irs.gov.<\/a> If necessary, adjust the amount of federal or state income tax withheld from your paycheck by filing a new Form W-4 with your employer.<\/p>\n\n\n\nReview Your Investments<\/h3>\n\n\n\n Review your portfolio to make sure your asset allocation is still in line with your financial goals, time horizon, and tolerance for risk. Look at how your investments have performed against appropriate benchmarks, and in relationship to your expectations and needs. Changes may be warranted, but be careful about making them while the market is volatile.<\/p>\n\n\n\n
Asset allocation is a method used to help manage investment risk; it does not guarantee a profit or protect against investment loss. All investing involves risk, including the possible loss of principal and there is no guarantee that any investment strategy will be successful.<\/em><\/p>\n\n\n\nCheck Your Retirement Savings<\/h3>\n\n\n\n If you’re still saving for retirement, look for ways to increase retirement plan contributions. For example, if you receive a pay increase this year, you could contribute a higher percentage of your salary to your employer-sponsored retirement plan, such as a 401(k), 403(b), or 457(b) plan. If you’re age 50 or older, consider making catch-up contributions to your employer plan. For 2020, the contribution limit is<\/p>\n\n\n\n
$19,500, or $26,000 if you’re eligible to make catch-up contributions. If you are close to retirement or already retired, take another look at your retirement income needs and whether your current investment and distribution strategy will provide enough income.<\/p>\n\n\n\n
Read About Your Insurance Coverage <\/strong><\/h3>\n\n\n\nWhat are the terms of your homeowners, renters, and auto insurance policies? How much disability or life insurance coverage do you have? Your insurance needs can change; make sure your coverage has kept pace with your income or family circumstances.<\/p>\n\n\n\n
\n\n\n\nMore to Consider<\/strong><\/p>\n\n\n\nHere are some other questions you may want to ask as part of your mid-year financial review.<\/p>\n\n\n\n <\/figure>\n\n\n\n