Article

In the Heat of Summer - Remember Your Resolutions?

In the Heat of Summer, Remember Your Resolutions?

Now is a good time to check-in and see how you’re really doing with your New Year’s resolutions. Here are some key issues that you might have thought about for your to-do list at the beginning of the year. But now the year is nearly half gone and those things are just as important now. You still have time to cross them off your list.

June 26, 2024
In the Heat of Summer, Remember Your Resolutions?
Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

Amid the draining heat of mid-summer, do you remember your New Year’s resolutions regarding your personal financial planning? How are you coming with your to-do list?

Time passes. Our children grow up and we get older. Sand keeps passing through the hourglass of our earthly sojourn. The year is over half gone. In about a couple of months children will start back to school and traffic will worsen. The summer break for most will be over. So, it’s high time to get done what you need to get done.

Keeping Up with the Basics

As a financial planner, it’s amazing to see the number of people with no wills or obsolete wills. Such a lapse in planning is especially critical in a marriage with minor children in the mix. An old will is better than no will, but it carries potential problems for minors, especially if both parents die at once, or a single parent passes on.

Often the bulk of a couple’s savings, or that of a single parent, resides in retirement plans. There too, money passing to a minor presents problems. Have you checked both the primary and contingent beneficiary designations on retirement accounts, and personal and group insurance policies?

For those with young children, have you funded a 529 college savings plan? Anyone, a parent or a grandparent, annually may gift to such a college plan. Gifts are made with after-tax dollars but the money grows tax-free and may be spent tax-free to meet qualified college and graduate school expenses.

How are you coming with plans to pay down debt and build savings outside of your retirement plans? Think about creating Your Personal Freedom Fund – a pool of liquid capital equal to at least one-year’s worth of living expenses. Living paycheck to paycheck is motivation-draining stress. Liquid and available capital creates peace of mind and freedom to roll with the punches or pursue opportunities.

If you are a key breadwinner in a family or household, are you adequately insured against the consequences of disability or death? The same question goes for key persons of an enterprise, including business owners. Is there a succession plan? Is it up to date?

August is almost upon us. In slightly over three short months, Christmas and holiday decorations will pop up in your local mall.

And if you haven’t made progress on your New Year’s Resolutions, don’t worry – you still have time.

Other content you may like

  • Inflation: The Nemesis of Every Retiree

    Inflation: The Nemesis of Every Retiree

    June 3, 2024
    Even though the rising costs of goods and services can erode the purchasing power of your retirement savings, with proactive planning and smart strategies, its impact can be mitigated. Included are ideas for several areas of your finances that can possibly be adjusted.
    Read this Article
  • Planning Strategies to Implement in the New Year

    January 8, 2025
    The beginning of a new year is the perfect time to revisit financial goals and strategies. Taking a few steps now can save time later and set you up for success in the future. This article shares five planning strategies, from budgeting to investing, that can make a difference.
    Read this Article
  • Podcast Highlight - Are Bonds Back?

    November 21, 2023
    The Team asks David about the top of rates and what is the outlook for bonds in fixed income returns.
    Read this Article
  • Podcast Highlight - Could've. Would've. Should've.

    August 30, 2023
    It’s fun when your stocks go up, but not so fun if they drop 50 to 80% like they did last year. The Team debates the common feelings of missing out but also discusses insight on how you can feel better in the long run.
    Read this Article
  • The link you have selected is located on another server. The linked site contains information that has been created, published, maintained, or otherwise posted by institutions or organizations independent of this organization. We do not endorse, approve, certify, or control any linked websites, their sponsors, or any of their policies, activities, products, or services. We do not assume responsibility for the accuracy, completeness, or timeliness of the information contained therein. Visitors to any linked websites should not use or rely on the information contained therein until they have consulted with an independent financial professional. Please click “Continue to Link” to leave this website and proceed to the selected site.
    phone-handset