Mid-Year Retirement Checkup: Are You on Track for the Future?

As the financial landscape shifts in 2025, many individuals nearing or actively planning for retirement are asking a key question: “Am I still on the right path?” A mid-year check-in is more than just a progress report. It is an opportunity to reflect on how your goals, investments, and retirement strategy align with where the market and your life are heading.

Below are five key areas to review to help ensure your retirement plan remains on track and aligned with your long-term vision.

Evaluate Your Investment Allocation:

As markets respond to economic and political developments, your portfolio may have drifted away from its intended allocation. This can create risk imbalances or reduce efficiency in how your assets are contributing toward retirement.

It is important to review your portfolio’s alignment with your time horizon, income needs, and tolerance for market volatility. Adjustments may be necessary to rebalance asset classes, revisit diversification, or introduce strategies designed for a changing interest rate environment. Your advisor can help determine whether your current investment mix continues to support your objectives.

Revisit Tax Planning Opportunities:

Waiting until the end of the year to make tax-related decisions often leaves little room for flexibility. A mid-year checkup presents a valuable opportunity to consider proactive strategies that can help reduce future tax burdens.

Depending on your income and goals, this may include exploring Roth IRA conversions, making qualified charitable distributions, or reviewing your capital gains and losses. These strategies can have meaningful long-term impact, especially when paired with an advisor's guidance on how they interact with your broader retirement goals.

Review Your Health Care Plan:

Health care continues to be one of the most underestimated retirement expenses. As medical costs rise, many retirees find their existing plans fall short of what is needed to support a longer and healthier life.

Now is a smart time to review whether your current health coverage aligns with your expected needs in retirement. If you are eligible for a Health Savings Account, you may want to evaluate your current contributions and investment approach. For those approaching retirement, it may also be helpful to speak with your advisor about long-term care options and how to integrate those costs into your income strategy.

Reassess Your Contribution Strategy:

Consistent saving is one of the most powerful tools in retirement planning. As you conduct your mid-year review, consider whether you are making the most of your contribution limits in your 401(k), IRA, and Roth IRA accounts, as well as catch-up contributions if you are over age 50. Even modest increases in contributions can meaningfully enhance your future retirement income.

Preparing for the Road Ahead:

With interest rate fluctuations, evolving tax policies, and rising healthcare costs, a mid-year checkup provides a natural pause to evaluate what is working in your portfolio, and if any adjustments are needed.

Reach out to an Oppenheimer Financial Professional today for guidance and insights tailored to your individual goals.