anything changed in your family or financial life that might prompt a trust review? 

Even small updates may help reduce larger issues down the road — and support the legacy you want to leave behind. 

Are you properly protected? 

Risk management often gets overlooked, but it’s a critical part of any financial plan. Review your life and disability coverage to reflect your income, debt, and family needs. Reassess your umbrella liability limits—especially if your net worth has increased or you’ve added a property. Long-term care coverage, real estate protections, and even cybersecurity hygiene are worth revisiting now, while you still have time to adjust. 

What’s changed in life, work, or mindset? 

Finally, reflect on what’s different this year. Maybe you changed jobs, experienced a health scare, or became an empty nester. Perhaps you’re thinking about retiring sooner, traveling more, or giving back more meaningfully. These shifts aren’t just personal —they have financial implications. That’s why a mid-year review isn’t just a tactical exercise. It’s a chance to ask yourself whether your financial life still matches the life you want to lead. 

What you’ll take away from a mid-year financial checkup 

This kind of check-in gives you more than just numbers — it can bring clarity. You may leave with a better understanding of your current financial picture, a plan for the rest of the year, and confidence that you’re making thoughtful, intentional decisions. And if something’s changed? You’ll have the support to respond, not just react. 

Let’s schedule time to talk. Whether you’ve had a year of change or calm, a mid-year review might be one of our most valuable conversations. 

This content is for informational and educational purposes only and should not be construed as individualized advice or a recommendation for any specific product, strategy, or course of action. Brighton Jones, its affiliates, and employees do not provide personalized investment, financial, tax, or legal advice through this communication. This material is not intended to, and does not, create a fiduciary relationship under ERISA or any other applicable law. For individualized advice tailored to your specific circumstances, please consult with your adviser.