• Roth conversions may reduce long-term tax exposure, but timing and execution are key.
• Tax diversification offers flexibility amid shifting tax laws and retirement income needs.
• We believe personalized planning beats blanket advice when managing wealth through retirement.

CHICAGO – July 21, 2025 – In a strategic “mid-year check-up” discussion on WGN’s “Your Money Matters” with Jon Hansen, Tiffany Irving, Wealth Advisor at Mesirow, underscored the importance of revisiting financial strategies midway through the year. With the market surging to recent highs amid ongoing economic uncertainty, now is a strategic moment for high net worth investors to evaluate and recalibrate their financial plans.

“I encourage clients to pause, revisit their goals, and ensure each component of their strategy is still working together,” said Irving. “Whether cash flow, retirement funding, or estate planning—it’s essential to be intentional and proactive.”

1. Cash Flow & Budget Review
Irving recommends starting with foundational principles: assess changes in income, re-evaluate monthly spending, and reconcile them against your budget plan. She adheres to the classic 50/30/20 rule—50% needs, 30% wants, 20% savings—and urges use of tools like Quicken or budgeting apps to track spending.

“Many people can’t tell you what they spend monthly—tracking helps bring clarity and control,” Irving explained.

2. Retirement Accounts: Beyond Funding
With markets performing strongly, it's vital to ensure retirement contributions are correctly allocated—not just deposited. “Max out your 401(k) if possible and capture every dollar of employer match,” Irving advised.

Irving warned: “Don’t assume contributions mean investments. Many investors mistakenly leave money in low-yield vehicles instead of allocating it thoughtfully.”

3. Idle Cash: Put It to Work
Identifying excess mid-year cash presents opportunities to enhance returns. Irving suggests directing surplus funds into high-yield savings or CDs, or increasing retirement savings if possible.

“Idle money in a checking account is a lost opportunity. Ensure cash is deployed efficiently,” she said.

4. Estate Planning: Revisit & Refresh
Often delayed, estate planning is a cornerstone of long-term financial health. Irving recommends reviewing:
•    Beneficiary designations and account titling
•    Powers of attorney for health and property
•    Trusts and “transfer-on-death” instruments
•    Digital asset access (e.g., online accounts, crypto)

Even if initial structures are in place, “regular check ins ensure plans reflect life changes,” she emphasized.

5. Make It Manageable: One Step at a Time
Acknowledging the breadth of the mid-year check-up, Irving encourages investors to tackle objectives month by month. “Pick a July goal, another for August—you don't need to do everything at once. A small hour of intentional planning yields long-term peace of mind.”

Mesirow Wealth Management is the firm’s founding capability and is differentiated by its comprehensive, customized financial planning and expert investment selection.

Our Wealth Advisors work with clients over generations, ensuring that financial strategies remain aligned with evolving goals. We invite you to learn more at mesirow.com/wealth.

About Mesirow 
Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago, with offices around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Private Capital & Currency, Capital Markets & Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities and our culture.

Mesirow has been named one of the Best Places to Work in Chicago by Crain’s Chicago Business multiple times and is one of Barron’s Top 100 RIA firms. To learn more, visit mesirow.com, follow us on LinkedIn and subscribe to Spark, our quarterly newsletter.

Mesirow does not provide legal or tax advice. Past performance is not indicative of future results. The views expressed above are as of the date given, may change as market or other conditions change, and may differ from views express by other Mesirow associates. 

Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow name and logo are registered service marks of Mesirow Financial Holdings, Inc. ©2025, Mesirow Financial Holdings, Inc. All rights reserved. Advisory Fees are described in Mesirow Financial Investment Management, Inc.’s Form ADV Part 2A. Advisory services offered through Mesirow Financial Investment Management, Inc. an SEC registered investment advisor. Securities offered by Mesirow Financial, Inc. member FINRA and SIPC.  

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