Monthly Topic

July Topic of the Month - Financial Checkups

Is it time to dust off your financial plan?

They call it “The Great Reshuffling.” American households saw 7% more relocations in 2020 as compared with 2019, according to The Wall Street Journal, and even more plan to move this year – 21% more, Neighbor’s American Migration Report states. This is just one example of the big life changes people have experienced since the pandemic began – changes that should prompt a financial plan review.

As we approach the back half of the year, it is an opportune time to revisit your planning to help protect you, your loved ones and everything you have worked hard for. Like your physical health, your financial health also can benefit from regular checkups to ensure you are still headed in the right direction for your goals. Here are four key items to check:

  • Income. Have there been any recent life events that have affected your assets or income? Have you been saving more and therefore holding on to more cash than is necessary?
  • Beneficiaries. Do your designated beneficiaries need to change due to a death in the family, adoption or divorce? Does your estate plan also need an update?
  • Expenses. Do you anticipate any large expenses coming up, such as a move, a home remodel or a wedding? Has your spending been on the rise overall?
  • Lifestyle. Have your retirement lifestyle plans – travel, volunteering, part-time work or something completely new – changed?

For even more ways to shore up your planning, check out this article.

Whether you have changed ZIP codes or just changed your mind about a certain goal, we are here to help. You deserve a financial plan that is designed around what is most important to you now – so we are happy to help you adjust the plan as life happens.

If you would like to discuss changes to your retirement goals, please contact your Wealth Advisory Group of DiLauro Wracher & Thomas advisor, or to schedule a no-obligation discovery meeting please contact us to get started.

Material prepared by Raymond James for use by its advisors.

Investment products are: Not deposits. Not FDIC or NCUA Insured. Not guaranteed by the financial institution. Subject to risk. May Lose Value.