An annual review with your insurance professional offers an opportunity to review your current strategies and evaluate whether they align with your current financial goals and needs.
6 clues that your financial strategy may need to be adjusted
There is a change in:
Your marital status, living situation or family
Health or caregiving responsibilities
Income or career
Children in college
Future Projects
Retirement date
Here is Quick 6 checklist that can help guide your insurance professional in making any necessary changes or recommendations for you.
1. Major life event
As your life changes so can income needs. Staying current on areas such as;
Your marital status or living situation
Any changes to your health
Have you changed jobs or had a change in income
Have recently welcomed a child or grandchild into your family
Have one or more of your children entered or graduated from college
Will you be caring for an aging parent or relative
Do you have any new future projects, plans or a change in your retirement
Are your beneficiaries up to date
2. Different income or job change
Have you recently changed jobs, been promoted, recieved an inheritance or experienced a layoff ? Any of these situations could have financial impacts, which may mean an individual's overall retirement strategy should be rebalanced. If you recieved a pay increase or your standard of living changes, it may be time to bump up your retirement savings contribuations to stay aligned with a new lifestyle. On the otherhand, if you have been laid off, a review allows you to help keep things on track during the transition.
3. Children entering college
You may have diligently saved for a child or grandchild's education and now it's time to put those dollars to use. An annuity might make sense to help supplement tuition payments. Reviewing your situation with a professional can help you be financially prepared to meet the costs, while ensuring your future goals can still occur as intended.
4. Starting or selling a business
Some people dream of starting a new business or selling their company as retirement approaches. Others may want to keep working but change careers. While new horizons can be exciting and challenging, it's essential for clients to revisit their retirement savings strategy to determine if changes should be made while there's time to maximize them.
If you are starting of new business, talking with an insurance professional can help you think thru questions like:
Do I need money to start my business and if so how much ?
What are my short and long term goals for this business ?
Do I plan to run this business in retirement ?
If you sold a business or plan to in the future, discussing how the sale may impact your retirement strategy can help you determine if adjustments are needed to help you live comfortably in retirement.
5. Future plans
Goals can evolve over time. Perhaps extended travel or a large scale home remodel has been added to your wish list. If a large portion of savings will be used to pay for those plans, an insurance professional can help you:
Determine how the costs may affect your overall financial plan
Recommend any necessary adjustments
6. Adjusted retirement date
If the target retirement date for you or your spouse has changed, a professional can help to restructure your savings strategy to align with the updated goal.
As always my team is here to help you. Feel free to reach out to me to schedule a time for to discuss your current situation.
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