As spring arrives, many of us look forward to spring cleaning our homes dusting the corners, organizing cabinets and airing it out in preparation for a new season. But spring is also a good time to get your financial house in order.
That means you may want to meet your advisor for an annual financial review. Here are some areas to examine during your meeting:
Your accounts: Look at your bank and retirement accounts, credit card balances, and investments. Do they still meet your needs? Discuss your finances with your advisor to decide whether you should consolidate, close or open.
Updated account information: Ensure that all your financial accounts are up to date. Is the contact information still accurate and is the status of your beneficiaries current? If you have not checked your beneficiaries’ information in some time, you may want to review it. Some distant relations may have moved or changed their names.
Your budget and debts: Is your spending on budget? If not, determine why. Are you spending too much money on luxury items? Are you spending too much money on inexpensive items and never use them? Are you overwhelmed with debt? Work with your advisor on a strategy to keep spending on track and eliminate debt.
Estate planning: Estate planning isn’t just for the wealthy; everyone should have a will. If you don’t, get one. If you have one, ensure it still protects your family as you intended. For example, did you know that by making as many of your financial ac-counts as possible “TOD” (transfer upon death) you can help your beneficiaries avoid probate? This in itself is literally the ul-timate savings you can pass along to your loved ones. Your lawyer can provide details.
Yann Kostic is an Investment Advisor (RIA) and Money Manager with Atlantis Wealth Management. Yann specializes in retirees (or soon to be), self-reliant women and expats in Mexico. Atlantis Wealth Management has relationships with interna-tional custodians allowing multiple foreign currencies in a single account. Yann splits his time between the Lake Chapala area, Manzanillo and Central Florida. Comments, questions or to request his newsletter, “News you can use” contact him at email@example.com, in the US at (321) 574-1521 or in Mexico, (376) 106-1613.
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