We all have things we mean to get around to. The appointment we need to schedule. The drawer we need to clean out. The project that keeps moving to next weekend.
Financial planning can be like that, too.
As we enter the final few months of the year, October is a good time to ask yourself, what have I been meaning to address financially?
A financial checkup does not necessarily mean making big changes. Sometimes it simply means taking a fresh look at what you have and making sure it still fits your life today.
Does Your Financial Plan Still Match Your Life?
A lot can change in a few years. You may have changed jobs, bought or sold a home, welcomed a child or grandchild, started a business, or moved closer to retirement.
A financial strategy that made sense five or ten years ago may still be appropriate, but it is worth reviewing. Good financial planning is not about making changes for the sake of change. It is about ensuring your decisions continue to reflect your goals and responsibilities.
When Did You Last Review Your Beneficiaries?
Retirement accounts and life insurance policies commonly have beneficiary designations. Major life changes are a good reason to review them.
Taking a few minutes to confirm that the people you have named still reflect your wishes can be an important part of a financial checkup.
What About the Accounts You Have Collected?
After changing jobs, you may have retirement accounts with several companies or financial institutions. Add personal savings, investments, and insurance policies, and it can become difficult to see how everything works together.
The answer is not necessarily to move or consolidate anything. The first step is knowing what you have, where it is, how it is managed, and the role it plays in your overall plan.
Has Your Protection Kept Up With Your Life?
Your financial responsibilities at 30 may look very different at 45, 55, or 65. Income changes. Families grow. Mortgages get paid down. Assets accumulate, and retirement gets closer.
Periodically reviewing your insurance and protection strategies can help determine whether they still align with the people, income, assets, and goals that matter today.
Are You Prepared for the Unexpected?
A home repair, healthcare expense, employment change, or unexpected family need can disrupt even a well-structured plan.
Maintaining appropriate reserves and preparing for different possibilities can provide flexibility without immediately disrupting long-term financial strategies. We cannot predict every surprise, but we can prepare for some of them.
Have You Had the Important Conversations?
Not every part of financial planning involves an account statement. Sometimes what we have been putting off is a conversation.
Does your spouse or another trusted family member know where important financial information is located? Have you discussed your wishes and priorities? Are your legal and financial advisors working with current information?
These conversations can be easy to postpone, but they are usually easier to have before they become urgent.
A Checkup Does Not Mean Starting Over
You do not need to overhaul your financial life every October, but you should review it. A checkup can help identify what is working, what has changed, and what deserves attention before another year passes.
At Cornerstone Financial Group, we believe financial planning begins with understanding the whole picture: where you are today, what has changed, and where you want to go next.
*Brendon Elliott is the owner of Cornerstone Financial Group LLC. Located in historic downtown Plymouth, he helps individuals, families, and business owners protect their income, manage risk, and plan proactively for retirement.
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