We’re almost halfway through the year—and with summer just around the corner, it’s time for a mid-year financial checkup.
Retirement planning is no easy task. Now is a good time to do a mid-year financial check-in to make sure you’re still on track to reach those goals you set back in January. If your good intentions have fallen to the wayside due to the busyness of life, it’s time to right the ship and get back on course.
Thinking about the longer days and warmer weather ahead, finances might be the last thing on your mind right now. But before you go on vacation and hit the beach, there are a few important steps to take to meet your retirement goals.
Here are three mid-year moves to make:
1. Increase Your Retirement Savings
Increase your Thrift Savings Plan (TSP) contributions to at least any matching contributions and then shoot for more. If you aren’t at the maximum but can’t take a drastic drop in your paycheck today, simply increase your savings by one percent. Do this every year, and you’ll be surprised at how much you can save. Remember time is in your favor, so the more you can contribute now to your retirement, the bigger your nest egg can become.
2. Get Your Annual Health Checkups
To enjoy your life and future retirement, get in the best physical shape possible. As the saying goes, “health equals wealth.” Preventing illness and catching health issues early are vital to longevity, as well as keeping healthcare costs as low as possible. So be sure to set up those appointments between now and the end of the year.
3. Update Your Financial Plan
Review your financial plan with your financial advisor early enough to take any necessary action before year end. Have any of your goals changed? Are you still on track to replace your income in retirement? Review your situation and make any needed adjustments.
Many people focus on their personal finances in the New Year, but then don’t check in regularly to stay on track. A mid-year financial checkup is important to your personal financial health, because as many people experience, the months fly by as we enjoy our lives.
If you don’t check your progress now and again, and take action, another year will roll around before you know it. Without routine monitoring, it’s easy to find yourself in the same financial situation you were in at the end of last year. The year is halfway over, but it’s not too late to get your finances and retirement planning back on track.
If you’re ready to get serious about planning for your retirement from federal service, register to attend a workshop today!
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