Are My Finances on Track for the Rest of the Year?
Have your question answered on the Money Wisdom Question Series!
Have you made any progress with the financial goals you set back in January? Now that we’ve reached the halfway point of the year, it’s a great opportunity to see where your finances stand.
Join Heath Grossman, CFP® as he shares a few areas of your overall plan worth reviewing in this week’s Money Wisdom Question Series.
1. Your Retirement Income Plan
Whether you’ve already retired or will retire soon, you need a plan to meet your future income needs. If you haven’t already, start by setting your retirement lifestyle goals. What will you need income for in this next phase of life? Do you plan to travel, relocate, or pursue other passions?
Next, determine where your retirement income will come from and how much you expect to receive. Are you getting Social Security or a pension, or will you draw from your investments to generate income? Then, with the guidance of a financial planner, regularly review your plan to ensure you’re still on track to achieving your goals.
2. Your Investment Portfolio
If you’re like many people who are in or approaching retirement, you may be taking more risk than necessary. Typically, overall retirement investment plans include one part focused on growth and another part set aside for safety. As the markets change, you may find yourself out of balance in those broader buckets. Now’s a great time to reassess your investment portfolio and decide whether you need to rebalance.
3. Your Healthcare Plan
Undoubtedly, healthcare costs are one of the largest expenses in retirement. Even if you’re enrolled in Medicare, there are still out-of-pocket expenses to plan for, including the cost of any long-term care services.
Before the end of the year, review your deductibles and out-of-pocket maximums to see how close you are to meeting them. If you’ve already met these limits, consider scheduling any care you’ve been putting off during the remainder of the year to take advantage of your plan’s coverage.
4. Your Tax Strategy
In retirement, it’s beneficial to review the efficiency of your overall tax strategy. In what order are you withdrawing money from your accounts and how much are you withdrawing from each? Are you prepared for future required minimum distributions (RMDs)? When evaluating your lifetime tax obligation, these questions are important to answer.
But for right now, whether you’re working or retired, it’s important to determine if your tax withholding is on track. You may discover an underpayment or overpayment worth correcting before next tax season.
5. Your Estate Plan
You might have your estate plan on the backburner, but now’s a great time to bring it back into focus. This step is especially critical if you’ve experienced any major changes in your life recently. These events may impact certain aspects of your plan, which you’ll want to update right away with your estate planning attorney.
Download Now
10-Point Retirement Checklist
Here’s a checklist of our most important things you can do, to help you retire strong.
Information presented here is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
What Tax Moves Should I Consider Before the End of the Year?
According to a recent study, 46% of Americans say tax season is the most stressful financial time of the year. The good news is that there are several proactive steps you can take before year-end … -
What’s the Best Way to Leave an Inheritance?
Leaving an inheritance is about more than transferring wealth. With thoughtful planning, you can help maximize the value of what you leave behind and simplify the process for your loved ones. I… -
What Are the Best Types of Accounts for Investing?
Different investment accounts offer different advantages. From tax benefits and contribution limits to withdrawal rules, each account serves a unique purpose. Understanding how these accounts work… -
I’m Turning 65, Why Do I Need to Stop My HSA Contributions?
If you’re nearing your mid-60s and actively contribute to a health savings account (HSA), you’ve likely used it to cover qualified medical costs. However, as you get closer to enrolling in Medicar… -
How Can I Enjoy My Retirement Savings Without Fear of Overspending?
The fear of running out of money keeps many retirees from truly enjoying their hard-earned savings without worry. After decades of nurturing your nest egg, the thought of seeing your progress slip… -
Podcast Episode 468: Are You Prepared for the Great Wealth Transfer?
Prefer to watch? Click here to watch and listen on YouTube. An estimated $105 trillion in assets will pass down from Baby Boomers and the Silent Generation to heirs through 2048. But transferri… -
Do I Need Life Insurance in Retirement?
Around 52% of Americans own some type of life insurance policy. But once you retire, some of your biggest financial obligations may be behind you. When you reach this point, you may wonder whether… -
How Will Social Security Be Funded in the Future?
Without congressional action, current projections indicate Social Security will pay only 78% of benefits starting in late 2032. This funding gap highlights our growing disparity between workers pa… -
How Should I Withdraw From My 401(k) Before I’m Forced To?
When turning your investments into retirement income, it’s important to consider the impact of taxes. Once required minimum distributions (RMDs) begin, you’ll generally have to withdraw money from… -
I’m 10 Years Away from Retirement – What Should I Be Doing?
If you’re about 10 years from retirement, now is the time to start building a plan for the life you want to live. Think about how you want to spend your time in retirement and the lifestyle you en…
-
Richard S.Richard S. is a client of Johnson Brunetti and received no compensation for his statement.
“We have been extremely happy with our advisor and the services offered. We previously had accounts with another advisor. We had no issues, but chose to consolidate everything with Johnson Brunetti. We made a great decision with that.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
John & Laura U.John & Laura U. are clients of Johnson Brunetti and received no compensation for their statement.
-
Joe D.Joe D. is a client of Johnson Brunetti and received no compensation for his statement.
“Your model is working well, continue to keep your focus on your clients. The podcasts are an effective way of communicating information and real life stories. Your business is supporting your clients’ many different real life stories.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
Jackie L.Jackie L. is a client of Johnson Brunetti and received no compensation for her statement.
“I love how everyone in the company makes us feel. Like we are one big happy family. I wouldn’t change anything!”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
Donald & Donna K.Donald & Donna K. are clients of Johnson Brunetti and received no compensation for their statement.
“It’s been one of the best things my wife and I have ever done. The clarity, support, and professionalism have made a real difference for us.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
Annette L.Annette L. is a client of Johnson Brunetti and received no compensation for her statement.