Building a healthy financial life is an important concern that everyone should address with diligence and care. Rather than being a one-time event, evaluating your finances—and ensuring you don’t lose sight of your goals—requires timely, purposeful attention.
Imagine, for example, if you went to the doctor, created a thorough and personalized health strategy, carefully stuck to the plan, and then didn’t have another appointment for five years. You might have felt as if you didn’t need to go for a checkup because your plan helped you make healthy life choices. However, the reality is that a lot can change in a very short period of time, such as medical advancements, new ailments, and more. Though you believed you were on the right path, you might have missed critical guidance and professional insight.
The same scenario applies to your financial life: your fiscal strategies and priorities evolve with you, and they require ongoing oversight for your financial wellness. Crafting a
thoughtfully designed strategy is only the beginning of your financial journey. To make the most of your opportunities, you should revisit your strategy and financial goals at least once a year.
Address life changes
Key question to answer: Have I experienced any major life events?
Your financial strategies should fit your life. So, if your life changes, your finances should change, too. We recommend you talk to your financial representative about any events or experiences that might affect your financial priorities whenever they occur.
Revisit your estate plan
Key question to answer: Does my estate plan thoroughly and accurately reflect my wishes?
Creating a clear, airtight estate plan is a powerful gift you can give your family. You should revisit your estate plan once a year to make sure you have clearly shared your wishes, designated your beneficiaries, and protected your assets.
Analyze your tax liabilities
Key question to answer: Have changes to tax laws or personal circumstances affected my tax liabilities?
Even the most tax-efficient financial strategy still needs regular review to ensure it reflects current laws and your evolving life. By keeping up with the changing tax momentum—and revising your strategies as needed—you can help mitigate unnecessary tax liabilities and better preserve your assets.
Review your retirement savings
Key question to answer: Am I saving enough to comfortably retire when I desire?
Pursuing a satisfying, financially secure retirement is an important goal for many investors. Each year, you should review your fiscal strategy and retirement plan to determine if you are positioning yourself for the retirement you desire—or if you need to make adjustments to get back on track.
Just like an annual checkup with your doctor, an annual review of your financial goals, priorities, and strategies is part of a healthy financial life. With this regular review, you’ll better keep your financial wellness in check and catch any problems before they become more serious pitfalls. This can help you—no matter what life stage you’re in.
Citizen Advisory Group is a comprehensive financial services firm that helps Northwest Ohio and Southeast Michigan’s soon-to-be-retired and retired residents effectively plan and prepare for life’s greatest journey. In addition to helping clients with their finances, Citizen Advisory Group offers monthly health and wellness events.
Please call 419-872-0204 for a complimentary consultation to review your individual situation.
Investment advisory and financial planning services offered through Advisory Alpha, LLC, a Registered Investment Advisor. Insurance, Consulting, and Education services offered through Citizen Advisory Group. Citizen Advisory Group is a separate and unaffiliated entity from Advisory Alpha.