Don’t Wait to Review These Key Financial Components
School is back in session, and fall routines are back in place. Now that the craziness of summer has died down, it’s a good time to check in on your finances. Following are 10 financial housekeeping items to review this month.
#1 – Account beneficiaries
Beneficiary designations supersede instructions provided in your will and trust, which is why it’s important to review them on a regular basis. Take time to ensure your beneficiary designations are up to date and accurate.
#2 – Financial plan
Your financial plan should be a dynamic document that’s constantly revised and updated as your life and financial goals evolve over time. Work with your wealth manager to determine how any changes in your life should be reflected in your financial plan.
#3 – Investment allocation
If it’s been a while since you’ve reviewed your investment allocation, now may be a good time to do so. Your wealth manager can help you rebalance your portfolio to your original (or an updated) asset allocation. Doing so can help lock in investment gains from top-performing sectors and help ensure your portfolio remains in line with your risk tolerance and objectives.
#4 – Charitable donations
If you plan to make charitable donations in 2024, now’s a great time to finalize your giving strategy. Making an in-kind donation of appreciated securities is one approach that allows you to minimize your tax exposure while maximizing your charitable impact. Consult with your wealth manager to determine whether this strategy makes sense for you.
#5 – Insurance coverage
Take a moment to review your existing insurance policies to make sure they continue to meet your needs. If you’ve recently experienced a major life event, such as a marriage, a divorce or the birth of a child, you may need to adjust your coverage or select a new type of policy.
#6 – Emergency fund
Check in on your emergency fund to make sure it continues to hold enough assets to cover three to six months of living expenses, should unexpected expenses arise.
#7 – Credit report
Each of the major credit bureaus, Experian, Equifax and TransUnion, allow consumers to access one free report each year. Consider this your reminder to check in on your credit report to identify any unexpected errors.
#8 – Estate planning documents
If it’s been a while since you’ve reviewed your estate plan, make an appointment with your wealth manager and estate planning attorney to revisit your documents and see whether they continue to reflect your wishes.
#9 – Employer-sponsored benefits
Fall is the season of annual benefits enrollment, and it’s a good idea to be prepared. Take some time to review your current benefit elections. Do they continue to meet your needs? Are there other coverage amounts, health insurance options or savings accounts that would be a better fit?
#10 – Budget
Review your budget to make sure it continues to meet your needs, making any necessary adjustments to your savings and spending goals. Could you use help reviewing these financial housekeeping items? Creative Planning is here for you. Our teams support clients to help ensure their entire financial lives are optimized and working toward their long-term financial goals. Schedule a call to learn more.
