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When you're working, your paycheck continually brings money into your life. But once you retire, those checks diminish or stop entirely, removing that financial safety net. That's why it's crucial to stay on top of your investments and personal finances in retirement.

Fortunately, obsession isn't required to make good decisions about your retirement portfolio. On the contrary, it's better to keep a safe distance, just so long as you check on things at the right moments. June is one of those times. It's halfway through the year, so you have plenty of time to make changes. That may mean adjusting your tax strategy or managing investment risk in your nest egg.

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Here are five mid-year investment moves that retirees may want to consider before July.

Outside of Social Security, distributions from retirement accounts could represent the bulk of your income. It's important to ensure you're not pulling out too much, to the point of threatening future years. The 4% rule is a popular guideline. If you're 73 or older and have a traditional IRA or an employer-sponsored retirement plan, you may be required to take a minimum distribution.

If that applies to you, there are formulas and calculators to help you figure out the RMD amount that you're required to take by year's end. Doing this now leaves plenty of time left to make the necessary adjustments to your budget and lifestyle, and can save you a lot of stress later on.

The stock market goes through ups and downs over time. You don't want your retirement portfolio to keep you awake at night, but you should check it and evaluate your investments fairly regularly. For example, the mid-year point is a great time to sell a huge winner and offset the capital gains tax with an investment that didn't work out as you had hoped.

Or, perhaps your risk appetite has changed, and you want to change the mix of stocks, bonds, and mutual funds you invest in. Again, action isn't mandatory, but it's usually smart to regroup at this point in the year. If you do want to make moves, a professional can help you understand the tax and investment implications of any decisions.

Healthcare is one of the most important aspects of retirement planning. If you're 65 or older, you probably have Medicare. However, it's not always free, and it can get more expensive, especially if the government considers you're a high earner. The Income-Related Monthly Adjustment Amount (IRMAA) adds surcharges to Medicare Part B and Part D premiums, based on your income from two years prior.

In other words, your income this year will directly impact your healthcare costs in 2028. It's smart to plan your finances with these thresholds in mind. Evaluating this now still leaves time to plan around it, or find ways to lower your modified adjusted gross income (MAGI) if you're at risk of triggering these thresholds at the end of the year.

One way to lower your taxable income is to donate money to charity. Retirees who are at least 70½ can make what's called a qualified charitable distribution of up to $111,000 for 2026, which goes directly from your IRA to a qualified nonprofit organization. The beauty of this move is that it's easier than a standard charitable donation because it doesn't require you to itemize it.

In addition to lowering your taxable income, it counts toward your required minimum distribution if that applies to you. It's a bit of an underrated tax move that can make a difference in other areas, such as your IRMAA threshold, if you're financially fortunate enough to donate.

Liquidity in retirement is almost as important as how much your nest egg is actually worth. It's conventional wisdom for retirees to have enough easily accessible money set aside to cover 12 to 24 months of living expenses. This protects against having to sell stocks or mutual funds at a loss during a market downturn.

Retirees often hold their reserves in a high-yield savings account as cash or buy short-term investments, such as Treasury bills. A solid mix of cash and short-duration bonds can give retirees the near-term financial security they need, with some added income along the way. Now is a great time to reassess whether your reserves are sufficient to support your lifestyle for as long as you intend.

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5 Mid-Year Investment Moves Retirees Should Consider Before July was originally published by The Motley Fool