Pursue Your Dreams with Annual Financial Reviews
They can help you reach your lifetime dreams.
If you’re like most people, achieving financial security is an important dream worth pursuing.
After all, having your finances in order creates a strong foundation for attaining all of the other things that are important to you, like putting kids through college, traveling to fun places or living comfortably in retirement.
A good way to keep your lifelong goals on track is to review your financial plan on a regular basis, at least once a year.
When you review your personal financial plan, ask yourself these questions:
- Have your goals changed? If you’re a young parent, your goals may be college savings for your children. But once they graduate, will your goals change to retirement savings?
- Has there been a major life event in the past year such as marriage, divorce, a birth or death? Has it impacted your financial plans, goals or ability to achieve them?
- Have your retirement plans changed? Maybe you initially wanted to retire near the beach, but now you want to be near grandkids. Will you have the money to reach such goals?
- Is your money in accounts where it will work the hardest for you while remaining protected?
- Can debt be restructured to your advantage?
- Are there new tax incentives or strategies you can take advantage of?
- Have beneficiaries of your will or plans for disbursement of your estate changed?
- Do your insurance needs and beneficiaries require updating? Does your coverage (home, auto, life etc.) properly protect your assets? Do you need to increase or decrease coverage? (Are your house or its contents worth more? Did you inherit antique furniture or valuable jewelry?) Have you added or sold a car, camper or other recreational vehicle?
No matter what your financial picture is, regularly review your plans to make sure they’re on track to meet your long-term financial goals. Just as important, if your goals change, make sure your plans change with them.
If you feel your insurance no longer accurately protects you and your family, contact your local American Family Insurance agent to schedule a personal insurance review.
Investing the time to review your financial plan can pay off in the long run, especially when it comes to doing the things in life that mean the most to you.
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