Smart Summer Financial Moves for Affluent Individuals Approaching Retirement

Ah, summer—the season of sunshine, travel, and for the financially savvy… strategic planning. While the rest of the world might be lounging poolside or firing up the grill, this is your golden window to fine-tune your financial foundation. Think of it as a mid-year check-in—but with flip-flops and iced tea in hand.

This article walks you through key summer financial tips designed for those with significant assets and a keen eye on the horizon. We’re not naming names, but if retirement is a few calendar pages away and your portfolio has more commas than most, this one's crafted with you in mind.

1. Refresh Your Portfolio With a Mid-Year Check-Up

Markets fluctuate, inflation ebbs and flows, and life goals evolve. Summer is the perfect time to rebalance your portfolio and make sure it still aligns with your long-term vision.

Checklist:

• Reassess your risk tolerance—has it shifted with age or market volatility?

• Review asset allocations—are you too heavy in one area?

• Consider tax-loss harvesting—summer dips can offer golden opportunities.

• Talk with your advisor about shifting more into income-generating or low-volatility investments.

  
  

Remember, the markets don’t take vacations—even if you do.

2. Consider a Roth Conversion (Before Year-End Rush)

If you’ve got significant assets in traditional IRAs or 401(k)s, summer’s slower pace makes it an ideal time to explore a partial Roth conversion. Taxes will be due, sure—but strategically converting in lower-income years or before RMDs kick in can be a savvy long-game move.

Why Summer?

• You’ve got a clearer picture of your income for the year so far.

• Advisors aren’t slammed with year-end deadlines.

• You can potentially convert at lower valuations during market dips.

  
  

Pro tip: Spread the conversion over several years to stay in your preferred tax bracket.

3. Trim Taxes with Charitable Giving

Feeling generous? Summer is a fabulous time to align charitable intentions with tax-saving strategies. Giving isn't just for December, after all.

Ideas to explore:

• Donate appreciated stocks or assets directly to a charity or donor-advised fund (DAF).

• Bunch several years’ worth of donations into one tax year to maximize deductions.

• Set up a charitable trust to create a lasting legacy while enjoying immediate tax benefits.

  
  

This way, you give back and keep more of your capital working smartly.

4. Real Estate Tune-Up: Maximize the Value of Vacation Properties

If you own second homes or investment properties, summer is prime time for upgrades—and income planning.

Action items:

• Schedule a property valuation—market prices might surprise you.

• Explore short-term rental options (where legal) to generate extra income.

• Consider a 1031 exchange if you're looking to reposition into another property tax-efficiently.

• Update insurance coverage, especially in areas prone to wildfires or hurricanes.

  
  

Real estate can be a wealth multiplier—or a liability if not managed wisely.

5. Prep for Retirement with Lifestyle Budgeting

Before you leave the workforce behind, it’s smart to test-drive your retirement lifestyle. Summer travel, hobbies, and home expenses can give you a sneak peek into future spending.

Try this:

• Track summer spending carefully—see where your money really goes.

• Try living on your projected retirement budget for a month.

• Adjust your spending plans based on real-life enjoyment vs. assumptions.

  
  

Trust us, it’s better to catch surprises now than when the paycheck stops.

6. Maximize Travel Benefits and Credit Card Perks

If travel is on your summer agenda (and let’s be honest, it probably is), make sure you're leveraging every benefit available.

Look into:

• Using points from high-tier travel cards to book luxury stays or first-class flights.

• Enrolling in concierge and travel insurance services included with premium cards.

• Double-checking travel cancellation coverage and emergency medical benefits.

• Booking travel through exclusive card portals that offer upgrades and perks.

  
  

You're paying for those platinum benefits—might as well get the most out of them.

7. Estate Planning: A Gentle Mid-Year Revisit

No one loves talking about it, but if you’ve built significant wealth, your legacy deserves just as much planning as your investments.

Consider reviewing:

• Beneficiary designations (especially after life events)

• Your living will and healthcare proxy

• Trust structures and potential tax implications for heirs

• Gifting strategies for children or grandchildren—summer is a great time to educate them, too.

  
  

If you're already meeting with your advisors for portfolio talk, sneak in an estate review, too. You'll thank yourself later.

8. Don’t Forget the Fun: Invest in What Brings Joy

Not everything has to be strategic spreadsheets and advisor calls. Financial freedom should also feel…well, freeing.

Go ahead:

• Splurge on that once-in-a-lifetime trip.

• Invest in a passion project.

• Support a cause that’s close to your heart.

• Gift experiences to your family, not just dollars.

  
  

Wealth isn’t just about accumulation—it’s about enjoyment, impact, and purpose.

9. The Importance of Financial Education

As we dive deeper into summer, let’s not forget the value of financial education. It’s never too late to learn something new about managing your wealth.

Here’s how to get started:

• Attend workshops or webinars on investment strategies.

• Read books or articles about financial planning.

• Join online forums or groups that discuss wealth management.

  
  

The more you know, the better equipped you’ll be to make informed decisions.

10. Stay Informed About Market Trends

Keeping an eye on market trends is crucial. The financial landscape can change rapidly, and staying informed helps you adapt your strategies accordingly.

Tips to stay updated:

• Subscribe to financial news outlets or newsletters.

• Follow market analysts and financial experts on social media.

• Regularly check in with your financial advisor about current trends.

  
  

Knowledge is power, especially when it comes to your finances.

FAQs

Q: Is summer really a good time to focus on finances?

A: Absolutely! It’s a quieter period for advisors, plus you’ve got half a year’s insight and enough time left to make meaningful changes before year-end.

Q: Are Roth conversions worth the tax hit?

A: In many cases, yes. Especially if you expect to be in a higher tax bracket later or want to leave tax-free income to heirs.

Q: What’s the benefit of a donor-advised fund?

A: DAFs let you take a full deduction now but distribute funds to charities over time—flexibility plus tax efficiency.

Parting Thought: The Summer Sweet Spot

Summer isn’t just for relaxing—it’s for resetting. With fewer distractions and a fresh mid-year perspective, now’s the moment to take a proactive step toward the lifestyle and legacy you’ve worked so hard to build. Your future self (and your heirs) will be grateful you used this season wisely.

If you’re unsure where to begin, start small—review one area from this list and schedule a quick chat with your financial advisor. The rest will follow.

Helpful External Resources:

• IRS Roth Conversion Guide

• Fidelity: Donor-Advised Funds Explained

• LPL Mid-Year Market Outlook

• Real Estate 1031 Exchange Basics

  
  

P.S. Taking financial action now sets the tone for decades to come. And hey, if you’re reading this by the pool—cheers to multitasking like a pro. 🍹💼

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through TOP Private Wealth, a registered investment advisor and separate entity from LPL Financial.