For those who have summer plans that may take them away for days, weeks, or even months, have a great time! Before you leave, you will want to make sure that your house is in order before you leave. Make sure to examine these four elements of your financial picture to lessen your worries while you are away:
1) Medical/Dental Insurance: With the multitude of employer plan changes and government mandates for health coverage in flux, it is important to know where you stand and that you are getting the most out of your healthcare dollars. Also, for those travelling abroad, it is important to know how to access medical and dental care in emergency situations.
2) Life Insurance: If you have bought a home, started a business, received a bonus/promotion, had a baby, or experienced some other life-changing event in the first part of the year, then it is time for a life insurance review. If you do not have life insurance, then now could be the time to explore coverage options for you, your business, and your family to make sure that all are protected just in case.
3) Tax Situation: Were you surprised by a larger than expected tax bill last year? Now is the time to update your books and to talk to your tax professional. You do not want to wait until the last minute to know your tax liabilities, and your accountant/CPA will appreciate you being proactive.
4) Investments: Last year was very good for many people. However, yesterday’s forecasts do not necessarily predict what tomorrow will bring. In any long-term plan, making sure that your investments and financial plans look and feel the way you would like them to is crucial. Take the time to review and update your plans with your advisors.
Did You Know? If any of your family, friends, coworkers, colleagues, or neighbors would like a sounding board for their ideas along with regular feedback and do not know where to turn or who to trust, then please feel free to send a link to this blog and encourage them to reach out to us.