Obtain your credit report annually to make sure it is correct. Report any errors and follow-up with required documentation.
Be sure to have your Will reviewed now that the children are grown. Provisions included when they were minors are likely no longer needed.
Divorce and Remarriage can have significant impact on your financial goals. There may be tax implications to your divorce settlement as well that need to be considered. Consider a pre-nuptial agreement to protect the financial interests of both parties before tying the knot again. Also, review your insurance policies, retirement plans and investments to ensure the beneficiaries named are current. You may not want your ex-spouse receiving your 401(K) plan distribution upon your death!
We are at our intellectual best in our 40’s and 50’s. As we age, our ability to analyze complex financial matters weakens. Be observant of your parents’ capabilities to be sure they have someone to rely on to steer them on the right course, whether that be you, as their trusted adult child, an accountant or a financial advisor.
Are you saving enough? Let our financial calculator help you determine how much you should be saving each month to meet your goals.
If you work for an employer that provides a defined benefit plan, now is the time to begin to learn the options you will have upon retirement.
Check your Social Security earnings online each year. They no longer send out paper statements. Read through their materials to understand the benefits and options that will be available to you upon retirement.
Asset allocation becomes critical in the years leading up to retirement and the first years after you no longer receive a paycheck. Think about the amount of risk you are comfortable with, but remember that your time horizon may be 30-40 years in retirement. Inflation has been low in recent years, but that does not mean it will continue to be so indefinitely.