Have you reviewed your financial plan recently? With the midpoint of 2022 approaching, now is a great time to do so.

Not sure what is important? Here are five things you should take a look at while doing a mid-year review of your financial plan:

1. Your beneficiary designations.

It may seem obvious, but a surprising number of people go through major life events and neglect to update their beneficiaries. This is an especially critical thing to do if you have an employer-sponsored retirement plan, as your beneficiary designation for it overrides your will.

2. Your budget.

If you’re approaching retirement, one useful exercise is to try living on your anticipated retirement income. This can help you prioritize your spending and give you a good idea of how comfortable you’ll be.

3. Your tax filing.

Make sure that your most recent filing reflects correct information. Some things to review include total retirement contributions, charitable deductions, Roth conversions, and health savings account contributions. Also, it’s never too early to start thinking about how to save on next year’s tax bill.

Now is a good time to see if there’s any space in your budget to contribute (or bump up your existing contribution) to a tax-advantaged account (like a Roth IRA) or maximize your 401(k) contributions for the year.

4. Your estate plan.

Similar to your beneficiary designation, you’ll want to regularly review your will, power of attorney, health care proxy, and other documents to ensure they align with your wishes—especially following any major life events (death of a spouse, remarriage, or selling your home, among others).

5. Your insurance coverage.

This includes life, property, and casualty coverage. Make sure your coverage amounts are sufficient.

These are just some general ideas about the major areas of your personal financial plan that should be reviewed each year.