By the time summer rolls around, many of us are ready for a break. Warmer weather and long lake weekends are on the horizon, but summer is also an ideal time to revisit those nagging tasks that were put off in the busyness of spring.
The April 15 tax filing deadline has come and gone, but your tax return can offer insights that require follow-up action. And the sooner you make those changes, the sooner you can start to reap the benefits.
Here are 8 financial steps to tacklein the post-tax-season lull and downtime of summer:
Update your tax withholdings. Did you withhold too much or not enough based on your recent return?
Increase contributions to tax-advantaged accounts. If you were scrambling to max out contributions before the filing deadline, get ahead of it earlier this year.
Revise your household budget. Ensure you have an accurate picture of current cash flow and the resources to support short-term needs and upcoming plans.
Review your insurance policies. Do you have sufficient or too much coverage for your needs today? Requote policies to ensure you’re getting competitive pricing.
Update your long-term goals. Financial plans are designed around what you want for the future, so if your goals for education, retirement, or charitable giving have changed, your financial plan might need to as well.
Secure or evaluate your life insurance. Life insurance can serve several financial purposes—not the least of which is providing income for your loved ones should something happen to you. It’s a key component of protecting against risks.
Review beneficiaries on your accounts. Marriages, divorces, and the birth of children should often prompt updates to the beneficiaries listed on your investment accounts, insurance policies, and estate plan—if you have one.
Finalize your estate plan. If you don’t have a will, trust, durable power of attorney, and healthcare directive, now is the time to get those important documents done!
There is always a reason to put things off. But fall will be here before you know it. Don’t let the summer slip by before checking in on how you’re stewarding the resources you’ve been given.