As we enter Springtime and approach the Summer Season, this is a perfect time for us all to consider doing some “Financial Spring Cleaning.” Especially given the changes many experienced in recent years, we want to make sure we are doing all we can to help you get your financial house in good order. To that end, we wanted to share a list of ways that we can help you get your financial accounts and documents updated and organized, as well as steps that you can take to do some Spring Cleaning on your end.
How We Can Help You In The Months to Come:
- Review Your Accounts and Goals: Take stock of all your retirement and investment accounts and your critical financial plans. Ensure they align with your current financial goals and risk tolerance and make adjustments as needed.
- Review your beneficiaries for your trusts and retirement plans: make sure that your documented wishes are consistent with your current intentions.
- Optimize your plans: make sure that you have optimized all tax reduction, retirement planning, and estate planning strategies.
- Organize Important Documents: Gather and organize your important financial documents. This includes Insurance Policies, Trust Documents, Retirement Plans (IRAs, 401ks, SEP’s, SIMPLEs), Wills, Outstanding Debt Statements (Home Mortgages, Loans, Credit Cards), and a list of Advisors and their contact info, etc.
To help with this, we've created a comprehensive, fillable workbook that you can use to compile all important information for you and your loved ones. From financial and legal information to passwords and final wishes, having a master document will help your family access important account info when you're gone. "What My Loved Ones Need to Know" helps you to prepare now, so that your loved ones can have a more comfortable tomorrow. DOWNLOAD below.
Steps That You Can Take To Spring Clean Your Finances:
- Update Your Budget: Revisit your budget to reflect any changes in your income or expenses. Look for areas where you can cut back and reallocate funds towards your financial goals.
- Check Your Credit Report: Obtain a copy of your credit report and review it for any inaccuracies. A clean credit report is crucial for securing favorable loan terms and interest rates.
- Reevaluate Your Insurance Needs: Life changes, and so do your insurance needs. Make sure your coverage is up-to-date and adequate for your current situation.
If you have any questions or need personalized assistance, please don't hesitate to reach out to us. Happy Spring Cleaning!
-Orion Capital, Westlake Village | Mammoth Lakes | Las Vegas Financial Advisors