Financial Planning Tip December

The Life-Changing Magic of Financial Organization. Part Three:

For the past two months we suggested steps to take on a monthly and quarterly

basis to stay keep your financial life on track. This month, we're offering the following tasks to complete once per year:


  1. Rebalance your retirement account. Market movement during the year shifts your allocations. If you need help with this task or if you need help measuring your allocation across multiple accounts, let us know.

  2. Be sure you know where your money is. Banks and brokers merge routinely, and it's easy to lose track of that old 401k. Test your login for each website and look over your account statements. This is especially important for accounts you don't monitor on a regular basis.

  3. Review your beneficiary designations for retirement accounts and life insurance policies. At the same time, consider whether you have enough insurance and whether it's still necessary. A rule of thumb is to insure yourself for ten times your salary. Individuals without dependents or those with significant savings don't need as much, and may not need any at all.

  4. Make a folder for your tax documents. Tax forms for 2019 will start arriving before you know it. And you'll accumulate 2020's documents sooner than you'd expect. Have a folder for both years ready to store these items as they arrive.


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