Are you a “Terry” or are you an “Alex”? Terry: Cruising right along, it’s a day-to-day grind. Before you know it, it is September. Most of the year is gone; the holidays and 2009 are right around the corner. No worries, right?
Alex: Life has hit you like a ton of bricks. You are dealing with a divorce, retirement, death in the family, health issues, job transition, moving or legal settlement. Too much to deal with!
You may be Terry, Alex or something in between. Either way, we get into situations where we are not on top of things the way we should be. This may lead to missed opportunities and/or poor decisions that will impact your life and lifestyle for years to come. Whether Terry or Alex, here are ten questions you need to ask yourself or your loved ones.
1. Have I documented my goals and what is important?
2. Have I determined my retirement needs, goals and strategies?
3. Do I understand the current risk level of all of my investments, retirement plans, and real-estate? Have I had a professional determine my personal risk profile?
4. Are all of my assets and investments being managed in a coordinated fashion?
5. Do I regularly review and discuss my investments, status, strategies and
changes with my adviser?
6. Have I reviewed my life, health and disability insurance coverages?
7. Have I documented my plans in the event that I am disabled or need long-term care?
8. Have I made sure remaining family members will have enough money if I die?
9. Have I structured my estate to maximize what I leave upon my death?
10. Are my wills/trusts current?
If you answered no to any of these questions, you may have work to do. Taking appropriate action will help you more effectively manage your life and financial future for you and your loved ones. Whether you are just cruising along like Terry, or dealing with some significant life changes like Alex, taking control means figuring out what to do and taking the steps necessary to protect you and your family.
Dr. Newman is a licensed financial adviser who helps individuals and families plan and manage their financial future. Contact Rick today for a no obligation review at 661-310-0322, rick@financial-change.com or www.Financial-Change.com .