If you get an annual check up, shouldn't your finances get one too?

Reviewing your finances can provide financial peace of mind.  Here are a few items to review annually. 

• Insurance – Have enough coverage for your home, auto, belongings, health and life.  Review deductibles and consider an umbrella policy for extra protection.
• Mortgage – Could you reduce your monthly payments by refinancing?  Would a different type of mortgage (ARM, 15 year or 30 year) be more appropriate?
• Household spending – Preparing a household budget may identity ways to save.
• Retirement planning – Take full advantage of your employer’s retirement plan and consider an IRA.
• College funding – Start saving early.  Consider tax advantaged options like Qualified Tuition (Section 529) Plans.
• Investments – Divide your funds into equities, fixed income and cash with an eye on your time horizon and risk tolerance.  
• Income taxes – Take full advantage of all tax savings tools like your retirement plan.  Organize your records.  
• Estate planning – Be sure your will is up to date and that you have named an executor, a guardian for minor children and have durable powers of attorney for finances and health care.