On this week’s episode of Tape Talk, Quint and Daniel welcome spring with some tips for spring cleaning your financial life.

Rebalance and Review Investment Allocations

If you didn’t already do so at the end of the year, it’s time to rebalance your accounts which don’t automatically do so themselves. This is an important part of any investment strategy to ensure you stay aligned with the investment objectives you set out for yourself. Additionally, it’s important to take this to review your investment allocation and ensure it is in line with both your risk tolerance and your risk temperament.

IRA and Roth IRA Contributions

With one month left to go before the 2018 tax filing deadline, it is a good time to consider any last minute 2018 retirement account contributions. Additionally, while taxes are on the mind and all your paperwork is handy it is the perfect time of year to review your retirement savings strategy for 2019 and how it can be best optimized.

Review Your Will (or make one!)

While you already have many of your financial statements in front of you for the tax filing season it is a good time to review your will. This important legal document is something most people don’t think about until too late yet it can save you and your family much strife when it does eventually need to be utilized. Once every year or two, it is important to dust off this document, review it, and make any changes you might need.

Review Your Insurance

Insurance policies tend to be a “set it and forget it” type of situation in our financial lives. However, insurance is directly related to the areas of our life that are being insured and these areas tend to change from year to year. Because of this, it’s important to review your various types of insurance policies to ensure they still meet your goals and objectives. Further, if you are unsure the amount or type of insurance you need in any circumstance, it is a good time to set a meeting with a financial planner.

Your Financial Plan

If you don’t know it already, it’s time to get to know your required rate of return. If you knew it in the past, it’s time to revisit. Tax season is perfect for financial planning because many of your financial numbers are already in front of you. By doing a planning, or updating an existing one, you can be sure you know and understand the rate of return you require to meet your goals as well as what this means for your overall financial life.

If you are interested in learning more about our financial planning services and discovering your required rate of return CONTACT US!