Are you and your finances prepared for a rainy day? Major fluctuations in the market, new legislation, unexpected health issues and more can put stress on your budget. But, planning ahead can help you handle unforeseen circumstances if and when they arrive.
Here are a few steps to consider.
Check up on your finances.
It’s tough to plan ahead if you don’t have an up-to-date view of your finances. If you haven’t done so in a while, review your portfolio, evaluate any debt you have, keep a pulse on your spending and know how much you have in savings.
Another factor to consider is having a financial power of attorney in place in case you need someone trusted to make financial decisions on your behalf. If you have this already in place, good for you! If not, consider who may be the right person to ask to take on this role.
These are important and serious tasks. If you don’t currently have a financial planner, someone to guide you through the process, you may want to consider these top five qualities when you are looking for a certified financial planner who is right for you.
Review your insurance coverage.
Insurance is designed to help us through unexpected events in life, whether it’s major damage to your home or getting sick. But as seasons change, your insurance needs may change too. It is important to review your insurance policies to make sure you have the coverage you need. Then adjust if you are paying for coverage you no longer need or add coverage where you do need it.
Take the time to review your home insurance, auto insurance and health insurance. Do you have enough coverage for the future?
Another type of insurance you may want to review is life insurance. We understand no one wants to think about not being there for their family, but reviewing the type of life insurance coverage you have and how it works, can help to put your mind at ease and make sure you are securing your loved ones’ future.
Think about health care.
As we grow older, health care becomes a more important consideration. Do you have the necessary plans in place to cover your medical needs, should they arise? Review your current policies and look for any holes in coverage that you need to consider.
Most Americans underestimate the need for long-term care, despite the likelihood they will need some form of specialized and potentially costly health care service in the future.
Do you have a medical power of attorney in place in case you need someone trusted to make medical and financial decisions on your behalf?
Embrace estate planning.
Estate planning is an important tool for planning your future. Set aside time to think about your assets, debts, financial accounts as well as your family’s needs. Keep your beneficiaries up-to-date, regularly review your plan, and adjust it as needed. Thinking about your financial future can help you stay on track and bring peace of mind for yourself and your family.
We recently published a 3-part series on Estate Planning, offering tips and resources to get your plan in place. Check them out below:
We have also created two resources to help you document your financial and personal accounts so that they are all in one place for your family or executor:
If you are unsure whether your estate planning documents are complete or up to date, consider reviewing them with an attorney. It is recommended that you review them every few years to assure they are current with your wishes and any changes in laws.
If you are considering creating a financial plan, updating your insurance policies or your estate plan, the advisors at Medallion are available as a sounding board, as well as a collaborative source to work with you and your attorney.
Here at Medallion Financial Group, we know that you worked hard to help provide stability for yourself and your family. You can contact us to speak with a certified financial planner who can help answer your financial planning questions in light of your own unique circumstances and goals.
We can help you develop a financial plan, select the right insurance, and if you choose, even manage your portfolio. To get started, schedule a free and no-obligation consultation with a certified financial planner today.
At Medallion Financial Group, we believe financial planning is about Family. We have been helping families invest in the future since 1987 through a holistic planning approach. We recognize there are a variety of needs when it comes to retirement planning, plan rollovers, annuities, college planning, life insurance options, and investment management. It is easy to get lost in a sea of choices. Our financial advisors help with the basics and beyond to enable our clients to get the education, advice and management they need to retire with confidence.
Our focus is twofold: first and foremost, we are fiduciary advisors. We stand against any violation of laws, values, and ethics. Second, we treat our clients as part of our family, not only those who call Maryland and Georgia home, but clients across the US who have benefited from our reputation of personal service, integrity, and expertise.
We strive to exceed client’s expectations – because we have high expectations of ourselves.