No Vacation from Monitoring Investments

Summer is always a good time to step back from the daily grind and review your fiances. Whether you are an active or retired player, take time to pay attention to your investments. Don’t take a vacation form monitoring your investments.

Review your statements: Bank, brokerage firm, money manager, annuities, insurance policies, 401-K plans, IRAs. Review these statements on a regular basis, All investment portfolios need some occasional “housekeeping.” Reviewing them gives you an idea of how the investments performed and that activity in you accounts is consistent with you financial goals and objectives.

Giver your budget an annual check-up: Take this time to think about your spending and savings habits. Establish a budget fro the coming year with a goal of spending less than you earn.

Who are your beneficiaries? Were there any changes in your family situation in the past year? Did you get married or divorced, or had any children? Insurance policies, annuities, IRA’s, wills and trusts all have beneficiaries. Changes in your family situation may mean you want to make amendments or additions to the beneficiaries named on these items.

Review your tax returns: Many things can affect your tax situation. Talk to your tax advisor to make sure you are properly keeping track of all potential deductions.

What is your credit score? Find out what your credit score is. A low credit score makes it more expensive and/or difficult to get credit to buy a home, buy or leas a car or get a job. It may be easy to fix the issues that lead to a low credit score.

Review your insurance policies: Did you buy jewelry, art, antiques, a car, a boat or anything of significant value? Make sure that you have adequate insurance coverage for the value of those acquisitions and to cover any unforeseen risks and liabilities.

The off season is the perfect time to call on your “financial team” for a review of how you are doing. Whether the point guard of your “team” is a financial planner, financial advisor, accountant, attorney, insurance professional, agent or other trusted advisor, they can help you review account statements and performance to make sure you are on track to reach your long-term financial goals.



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