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.