Where in the soup-making process can I insert an overnight pause?

I have a very delicious soup recipe that I’ve used a number of times. It takes 2½ to 3 hours altogether. I would like to do some of it a day ahead and then refrigerate overnight to shorten the preparation time on the day that I want to serve it to guests.

The steps are basically as follows:
1. Cook some bacon.
2. Add vegetables in a certain order and cook until tender.
3. Add chicken broth and seasoning.
4. Simmer for an hour.
5. Add milk, bring back to a boil, and serve.

I’m thinking that the place to stop is either before or after step 4. Which is preferable for best results? Advice welcome.

Note, this soup is always even better on the second day, so I wouldn’t worry about letting it sit overnight before company comes.