2017: 12 Things to Do Before the Ball Drops


How Is Your Financial Fitness? Find Out With This 8-Point Checkup

By David Urovsky

Helping people achieve their financial goals starts with realistic and manageable planning.

In order to develop a sound financial plan, the financial advisor must determine not only the amount of wealth required to achieve your desired lifestyle but also study your entire financial situation. This includes an examination of the present or potential need for such financial tools as budgeting, tax reduction strategies, retirement planning, insurance, estate planning to avoid long-term tax issues and more. It is important to account for every aspect of your financial well-being.

A great way to start the planning process is with an 8-Point Financial Fitness Checkup, through which you and your financial advisor will come up with answers to the following key questions:

• Do you have a written, detailed and realistic monthly budget?

• How are you funding your emergency fund? How long will these funds last if you needed them to cover monthly expenses?

• How are you planning to guard against income losses from illness, disability or death?

• What tax saving strategies did you employ during the last year?

• How are you funding your retirement plan and when do you plan to retire?

• What are your goals for retirement (i.e., travel, major purchases, lifestyle changes, and so on).

• When did you last review the beneficiaries on your retirement accounts and insurance policies?

• When did you last update your will?

Following these conversations, your advisor can develop a customized plan that responds to your individual goals and gets you strategically positioned for financial health. Quarterly or semi-annual reviews in person and phone calls throughout the year will allow your advisor to respond to changes occurring in your life as well as changing market conditions.

It’s never too late to improve your financial fitness, so why not get started on your checkup today?

Coming next:  How children of baby boomers are playing an increasingly important role in financial planning for their aging parents.

David Urovsky is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Wealth Advisors Group is not an affiliate of Lincoln Financial Advisors Group. CRN-2279009-101518

Previous entries may have listed strategies and techniques that may be obsolete in current tax and investment environments. These entries were presented within the context of the time, and may not reflect current investment, tax or legal conditions.