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Gain Control and Assurance with a Midyear Checkup

Gain Control and Assurance with a Midyear Checkup

| August 04, 2020

We are more than halfway through 2020, and it’s been an unprecedented year. With the amount of change that’s occurred, your financial strategy may need some adjustments. A midyear checkup accomplishes many things. Here are four areas to address for your financial health.


 Review or reevaluate your goals.

Look back at any plans or resolutions you had for 2020. Think about your financial goals, and evaluate if they shifted as the year progressed. Take this time to make sure that you’re investing appropriately. You may find that your priorities have changed: possibly wanting to make more charitable contributions instead of personal purchases. Write down any changes made to your goals.


 Meet with a financial professional to review or update your strategy.

This step is self-explanatory. Contact an MBC team member to set up a call or appointment, and we can walk through your 2020 goals, the strategies we’ve put in place and some other considerations or concerns you may have about your financial situation. At this time, be sure you’re addressing your long-term strategy. After reaching the major milestone of retirement, make sure you’re prepared for life, health, leisure and other important areas where you’d like to focus your finances.


 Take a look at your taxes.

Reviewing your withholding now, instead of in December, can help you avoid an unexpected tax bill or having money unavailable for current expenses. Check your withholding with the IRS Tax Withholding Estimator. If necessary, file a new W-4 with your employer to adjust the amount of federal or state income tax withheld from your paycheck. Also use this time to review your tax liability for any potential adjustments to your income and deductions for this year.


 Review estate planning documents and update your beneficiaries.

This year has reinforced that life can change in an instant. Take this time to address any “housekeeping” items to ensure your wishes are up to date and that any beneficiaries listed on your estate plan or insurance policies are your intended recipients. If you don’t have an estate plan in place, we can help you find a qualified attorney to determine how to best protect and distribute your legacy.


Ready to review?

After a year of much upheaval, a midyear checkup can give you a sense of control over your finances and contribute to your overall peace of mind. Miller, Bales & Company will work with you to review your current situation and help you best connect your business and financial practices today with your goals for the future.