Welcome to summer!
Longer days, warmer weather and a fresh mid-year perspective.
June is the perfect time to take stock of what’s changed in your life, and what might be just around the corner.
Even small life shifts can carry big financial implications, which is why a mid-year review can be so valuable.
Today’s discussion includes:
- Reviewing your life changes that may warrant a financial plan update.
- A checklist to help stretch your retirement income.
- Tips for backing up and protecting essential documents.
Mid-Year Review: What’s changed?
Life can throw us curveballs and priorities can shift, so let’s make sure your financial plan is still aligned with what you want to achieve.
Give us a call if any of the following applies to you:
Job or Income Changes: A new role, early-retirement offer, added income stream, selling a business? These changes typically affect taxes, benefits (e.g., Medicare IRMAA penalty) and investing strategies. There are, however, financial moves we can often make to offset downside ramifications.
[Related Resource]: Planning Your Final Days of Work Before Retiring
Family Milestones: Marriage, divorce, birth, death, aging parents or adult children with new special needs may require estate or insurance updates.
Health: A recent diagnosis or nearing age 65? Let’s make sure your healthcare plans are in place. Also, if you want to learn more about long-term care insurance, contact us. We’re happy to discuss the pros, cons and costs. Keep in mind, we don’t sell insurance. However, we have long-standing relationships with insurance specialists.
Large Purchases, Sales or Windfalls: Selling a home, funding college or receiving an inheritance? Planning ahead can help reduce financial surprises.
Retirement Approaching: If retirement is just a few years away, it’s time to solidify your plans. A smart Social Security strategy and a well-timed savings withdrawal plan can often extend the life of your retirement funds. We’ll also help you establish a two-to-four-year financial safety net and structure your withdrawals to minimize taxes. For a closer look at our approach, check out: How To Spend Confidently & Without Regret in Retirement.
Prolonging Retirement Income (Checklist)
Whether you’re already retired or planning to be soon, this checklist can help you identify steps that may extend your savings. It’s a great resource to review annually.
Are Your Essential Documents Backed Up and Safe?
If there were a house fire tomorrow, would you have what you need? A simple fire-safe box can help you protect the basics, including:
- Birth Certificates
- Digital Account Logins
- Emergency Contact List
- Estate Documents
- Home Inventory Photos/Video (for insurance claims)
- IDs & Passports
- Insurance Policies
- Key Warranties (e.g., new roof, solar panels, windows, etc.)
- Loan Documents
- Social Security Cards
- Spare Emergency Cash
- Vehicle Titles
Digital Vault
Our clients have access to a secure digital vault.
It’s a private, encrypted space where you can store digital copies of key documents, including those listed above but also scans of: credit cards, divorce decrees, marriage certificates, property records and more. The vault is accessible anytime, from anywhere, securely.
Fire-Safe Boxes for Important Items
To help protect your important documents, look for a fire-safe box with a UL 72 or ETL certification, a 120-minute fire rating and water resistance.
Underwriters Laboratories (UL) and Electrical Testing Laboratories (ETL) are Nationally Recognized Testing Laboratories. They independently test products to stringent safety and performance standards.1
Important: Your protection-rating needs may vary. For example, if you’re looking for a safe that protects digital media or is burglary resistant, these require different UL classes.
American Security has some helpful articles regarding safes, including Why Safe Ratings Matter.2
–David Bunker, Financial Advisor & Licensed Fiduciary
Before You Go
Get help optimizing your retirement income. Download our FREE “Prolonging Retirement Income” checklist.
Also, receive help retiring to the life you want, schedule a complimentary financial planning consultation.
This communication was prepared with financial writer Sharron Senter’s assistance, based on interviews with David Bunker, a financial advisor and licensed fiduciary.
Sources:
1: Osha.gov, Current List of NRTLs: https://www.osha.gov/nationally-recognized-testing-laboratory-program/current-list-of-nrtls
2: American Security, Why Safe Ratings Matter: https://americansecuritysafes.com/why-safe-ratings-matter