Mid-Year Financial Check-In
Sun Group Team
By this month, the year often feels different than it did in January. Today’s market is a great reminder of that.
The goals we wrote down during the quiet optimism of a new year have now met real life. Markets have moved. Expenses have appeared. Children have grown. Plans have shifted.
This is often why I think of summer not as the middle of the year, but as a natural checkpoint.
A financial plan is rarely about making dramatic changes. More often, it’s about making small adjustments before small issues become larger ones. The months between July and December offer several opportunities to review taxes, retirement savings, investments, and estate planning decisions while there is still time to make meaningful changes.
Here are some of the key areas worth revisiting during the second half of 2026.
Mid-Year Financial Planning Checklist (July Through September)
2026 Financal Planning Checklist
Sun Group Team
Review Your Tax Withholding
One of the most overlooked financial planning tasks is checking whether your tax withholding still aligns with your current situation.
A promotion, bonus, stock compensation, investment income, side business, or major life event can change your tax picture considerably.
Mid-year is often an appropriate time to compare year-to-date income, deductions, and withholding against projected tax liability. If adjustments are needed, updating Form W-4 elections or estimated tax payments may help reduce the likelihood of an unexpected tax bill next spring.
Prepare For Estimated Tax Deadlines
For individuals with self-employment income, consulting income, rental income, investment income, or other non-wage earnings, estimated taxes remain an important planning consideration.
The June 15 and September 15 quarterly estimated payment deadlines can arrive and pass quickly, particularly during busy summer months.
Reviewing projected income now may help avoid underpayment penalties and create greater visibility into year-end tax obligations.
Consider Tax-Loss Harvesting Opportunities
Many investors associate tax-loss harvesting with December, but opportunities can emerge throughout the year.
When investments have declined below their cost basis, realizing losses may help offset realized capital gains. In some situations, losses exceeding gains may offset up to $3,000 of ordinary income annually, with remaining losses generally carrying forward to future tax years.
As always, investors should remain mindful of wash-sale rules when implementing these strategies.
Revisit Charitable Giving Plans
For families who make regular charitable contributions, it may be worthwhile to evaluate whether “bunching” multiple years of donations into a single tax year could create additional tax efficiency.
This approach may be particularly relevant for households whose annual deductions are near the standard deduction threshold. By concentrating donations into one year, some taxpayers may be able to itemize deductions in that year while taking the standard deduction in others.
The strategy is not appropriate for everyone, but it can be worth discussing before year-end decisions are made.
Retirement Planning: A Mid-Year Progress Check
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Evaluate Your Savings Progress
Retirement contributions often begin the year with good intentions. Then life happens.
Mid-year provides an opportunity to review contributions to workplace retirement plans, IRAs, and Health Savings Accounts (HSAs) and determine whether savings remain aligned with personal goals.
Even modest contribution increases made during the second half of the year can meaningfully impact long-term outcomes.
Capture The Full Employer Match
Many employees unintentionally leave employer matching contributions on the table.
Reviewing contribution percentages during the summer can help ensure that available matching opportunities are fully utilized before year-end.
Employer matching contributions remain one of the more valuable workplace benefits available to many employees.
Revisit Roth Versus Traditional Contributions
The question isn’t whether Roth contributions are better than traditional contributions.
The more useful question is often: Which tax treatment may be more appropriate given your current and expected future circumstances?
For some investors, pre-tax contributions may create meaningful current-year tax benefits. For others, Roth contributions may provide valuable tax diversification for retirement income planning.
The answer often depends on tax brackets, future income expectations, retirement timelines, and overall financial objectives.
Investment And Financial Health Review
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Rebalance If Markets Have Changed Your Allocation
Market movements can gradually shift portfolio allocations away from their original targets.
A portfolio that was appropriately diversified in January may look very different after six months of market gains or declines.
Mid-year can be an appropriate time to evaluate whether current allocations continue to align with long-term goals, risk tolerance, and time horizon.
Review Emergency Savings
Financial flexibility often matters most when life becomes unpredictable.
Review whether emergency reserves remain adequate for current expenses and whether funds needed within the next few years remain in appropriate cash or lower-volatility accounts.
The purpose of these reserves is not maximizing returns. It is preserving flexibility when opportunities or challenges arise unexpectedly.
Update Beneficiary Designations
This may be one of the most important items on the entire checklist.
Beneficiary designations generally supersede instructions in a will for many retirement accounts and insurance policies.
Marriage, divorce, births, deaths, and other family changes are all good reasons to review beneficiary elections and transfer-on-death registrations.
It is a simple task that can carry significant consequences.
Year-End Planning Checklist (October Through December)
As the calendar begins winding down, certain planning opportunities become more time-sensitive.
Maximize Workplace Retirement Contributions
For 2026, the employee contribution limit for 401(k), 403(b), governmental 457 plans, and Thrift Savings Plans is $24,500.
Most individuals age 50 and older may contribute up to $32,500 through catch-up contributions.
Eligible workers between ages 60 and 63 may contribute up to $35,750 under the SECURE 2.0 enhanced catch-up provisions.
Because payroll deductions generally must occur before year-end, October and November are often ideal times to evaluate whether contribution increases are needed.
