8 Money Moves Retirees Need to Make Before July Ends

They say time flies when you're having fun. But when it comes time to check up on your retirement finances, time flying may feel less fun. By the time the calendar has turned to July, you've already had six to seven months of spending, investing, and maybe the occasional "why did I do that?" money moment.

But the year isn't over. There's still time to make adjustments before December shows up with its usual panic-filled deadline energy. And mid-year is an ideal opportunity to assess whether your retirement plan is still on track while there's still time to act.

A quick check-in now can help strengthen your retirement finances for the rest of 2026. Here are eight mid-year money moves retirees should consider making before the end of July.

Calculate your RMD and make a withdrawal plan

If you're 73 or older, your required minimum distribution (RMD) should be on your radar. You can calculate your 2026 RMD by using your current IRA and 401(k) balances to see what you need to withdraw.

It's also good to confirm how much has already been withdrawn for the year, while you're at it. Know that you will face a 25% penalty on the shortfall come December 31st. So, mid-year is the right time to course-correct and adjust if needed.

See how your income affects Medicare premiums

Your Medicare premiums are directly affected by your modified adjusted gross income (or MAGI). And know that the amount you earn in 2026 will determine what you pay in 2028 in premiums.

So, treat mid-year as it's the last practical checkpoint to make adjustments to your income. If you review everything now, you can avoid surcharges later. And know that things like Roth conversions, capital gains, or large IRA withdrawals can push you into a higher IRMAA (Income-Related Monthly Adjustment Amount) bracket.

Consider a qualified charitable distribution before year-end

If you are 70 1/2 or older, a qualified charitable distribution (QCD) can be a tax-burden-lowering hack. QCDs allow you to transfer up to $111,000 in 2026 directly from an IRA to a qualified charity. This amount can count towards your RMD but is excluded from taxable income, hence being a "hack."

Choosing to act mid-year gives you time to coordinate with your bank or custodian, choose charities, and ensure that your transfer is completed well before the end of the year.

Check up on your emergency fund and savings

It's always wise to have an emergency fund. But for retirees, it's best to have 12 to 24 months of living expenses in an account you can access easily, like a high-yield savings account.

Having this buffer may help keep you grounded during downturns or keep you from locking in at a loss. Mid-year is also a great checkpoint to reassess your spending patterns and refill your savings if it's looking a little empty.

Look for tax-loss harvesting opportunities in your portfolio

Who doesn't love a lower tax bill? In the event that the market's ups and downs leave some of your investments in the red, know that these losses may not be all bad.

If you sell underperforming investments, it can help offset capital gains you may be on the hook for elsewhere in your portfolio. Keeping an eye out for these opportunities gives you plenty of time to reinvest and to see some tax savings, too.

Evaluate whether a Roth conversion still makes sense this year

Converting to a Roth may reduce future required distributions while also improving your long-term tax flexibility. That is, if you time it right.

Having a good idea of your income mid-year helps you estimate your current tax bracket more accurately. If you earn less money than expected, a partial conversion may be best. If you earn more money, you might want to look at scaling back or even pausing to avoid pushing yourself into a higher marginal tax bracket.

Update your beneficiary designations

Life happens. And any life changes happening in the first half of the year (marriages, divorces, births, deaths, etc.) are especially important to keep tabs on when it comes to your financial accounts.

Outdated beneficiary designations can be risky because they override wills. Make a point to review your IRAs, 401(k), life insurance, and payable-on-death accounts with your banks to ensure they match your current wishes. Now is the time to update these designations before they become irreversible.

Review your retirement spending plan

Half of the year is over. You have real raw data of your spending habits instead of just estimations. Compare your actual expenses to your retirement budget.

Make adjustments for inflation, health care costs, or anything else unexpected. Doing this helps prevent you from overspending (or spending unnecessarily). Now is also the time to make portfolio or withdrawal adjustments before the year-end tax planning rolls around.

Bottom line

The key takeaway is this: Mid-year is one of the last chances retirees have to influence how their 2026 will go financially. And you don't need a financial advisor to start your review. When fall rolls around, things like managing MAGI for IRMAA, harvesting losses, or timing Roth conversions can be harder to adjust without triggering tax consequences (or missing opportunities).

One additional angle you may also want to consider is estimated tax and withholding alignment. By July, you already have enough insight into your income to rebalance your IRA withholding or quarterly estimated payments. This can help avoid underpayment penalties and reduce the risk of a lovely (not really) tax surprise come April. Acting now also prevents the common year-end scramble and ensures you are doing the most you can to save money in retirement.

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Author Details

Josh Koebert

Josh Koebert has spent more than 16 years digging into the data behind how Americans earn, save, and retire. As a senior content marketer at FinanceBuzz, his work covers both ends of that challenge: the job market and real estate pressures that shape how much people can save, and the Social Security policies, 401(k) strategies, and retirement income gaps that determine what they'll actually have when they get there.