Summer Planning Checklist
It’s summer! Time for fun in the sun and extra time with friends and family, which can have an impact on the finances! In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden walk through a few things that can be helpful during a mid-year financial planning check.
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Ideas for Summer Planning:
- Take a moment to review your spending and reflect on whether it matches up with those goals!
- Spent a lot of money on eating on travel, but travel is important to you? That might be just fine! Everyone is different.
- Review progress toward making maximum retirement contributions (if you are able).
- Are you on track to make the maximum employee deferral contribution of $24,500 to your employer plan?
- Review your cash on hand to see if you have anything “extra” that can be put toward long-term goals.
- Can potentially add funds to 529 college savings accounts, 530A (Trump Accounts), or other investment accounts, depending on your goals.
- Go through your workplace benefits to ensure you are using them!
- Unused vacation days that may expire?
- Flexible Spending Account balances that need to be used?
- Potentially make some strategic tax planning moves depending on your circumstances.
- Example: Roth conversions add funds to your taxable income in the year converted, but then funds can grow tax free if used for qualified retirement withdrawals.
- Do a quick risk review – For example do you have adequate insurance and an estate plan drafted?
You can review your finances any time of year, but the summer can be a great mid-year reset. Sit back and relax on your deck with a cold beverage and lots of numbers! Sounds like fun to us!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions.
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Finity Group, LLC is a separate entity from LPL Financial.
Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.
This material is for general information and educational purposes only and is not intended to provide specific advice or recommendations for any individual. Investing involves risk including the loss of principal. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. A Roth IRA conversion—sometimes called a backdoor Roth strategy—is a way to contribute to a Roth IRA when income exceeds standard limits. The converted amount is treated as taxable income and may affect your tax bracket. Federal, state, and local taxes may apply. If you’re required to take a minimum distribution in the year of conversion, it must be completed before converting. To qualify for tax-free withdrawals, you must generally be age 59½ and hold the converted funds in the Roth IRA for at least five years. Each conversion has its own five-year period, and early withdrawals may be subject to a 10% penalty unless an exception applies. Income limits still apply for future direct Roth IRA contributions. This material is for informational purposes only and does not constitute tax, legal, or investment advice. Please consult a qualified tax professional regarding your individual circumstances. Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing. Trump Accounts offer tax deferred growth on earnings. Family contributions are made with after tax dollars, and eligible employer contributions may be excluded from the employee’s taxable income. A one time $1,000 federal contribution may be available for eligible children born between 2025 and 2028. Distributions are generally prohibited during the child’s growth period and, once permitted, are taxable as ordinary income and may be subject to a 10% IRS early distribution penalty if taken before age 59½. Contribution limits and other restrictions apply, and some rules remain subject to future Treasury and IRS guidance. Consult a qualified tax advisor or financial professional before making decisions. Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and does not assure a profit or protect against a loss. Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.
Citations:
Internal Revenue Service. Frequently asked questions on gift taxes. https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes.
Internal Revenue Service. Charitable contribution deductions.. https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions.
Trump Accounts. https://trumpaccounts.gov/.
Bart, Susan T. and Connie T Eyster. What is a Trump Account? Rules, Taxes, and How They Work for Families. https://www.actec.org/resource-center/video/trump-accounts-explained/. 2026. The American College of Trust and Estate Counsel.