Top 7 Financial Goals to Consider Before the End of Summer

  1. Evaluate Your Health. Your health is your biggest asset! To get the most out of your retirement years— and life in general — your health plays a big role. And while few of us enjoy doctors' visits, a little preventive medical attention can go a long way. So, schedule your checkups and preventive exams now! At each appointment, work with your provider on a plan to improve and/or maintain your health.
  2. Learn about Social Security and Medicare. Turning 65? In years past it was considered the norm for people to retire, take Social Security and enroll in Medicare all at the same time — at age 65. But these days, according to the Bureau of Labor Statistics almost one-third of those within the ages of 65 through 69 are still in the workforce, either by choice or necessity [1].Even if you delay retiring, however, you might still need to sign up for Medicare. The initial enrollment period begins three months before and lasts three months after your 65th birthday, and coverage can start as soon as the first day of your birthday month. You may also want to sign up for a Medicare supplemental insurance plan to help cover deductibles, co-payments and other gaps.
  1. Set up or review your existing financial plan. A financial plan is important for many reasons. If done correctly, you’ll have a good idea of where you currently stand financially. More importantly, you’ll have a clearer picture of when you will be able to retire — and stay retired! Take a look at the article – You could retire…But Should You?
  2. Get your finances organized. It’s important to keep your investment and tax documents, but having so much paper can be a bit overwhelming. Why not use some of your summer down-time to finally create a system for handling paperwork? For paper files, consider getting a label maker — neat files are much easier to manage. Hang on to any statement that you cannot reproduce via an online portal. Or, considering getting a document scanner and going digital. Just make sure you periodically backup your digital files to a second hard drive or cloud-based back-up solution.
  3. Establish a plan to pay off debt. If it is credit card debt, then take the highest interest rate card and pay it off first, and then the next and the next. If you only have a mortgage, ask your financial advisor if it makes sense to make one or two extra payments per year or if it would be better to invest those monies.
  4. Review your insurance coverages. It's vital that you have enough insurance to protect your dependents and your income in the case of death or disability.
  5. Update/create your Estate Plan. Most Americans fail to create an estate plan. With no estate plan, you are opening the door to probate, family discord, creditors, and possibly crippling taxes into your family’s life.

While we know that these goals may be time consuming and may take more than a few months to complete, we want to take this time to remind you that we are here to provide you, your friends and family with assistance in financial planning, estate planning, insurance services, as well as social security and Medicare planning.


Is this the year you stop procrastinating about your Financial Plan?

If you're like many of the people we've helped, you may be unsure about your finances. You may save a percentage each month and contribute to a retirement plan. But preparing for the future can be overwhelming...

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