Your Summer Financial Planning Checklist

Now that we’ve arrived at mid-year, the summer season offers a great chance to revisit your finances with a fresh perspective. If you’re nearing retirement or already there, you can fine-tune the decisions that support your lifestyle, protect your wealth, and help reduce stress. Here are six things to review this summer:

• Reassess your budget in light of rising expenses. With increasing costs for groceries and other household expenses, you may find it’s more challenging to stretch a dollar these days. Take time this summer to analyze your spending patterns, identify areas where costs have escalated, and adjust your budget accordingly.
• Revisit your tax plan. If you had a larger-than-expected tax bill this year, now is the time to take a closer look at what caused it—and how to reduce your liability in the future. Consider talking with your financial advisor or tax professional about adjusting your withholding or estimated payments, shifting taxable income into future years, or realizing capital losses to offset gains. Planning now gives you more time and flexibility than waiting until year-end.
• Consider a Roth conversion. A Roth IRA conversion could make sense if you’re in a lower tax bracket this year—perhaps due to retirement or a gap in earned income. This strategy involves paying taxes now to potentially enjoy tax-free growth and withdrawals later. Your financial advisor can help you determine whether a Roth conversion makes sense for your situation.
• Start thinking about year-end giving. If charitable giving plays a role in your financial plan, map out a donation strategy now. Whether it’s a donor-advised fund contribution, gifting appreciated stock, or making QCDs from your IRA, summer planning allows you to be more strategic with timing and tax benefits.
• Evaluate healthcare and insurance coverage. Before open enrollment season kicks off in the fall, take time now to review your Medicare choices, long-term care policies, and supplemental insurance. If you retired recently, confirm that your coverage meets your needs and that you’re not overpaying for unnecessary protection.
• Schedule a family finance talk. Summer often brings families together, making it an ideal time to open the door to important conversations. Consider sharing the basics of your estate plan, care preferences, or legacy goals with your loved ones. These talks can reduce future confusion and help everyone feel more prepared.

Financial planning works best when it’s a year-round effort. By staying engaged in the summer months, you may be able to catch potential issues early and take advantage of valuable opportunities.

 This is intended for informational purposes only. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. Please consult your investment professional regarding your unique situation.