With the season changing and life ever pulling us forward, you may want to consider life changes which may affect your financial goals.
Account for Changes in Your Personal Life
Have there been any changes this past year with your family, personal, or financial life? If life changes have occurred, you may want to conduct the following:
A beneficiary designation review (qualified plans, IRAs, life insurance, etc.)
Reviewing the titling of assets (bank accounts, brokerage accounts, property, etc.)
Update estate planning documents (wills, trusts, power of attorney, guardianship, etc.)
Update insurance coverage (life, health, long-term care, disability, etc.)
Updating Your Goals
Review the following list to see what adjustments may need to be made:
Have your long-term savings goals changed (e.g., target retirement income, target retirement date)?
Have your intermediate-term savings goals changed (e.g., vacation home, college savings, etc.)?
Has your ability to save changed (e.g., change in income or expenses)?
Have you set any new financial goals?
Prepare for the Unexpected
It’s highly recommended to have an emergency fund which can cover your expenses for at least three to six months. These assets can be cash, a savings account, a money market fund, or other quickly accessible assets.
For questions or to schedule a review, contact KerberRose Retirement Plan Services at (715) 524-6626 or 401kservices@kerberrose.com.