Mid-Year Financial Check-Up

Financial Advisor Lauren Robbins shares tips for evaluating your mid-year finances.

While mid-year is always a good time to reassess our finances, it is especially essential this year amid the pandemic. At Hawekotte Financial Group, we have been working remotely with our clients to help them stay on track with their financial goals. While social distancing is important for our physical health, it is important to focus on our financial well-being as well. 

1.     Monitor Your Budget

Review what you have actually spent over the last six months vs. what you budgeted – where do you need to start making some adjustments in order to meet your annual goals? With many of us working from home and limiting entertainment spending, this is a great opportunity to get back to budget basics. 

2.     Review Your Retirement Contributions

Do what you can to make the maximum contribution to your retirement account.  For 2020, the maximum you can contribute to a 401(k) plan is $19,500 plus an additional $6,500 catch-up if you are over 50. 

3.     Assess Your Tax Situation

You may be able to deduct 100% of your charitable contributions for 2020. Evaluate whether tax-loss harvesting would make sense for you in your taxable investment accounts. Are you utilizing the annual gift tax exclusion amount ($15,000) to your advantage?

Lauren E. Robbins (CA Insurance Lic. #0K57671) is a Registered Representative and an Investment Adviser Representative with/and offers securities and advisory services through Commonwealth Financial Network®, member FINRA/SIPC, a registered investment adviser. Fixed Insurance products and services offered through the CES Insurance Agency. Hawekotte Financial Group is located at 2248 N. State College Blvd. Fullerton, CA 92831. (714) 879-4421.

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