Time for a Mid-Year Financial Check-Up!


Yes, 2020 has been the calendar year equivalent of root canal and yes, few would argue against moving the calendar to December 31.

The fact is, it's only the mid-point of the year and that means it's time for a six-month personal financial checkup.

Pam Krueger, investor advocate, co-host of Moneytrack on PBS, and founder of Wealthramp, a financial advisor match-up platform, is here to help.

Krueger says that "now is an important time for consumers to pause and re-evaluate their financial and retirement plans." To help that process along, Krueger offers three practical tips for those Main Street Americans nearing or saving for retirement who could use a financial review midway through the year.


Areas of Checkup Focus

1. Focus on how much you now have in cash for emergencies and aim to save at least one year’s worth of living expenses, particularly in checking or savings or a very short-term account. "In a recent survey, Wealthramp found that nearly a quarter of its advisors said clients were most focused on having enough cash cushion," Krueger says.

2. If you’re around 62 and looking for extra income to compensate for this year’s investment losses, "hold off on claiming Social Security and instead look for gig-job income, even if it’s your only employment earnings," she says.

3. Squeeze every benefit available to you and look for any you may be ignoring, like health savings accounts or if you’re a small business owner consider multiemployer plans (MEPs). "Don't rush into hiring a financial advisor or planner who will do all of this for you," Krueger adds. "Carefully interview this person. You need to make sure they are truly looking out for your best interests."

That's good advice for Americans who could really use a financial check-up. Like the calendar says, there's no time like the present to do so.