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Be Wise With Money

7 Questions to Make the Most of Your Financial Review

Your financial strategy shouldn't be 'set it & forget it'

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If you have a financial strategy in place, you may be tempted to "set it and forget it." But this common mistake could put your finances – and your goals – at risk.

Working toward financial goals is a dynamic process. It doesn't end when you put a financial strategy in place. As personal, professional and economic factors change, it's important to review your strategy regularly so you can make adjustments along the way.

Questions to think about before your review

  • Beneficiaries – Will your insurance contract benefit the person or organization you want when you pass away? How about your will or retirement savings accounts? If there are any changes in your life, revisit these areas.
  • Changes in the market – What effect has economic volatility had on your investments? What about the low interest rates and returns? Should you consider diversifying some of your funds based on current trends? It's good to revisit and rebalance as needed at least annually.
  • Retirement – Has your financial situation or your goals, timeline or risk tolerance changed since you developed your retirement strategy? Are you saving enough? During your review you can check your progress toward your retirement goals.
  • Risk tolerance – Has your risk tolerance level changed with your age, income, marital status or other life events?
  • Life insurance – Do you have enough insurance? Too much? Is it the right type of insurance? Your financial professional can help you compare your options and determine what's best for you as your needs change.
  • Disability income insurance – Are you protecting your ability to earn an income? It's your most valuable asset. What would you and your family do without it? Your employer-sponsored plan may not be enough. See what disability income insurance options exist for you.
  • Tax laws – Does your current strategy take advantage of new laws or provide tax-efficient strategies in light of any changes? Take a look at laws that affect retirement plan limits.

Work with your financial professional, along with your legal and tax professionals, to make sure your financial strategy is still on track to help you meet your goals. If you don’t have a financial strategy, now's a good time to start that conversation so you're prepared for the future. It's never too late to start!

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