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Fall Planning Done Right

It’s the time of year when the weather turns colder, football season is in full swing, and the kids are busy with school. After a hectic summer, you finally have time to slow down and focus on the big picture. Now is a great time of year to review your financial and life planning goals.

Autumn Planning Reminders

  1. Update your overall financial picture and goals. Identify any gaps in your plans and take steps to correct them before year-end.
  2. Update your retirement and tuition funding projections. Adjust spending and savings goals as needed.
  3. Evaluate risk in your financial profile and assets. Make sure your financial assets and loved ones are protected. This could include appropriate life and disability insurance, homeowners and umbrella insurance, LLCs and other entities for business and rental properties. Consider all suitable coverage opportunities to ensure that your assets and loved ones are protected from death, disability or a lawsuit.
  4. Evaluate your estate plan. Confirm that your overall plan and beneficiary designations are accurate and up to date.
  5. Evaluate your portfolio’s risk in relation to your overall goals. Rebalance your portfolio if it’s out of alignment with your current risk tolerance and long-term goals.
  6. Evaluate tax planning strategies based on changes in the tax laws. How is your tax planning affected by the reduction in itemized deductions and the increase in the standard deduction?

Your life is changing more than you might think – your net worth increases, your kids grow older, and your retirement date approaches. It’s important to adjust your financial and estate plans as needed.

Soundmark knows your life is on the move, that’s why we focus on asking questions, listening, and updating financial plans accordingly. Through our well-thought-out processes, we understand what is important and provide solutions that enable you to move toward your goals.

The Time is Now

If you or someone close to you has concerns about their retirement, estate, or overall life plans, please don’t hesitate to contact us. We offer complimentary initial consultations through our Second Opinion offering.

Todd Flynn, CPA, CFP® is a Principal at Soundmark Wealth Management, LLC. Todd works closely with physicians, business owners, and other high net worth individuals to help them define their financial goals and implement an ongoing financial planning process.

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