magnifying glass near gray laptop computer by Agence Olloweb courtesy of Unsplash.

Time For a Fall Financial Check-up!

Sarah Ritchie |
Categories
Personal Finance

Time for a Fall Financial Check-up

 

Any change in the seasons is a good time to check things on your car or around the house, change the batteries in the smoke alarm, begin winterizing your home and generally make sure all is functioning properly.  The same is true for your finances.  It’s good to check all of your accounts for correct addresses, beneficiaries, and of course performance on the account to see if any changes need to be made. 

It's also a good time to check to see if you are contributing enough to your retirement accounts.  Are you taking advantage of maxing out contributions?  In the last few years, the contribution limits have increased each year.  Traditional and Roth IRA contribution limits for 2024 is $7000 a year if you’re under 50 and $8000 is you’re over 50.  Contributions can be made until the 2024 tax filing deadline which is usually April 15th.  You might want to consider increasing the contributions to your 401k as well to at least get the employer match if offered.

Another good idea is to check your life insurance policies.  Double check your coverage and beneficiaries.  If you don’t have life insurance and someone depends on your income, then it’s a good idea to look into it.  Dave Ramsey suggests term life insurance with a policy of 10-12 times your annual income.  Follow this link to get more information from Dave’s team.

https://www.ramseysolutions.com/insurance/dave-ramsey-teaching-on-life-insurance?srsltid=AfmBOorRwPPnIZUgJH0sbOmmFzVm6iLq9GKAA-ferfL0dOOkBhnUEmnR

If you don’t have a family trust set up.  You might consider one.  You can do them yourself, however I suggest hiring a professional.  Below is the link to Ramsey Solutions Estate Planning Guide.

https://www.ramseysolutions.com/retirement/estate-planning-guide

As we look forward to cooler weather, take the time to get your financial house in order so when you cozy up in your favorite chair with your comfy sweater and a nice hot cup of cider or hot chocolate, you do so knowing everything is in order and you’re on track to build a solid financial future.  Please reach out to our office to update your IRA contributions or beneficiaries or to make any other changes.