Tip of the Month | July 2025
Mid-Year Financial Check-In
Written By: Brian Ellenbecker, CFP®, EA, CPWA®, CIMA®, CLTC®
July marks the halfway point of the year. While many of us are busy enjoying the summer weather and activities, it’s also the perfect time to pause and reassess financial goals and investment strategy.
Here are a few financial items to check on to make sure you’re still on track for a successful year:
1) Understand the new tax law. The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, making permanent many key features of the current tax code—including income tax rates, capital gains rates, and the higher standard deduction. The bill also introduced several new deductions, such as a temporary deduction for overtime and tip income, an increased SALT cap, and additional tax breaks for seniors and car loan interest. Certain energy-related tax credits are being phased out and changes were made to 529 education account limits and HSA eligibility. Your Shakespeare Financial Advisors are reviewing the implications of these changes and will help identify any new planning opportunities available to you. Current Shakespeare clients can read a more extensive summary of this bill in the 2Q25 quarterly client letter.
2) Review your financial goals. Have you experienced any major life changes, such as a new job, a growing family, a health event, or a shift in your retirement timeline? Revisit your goals and determine whether you’re on track to meet them by year-end. Small adjustments now can help avoid bigger course corrections later.
3) Check in on your budget. It can be easy to spend without realizing how much it adds up. Doing a mid-year review of your expenses ensures your spending is in line with your financial plan. If you went over budget, was it due to a one-time expense, or will it be ongoing? If it’s ongoing, update your financial plan to ensure you can support the higher spending levels.
4) Are you on track to maximize your retirement contributions? After reviewing your budget, make sure you’re contributing enough to various savings and investment accounts (401(k)s and other employer plans, IRAs and Roth IRAs, etc.). If you receive a match on your employer plan, contribute enough to get the maximum match. Also, don’t forget about your 529 accounts and health savings accounts.
5) Review your portfolio. Have any of your investment goals or timeframes changed? If so, discuss those changes with your financial advisor to determine whether or not any adjustments to your investment portfolio are necessary.
6) Is your credit report accurate? It’s important to periodically check your credit report to prevent or catch fraudulent activity. You are entitled to a free credit report each year through annualcreditreport.com. If you’re not actively applying for credit (mortgage, car loan, credit card, etc.), freeze your credit report with the four major credit reporting bureaus: Equifax, Experian, TransUnion, and Innovis. You can do so online by visiting each company’s website. If you need to apply for a loan, you can unfreeze your credit online and then re-freeze it once the application process is complete.
For help with your mid-year financial check-in, reach out to your Shakespeare Financial Advisor. We’re always ready to help you be better prepared for your financial future.