Give Yourself an Annual Financial Check-Up

Give Yourself an Annual Financial Check-Up

Many individuals get an annual medical examination, but neglect to take the same care with their finances.  Reviewing your financial affairs can pay dividends now and later.stethascope

Annual Financial Check-Up

A financial check-up can help you reach your financial objectives faster, perhaps save some taxes and give you some financial peace of mind.  Here are some questions to ask yourself.


  1. Have you chosen deductibles that provide lower premiums with an acceptable level of risk?
  2. Do you have an umbrella liability policy for potential large damages?
  3. Do you have enough life insurance?


  1. Could you reduce your monthly mortgage payments by refinancing your mortgage?
  2. Should you consider some other type of mortgage (ARM, 15 year, and 30 year) that corresponds with how long you plan to stay in your current home?

Household spending

  1. Do you have a household budget?
  2. Have you analyzed your monthly spending to identify ways to save?

Retirement planning

  1. Have you calculated your retirement income and asset needs?
  2. Are you taking full advantage of your employer’s 401(k) plan or other retirement plan?
  3. Should you consider converting your IRA to a Roth IRA?

College funding

  1. Are you saving for a child’s college expenses?
  2. Have you investigated Coverdell Education Savings Accounts (Education IRAs) or Qualified Tuition (Section 529) Plans?


  1. Do you have an asset allocation plan to serve as a framework for your individual investment decisions?
  2. Have you reviewed your portfolio holdings recently?
  3. Does your investment strategy match your time horizon and risk tolerance?

Income taxes

  1. Are your withholding and estimated tax payments at the right level?
  2. Have you considered deferring income to next year or accelerating deductions this year to save on this year’s tax return?

Estate planning

  1. 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.
  2. Does your estate plan provide for the naming of the guardians for your children and executor of your estate?

Begin the New Year with a financial check-up for you and your family!


Member FDIC

Leave a Reply