A lot can happen in a year.
Jobs change. Families grow. Priorities shift. New accounts have been opened. Old accounts are forgotten.
Over time, it’s easy for this area of life to become more complicated than it needs to be, and you wind up with some of the following issues:
- An old retirement account from a former employer that you forgot about
- An old life insurance policy
- Investment accounts at multiple firms
- Estate planning documents tucked away in a drawer
- Outdated beneficiaries
These may not seem like big issues, but when they aren’t organized and updated, they can create confusion and make it difficult to see the bigger picture.
I recently met with a new client in their 40s who had a 401(k) that had been in (basically) cash for years. The client was not aware of this, and it was obviously not what they wanted. Our conversation and few questions brought this to light.
One of the most valuable things a person can have is a comprehensive financial plan – one that takes everything into account. That way you know where everything is and how it all fits together.
When your financial life is organized, decisions can become easier, conversations become clearer and your family is better prepared if they ever need to step in.
We’re halfway through the year. Consider setting aside a little time to review your accounts, update important documents, and make sure someone you trust knows where to find the information that matters.
Sometimes progress isn’t about adding something new. Sometimes it’s simply about getting organized.
If you would like to review your accounts and put a plan together, contact us today. There’s no time like the present to get started.