Wow, the time sure does seem to go by quickly doesn’t it? (And yes, that was a rhetorical question!)
It feels like we were just celebrating the Fourth of July and here we are getting ready for the end of year festivities. Well, it’s definitely great to plan for those parties but I’m going to suggest that while you’re setting aside time to party that you also set aside some time for the year-end review of your insurance and investment portfolio. (Maybe not as much short-term fun as the parties BUT in the long run, you’ll be glad that you took the time!)
The reasons for you to do a year-end review are numerous:
Let’s face it, a year has gone by and circumstances might have changed. Your concerns, priorities and goals that were paramount just a year ago may now have been replaced by new issues that are not at all aligned with the plan that you have in place today. The year-end review provides you with an opportunity to make the changes that will support your new goals.
- You may now be able to take advantage of some 2014 tax saving strategies that were not applicable for your situation last year. Organize your records and make your appointment before we close out 2014 and see if you can recognize some tax savings now.
- The most simple of things can precipitate very large and complex problems. Changing a beneficiary, updating an address and other relevant and important information is often overlooked except at the year-end review when a comprehensive examination occurs.
- Major life events such as the birth of a child, marriage or death can prompt significant changes in your insurance coverage and these should also be addressed at the year-end review. Of course you should also review ALL of your insurance coverage including homeowners, auto, health, flood, long-term care, etc.
Don’t be one of those people that buy insurance policies and put them in a drawer never to look at them again. Stay on top of your insurance and investments by scheduling time for a year-end review.
The time spent may very well make and save you money in the upcoming year, and at the very least, you will enjoy the confidence that comes from knowing that you have the right insurance and investments for your current circumstances. And now it’s time for that party.
