Insurance - Have you chosen deductibles that provide lower premiums with an acceptable level of risk?
- Do you have an umbrella liability policy for potential large damages?
- Do you have enough life insurance including cheaper term insurance?
- Have you considered a life insurance trust to keep insurance proceeds out of your estate?
Your Mortgage - Could you reduce your monthly mortgage payments by refinancing your mortgage?
- Should you consider some other type of mortgage (ARM, 15 year, 30 year) that corresponds with how long you plan to stay in your current home?
Household Spending - Have you analyzed your monthly spending to identify ways to save?
- Do you have a household budget?
Retirement Planning - Have you calculated your retirement income and asset needs? Use our free financial calculators to assess your financial needs.
- Are you taking full advantage of your employer's 401(k) plan or other retirement plan?
- Are you going to make an IRA contribution? If so, make it early.
- Should you consider converting your IRA to a Roth IRA?
College Funding - Are you regularly saving for a child's college expenses?
- Have you investigated Education IRAs or Qualified Tuition (Section 529) Plans? Changes in tax laws beginning in 2001 have greatly enhanced these tools.
Your Investments - Do you have an asset allocation plan to serve as a framework for your individual investment decisions?
- Have you reviewed your portfolio holdings recently?
- Does your investment strategy match your time horizon and risk tolerance?
Income taxes - Are your withholding and estimated tax payments at the right level?
- Have you considered deferring income to next year or accelerating deductions to this year to delaying paying tax for a year?
- Are you possibly subject to the Alternative Minimum Tax (AMT)? Stock option exercise, large deductions or the phase out of the benefits of personal exemptions at high-income levels could subject you to this tax. Contact your tax professional if you think you may be subject to AMT.
Estate planning - Have you had your estate plan reviewed recently? If you have moved, had a change in your family situation (births or deaths) or a change in your financial status, you may want to schedule a review with your advisor.
- Does your estate plan provide for the naming of the guardians for your children and the executor of your estate you wish?
- Does your estate plan reflect the new estate tax laws?
Taking control of your financial future is an on-going process that requires some time and effort. Consider using a weekend to review your finances. Hopefully, everything is fine. If not, it is an opportunity to take steps to get back on track.
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