Mid-Year Wealth Review 2026: 5 Decisions You Should Not Postpone Until September
With the Livret A at 1.5%, the flat tax raised to 31.4%, and SCPIs rebounding — summer is the season for quiet but decisive wealth adjustments.
- June 30 marks the fiscal mid-year: six months remain to optimise your PER, life insurance, and estate planning before the December 31 year-end close.
- The Livret A dropped to 1.5% in February 2026, reopening the debate between liquid savings and euro funds — the best contracts now yield between 3.5% and 4.1% net.
- The French flat tax (PFU) was raised to 31.4% (higher CSG) and the PER now allows unused allowances to be carried forward over 5 years (vs. 3 previously).
- SCPIs delivered an average yield of 4.91% in 2025; top-performing vehicles are targeting 5.5–6% for 2026.
- The €100,000 inheritance allowance per parent/child has not been adjusted since 2012: 22.5% cumulative inflation is silently eroding its real value.
Why June 30 Is a Strategic Date
The mid-year mark is one of the rare moments when the fiscal planning window is fully open. Unlike December, which is crowded with last-minute decisions, June 30 offers six months of perspective on income already received and six months of runway before the fiscal year closes. It is the right time to adjust PER contributions, rebalance a life insurance contract, reassess SCPI exposure, or schedule an estate planning act.
In 2026, three major shifts have changed the playing field. First: the Livret A was reduced to 1.5% on February 1, making it far less attractive to accumulate excess liquidity in short-term savings. Second: the Flat Tax (PFU) on capital income was raised to 31.4% — the CSG contribution increasing from 9.2% to 10.6% — which alters the arbitrage between the flat tax and the progressive income tax schedule. Third: the PER carry-forward period for unused contribution allowances now extends to five years (vs. three previously), creating a new opportunity for savers who have not maximised their deductible contributions in recent years.
Life Insurance: Arbitrating Between Euro Funds and Unit-Linked Contracts
With a Livret A at 1.5% and inflation stabilising near 2%, the question of remuneration on precautionary savings is back at the centre of the table. The average euro fund returned 2.65% net in 2025, and 2026 forecasts point to approximately 2.9%. The most competitive contracts — Corum EuroLife, Afer Euro Génération, Ampli — are delivering between 3.5% and 4.1% net. In this environment, maintaining excessive cash on a Livret A means accepting a negative real return.
Mid-year is the right moment to review the allocation within your life insurance contract between euro funds and unit-linked (UC) vehicles. Where your risk profile allows, a partial reallocation towards quality investment-grade EUR bond funds or diversified multi-asset funds can improve expected returns without exceeding your tolerance for volatility. Recall that life insurance retains its distinctive tax advantage: social contributions remain at 17.2% (vs. 18.6% for most other financial investments), and the full exemption from inheritance tax after eight years of holding remains an unrivalled intergenerational tool.
« The most effective wealth adjustments are not made in the urgency of December, but in the calm of summer, when there is time to calculate properly. »Benjamin Cohen, Riviera Wealth Management
PER: Maximising Tax-Deductible Contributions Before December 31
The Plan d'Épargne Retraite (PER) remains the most powerful tax optimisation tool available to French savers. Voluntary contributions are deductible from taxable income within an annual ceiling: for 2026, this ceiling corresponds to 10% of your 2025 professional income (capped at 8 times the PASS 2025), with a minimum of €4,806 linked to the 2026 PASS. For a director or self-employed professional (TNS), the ceiling can reach €88,911.
The 2026 change to seize: the carry-forward of unused allowances extends from three to five years. In other words, if you did not maximise your PER contributions in 2021, 2022, 2023, 2024 and 2025, you can today aggregate those dormant rights and make a substantial contribution before December 31, 2026. For a household in the 41% marginal tax bracket, every €10,000 contributed generates an immediate tax saving of €4,100. Important note: as of January 1, 2026, contributions made after age 70 are no longer tax-deductible. The optimisation window is closing for savers approaching that age.
| Profile | 2026 Ceiling | Tax Saving (41% bracket) | Tax Saving (30% bracket) |
|---|---|---|---|
| Employee €50k income | €5,000 | €2,050 | €1,500 |
| Employee €100k income | €10,000 | €4,100 | €3,000 |
| Employee €200k income | €20,000 | €8,200 | €6,000 |
| Self-employed (max ceiling) | €88,911 | €36,453 | €26,673 |
SCPIs: Capturing the Recovery in Indirect Real Estate
After two years of valuation corrections (2023–2024), the SCPI market is entering a stabilisation phase. The average yield reached 4.91% in 2025, up from 4.72% in 2024, and 2026 forecasts range from 5.2% to 9.5% depending on the vehicle. Diversified European SCPIs — particularly those exposed to Northern European markets and healthcare and logistics assets — show the most resilient performance.
Direct real estate is also showing signs of stabilisation: Paris transactions increased 15% in Q1 2026 compared to Q1 2025, and mortgage rates stand between 2.80% and 3.00% on 20-year loans. For holders of variable-rate or high fixed-rate mortgages contracted in 2023–2024, summer 2026 may be an opportunity to reassess refinancing conditions with their adviser. Finally, property owners with F or G energy ratings face market discounts of 10% to 20%: an energy audit planned during summer allows renovation works to be scheduled before winter.
Estate Planning: Acts to Schedule Before December 2026
French inheritance allowances have not been revised since August 2012: the €100,000 per parent and per child has lost 22.5% of its real value due to accumulated inflation. In other words, transferring today the equivalent real value of the same sum as in 2012 now means paying inheritance tax on the fraction exceeding €100,000, when this allowance should have been €122,500 to maintain the same exemption threshold. The gift and donation lever is therefore all the more relevant in the current context.
Two concrete opportunities to seize before end of 2026. First, the exceptional cash gift exemption of up to €100,000 per donor and per beneficiary (capped at €300,000 per beneficiary) to finance a primary residence purchase or energy renovation works has been extended to December 31, 2026. Second, a notarised donation-partage before year-end “freezes” the value of assets at the date of the gift, which can be fiscally advantageous in a context of real estate recovery. A notarial deed typically requires several weeks of preparation: scheduling the appointment in July or August ensures serene execution before December 31.
- June 30 is the ideal date for a comprehensive wealth review: six months of hindsight, six months of action before the fiscal year-end.
- Arbitrate excess Livret A liquidity (1.5%) towards competitive euro funds (up to 4.1% for the best contracts).
- Calculate your 2026 PER deduction rights incorporating unused allowances from the past five years; the tax saving can be substantial for the 30–45% marginal brackets.
- Diversified European SCPIs offer the best net yields currently; the direct real estate market is stabilising and creating new opportunities.
- Schedule estate planning acts (gifts, donation-partage) during summer to avoid sacrificing quality to the urgency of December.
This document is provided for informational purposes only and does not constitute investment advice, a personalised recommendation or an offer to buy or sell financial products. Past performance is not indicative of future results. All investments carry risks, including the risk of capital loss. The information contained in this article reflects Riviera Wealth Management's analysis as of the date of publication and is subject to change. Riviera Wealth Management is a registered financial investment adviser (CIF), registered with ORIAS under number 11060879 and a member of the CNCGP.
