Today is June 27th, 2023… which means…
49 percent of the year has already passed.
51 percent of the year is still ahead.
I guess you could say it’s “halftime” for the year.
Just like halftime in sports, at Tuttle Ventures we celebrate the mid-year financial review process as an opportunity to pause, assess, and dance along with giant sharks to financial freedom.
Importance of a Mid-Year Check-In:
Why check-in mid-year?
This routine helps detect deviations early, making the necessary adjustments less drastic and more manageable.
Let’s take a look at contribution limits for 2023:
Here you can see that a traditional or Roth IRA contribution is $6,500 in 2023 and $7,500 if you are Age 50 or Older.
Determine If You’re On Track:
To evaluate your retirement contributions:
- Recall your annual contribution goals.
- Calculate the sum of your contributions so far this year.
- Determine if you’re halfway (or more) toward your annual goal.
What if You’re Not on Track:
If you’re lagging, don’t panic.
After all, time is still on your side.
Consider altering your budget to increase contributions, consult your employer about raising your 401(k) contributions, or, if you’re 50 or older, check the catch-up contribution limits.
Tools for Tracking:
To facilitate tracking, leverage budgeting apps, financial planning software, or simple spreadsheets.
Clients at Tuttle Ventures can set up a plan in minutes to see where they stand using our custom portal solution.
Your future self will thank you for the attention you give to retirement contributions now. Make the mid-year check-in a staple of your financial habits, keeping you on course to a comfortable retirement.
And please remember, Tuttle Ventures does not provide tax advice.
You should consult with a qualified tax professional for guidance about your particular situation. Additional information is available from the IRS.