News At-A-Glance
Brighton, Colorado
Continued...Financial Advice: Time for Some Financial Spring Cleaning?
Article Offered By Richard Bonitz, Edward Jones
Review your “systematic” investments. Many years ago, you might have started systematically moving money from your checking account into an investment. But perhaps the circumstances of your life have changed and this money could better be used elsewhere. Scrutinize your automatic investments to see if they still make sense for you.
Check your beneficiaries. Beneficiary designations on financial documents - insuranc policies, IRAs, 401(k)s, etc. - are extremely important, because they supersede even the instructions in your will. Over time, your family situation may have changed, through death, divorce, remarriage or the birth of new children, so you should periodically review all your beneficiary designations.
Examine your insurance coverage. When you have a young family, you need a certain amount of life insurance coverage to provide for some major expenses - such as your mortgage, college for your kids, perhaps some retirement funds for your spouse. But when your children have grown, your mortgage is paid and your spouse has decades’ worth of retirement savings, your insurance needs may change considerably. At the same time, you may find other uses for insurance. Take some time and review your insurance coverage with your financial advisor.
By following these few “spring cleaning” suggestions, you can help put your financial house in order for the seasons to follow. Take action soon.
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