Complete Roth Conversions Before December 31
For households experiencing lower-income years, temporary tax bracket opportunities, or broader tax diversification objectives, Roth conversions may warrant evaluation before year-end.
Since converted amounts are generally taxable in the year of conversion, understanding the tax impact beforehand is essential.
Finish Tax-Loss Harvesting Strategies
Investors who realize capital gains during the year may wish to evaluate available tax-loss harvesting opportunities before December 31.
Year-end often becomes the final window for implementing these strategies while remaining mindful of wash-sale requirements.
Complete Charitable Gifts
Giving should be planned. Charitable contributions generally must be completed by December 31 to qualify for potential deductions for the 2026 tax year.
Whether supporting local organizations, donor-advised funds, religious institutions, or family foundations, year-end is often a natural time to align financial resources with personal values.
Utilize Annual Gifting Opportunities
In 2026, individuals may gift up to $19,000 per recipient without using any portion of their lifetime federal gift and estate tax exemption.
Married couples who elect gift splitting may transfer up to $38,000 per recipient.
For families focused on legacy planning, education funding, or wealth transfer strategies, annual gifting can be an important planning tool.
Review Required Minimum Distributions (RMDs)
Required minimum distributions continue to evolve under recent legislation.
For individuals born between 1951 and 1959, RMDs generally begin at age 73.
For those born in 1960 or later, RMDs generally begin at age 75.
Because penalties for missed RMDs can be significant, reviewing distribution requirements before year-end remains important.
Use Employer Benefits Before They Expire
Health Flexible Spending Accounts, dependent care accounts, and other workplace benefits frequently operate under use-it-or-lose-it provisions.
For 2026, health FSAs may allow a rollover of up to $680 if the employer permits it, while some plans may instead provide a grace period.
Reviewing balances before year-end may help avoid unintentionally forfeiting available benefits.
Adjust Final Tax Withholding
The final months of the year often provide one last opportunity to align withholding with actual tax liability.
For some households, this may reduce the likelihood of an unexpected balance due. For others, it may prevent unnecessarily large refunds that effectively function as interest-free loans to the government.
Opportunities That Continue Into Tax Filing Season
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Not every planning deadline arrives on December 31.
IRA Contributions
For 2026, individuals may contribute up to $7,500 to an IRA, with an additional $1,100 catch-up contribution available for those age 50 and older, subject to income and eligibility requirements.
Eligible contributions generally may be made until the 2027 federal tax filing deadline.
HSA Contributions
Eligible individuals may contribute up to $4,400 for self-only coverage or $8,750 for family coverage in 2026, plus a $1,000 catch-up contribution beginning at age 55.
Contributions generally may be made through the 2027 tax filing deadline unless fully funded through payroll.
Preparing For 2027
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And here it comes! As the year closes, it can be helpful to step back and look beyond taxes and contribution limits.
Review estate planning documents. Confirm that wills, trusts, powers of attorney, healthcare directives, and beneficiary arrangements still reflect your wishes.
Evaluate next year’s goals. Consider anticipated expenses, savings priorities, insurance needs, and upcoming life transitions.
Financial planning rarely changes because of a single decision.
More often, it evolves through a series of thoughtful reviews. A summer check-in. A fall adjustment. A year-end conversation.
Small moments that may not seem significant at the time.
Until you look back years later and realize they were.By October, many families begin focusing on holiday schedules, travel plans, and year-end celebrations.
Financial planning deserves a place on that list, too.
Maximize Retirement Contributions
For 2026, employees can contribute up to $24,500 to workplace retirement plans such as 401(k)s and 403(b)s. Don’t overlook these contribution opportunities.
Individuals age 50 and older may be eligible for additional catch-up contributions, and those between ages 60 and 63 may qualify for enhanced catch-up limits under SECURE 2.0.
If maximizing contributions is a goal, fall is often the time to increase payroll deductions before the final paychecks of the year.
Consider Charitable Giving
Many families naturally find themselves supporting schools, nonprofits, community organizations, and causes close to their hearts.
Before year-end, review your charitable giving plans and determine whether additional contributions align with your family’s values and financial goals.
Some households may also benefit from exploring charitable “bunching” strategies that concentrate multiple years of donations into a single tax year.
Evaluate Tax-Loss Harvesting Opportunities
If you sold investments during the year and realized gains, it may be worthwhile to review whether any investment losses could help offset those gains.
This is a conversation many investors have toward year-end as part of broader tax planning.
Remember Annual Family Gifting Opportunities
One of my favorite financial planning conversations isn’t always about investing.
Sometimes it’s about generosity.
In 2026, individuals may gift up to $19,000 per recipient without using any portion of their lifetime federal gift and estate tax exemption.
For grandparents helping grandchildren, parents helping adult children, or families looking to transfer wealth thoughtfully, gifting can be an important planning tool.
The financial advisors at Sun Group Wealth Partners are registered representatives with and securities
offered through LPL Financial, Member FINRA/SIPC. Investment advice is offered through Sun Group Wealth Partners, a registered investment advisor and a separate entity from LPL Financial.
Sun Group Wealth Partners and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.
Contributions to a traditional IRA may be tax-deductible in the contribution year, with current income tax due at withdrawal. Withdrawals before age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.
A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.
