Spring is here and for many people that means it is time to clean, organize and freshen up their homes to welcome this beautiful season. While you are tidying up your homes, why not also give your financial accounts a spring cleaning? This is the best time to ensure your accounts are up to date and secure. Here are 3 tips to help keep your finances safe and sound:
1.Update your beneficiaries.
In the United States, the number of unclaimed payouts from policies, such as life insurance, is staggering. In fact, life insurance companies hold at least $7.4 billion in unclaimed benefits that should go to the rightful beneficiaries.[i] But many Americans are forgetting to keep their beneficiary details updated; as a result, large amounts of money go unpaid. Each stage of life brings changes, such as new family members and new marriages. As you grow older, updating your beneficiary listings is essential so you’re able to pay out the money you’ve invested to your loved ones.[ii]
2.Make sure your accounts are still active.
For some people, out of sight means out of mind, which makes examining the status of your accounts easy to overlook. Check account details such as changes in automatic payment drafts or overlooked bills that may lead to a policy cancellation.[iii] While you are checking on these accounts, write them all down and keep them somewhere safe and secure, like on an encrypted spreadsheet. This is a great way to keep everything in one spot, organized, and easy to access. You can also keep all of your financial accounts online in one private and secure location by utilizing the Dechtman Wealth Management System. Find out more on the Dechtman Wealth Management System by clicking here.
3.Address any changes to your financial goals.
Changes in your life often translates to changes to your financial goals. Goal-based financial planning can be an important tool for making sure that the financial strategies you use align with your life vision. As details such as your marital status, children, and retirement needs evolve, the financial priorities you must address will as well.[iv] If you experienced any significant life changes in the past few months or year, revisit your financial goals to help you stay on track.
Making periodic reviews of your accounts a priority may improve the prospects for a bright and healthy financial future. Every person’s financial situation is different, but it is recommended that you review their accounts at least on an annual basis. Of course, any significant changes should be brought to your financial professional as soon as possible as these could change your financial plan.
While you are opening up those windows to let the smell of spring into your house, open up your financial accounts too. If you would like to revisit your account details with Dechtman Wealth Management, please feel free to call our office today at 303-741-9772 or schedule an appointment by clicking here. Have a Happy Spring!
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Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Dechtman Wealth Management, LLC [“DWM”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from DWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. DWM is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the DWM’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.dechtmanwealth.com.
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Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
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