Grow With a Goal: A Checklist To Review Your Financial Goals

Your Financial Goals

□Have you documented your and your family’s financial goals in writing?

□Do you have a budget and an emergency fund?

□Have you established a savings plan and all viable options for your retirement savings?

□Are you saving enough to meet your goals?

□Have you reviewed the impact of planned and unplanned future expenses on your financial position?

□Have you started saving for current or future educational savings needs and understand the options available?

□Have you identified any upcoming financing needs and how you’ll meet them?

Investment Considerations

□Have you holistically reviewed your assets and feel confident they are adequately diversified across asset classes, tax obligations, and types of investments?

□Have you revisited your investment strategy lately, considering current economic conditions and investment risk tolerance?

□Have you considered if you’re contributing enough to your retirement account?

□Have you taken any significant loans or withdrawals from your retirement account over the past few years?

Insurance Considerations

□Do you have enough (or the right) life insurance coverage if something happens to you?

□Have you discussed how you would meet bills and financial obligations if you became disabled or lost your income stream?

□Have you launched a business or pursued new goals that require you to reevaluate your insurance needs?

□Have you considered how your family would be able to pay final expenses and/or estate taxes in the event of death?

□Have you updated your beneficiary designations in the past two years?

□Have you thought through an income replacement strategy for unforeseen circumstances?

Legal Considerations

□Have you created a will? If so, has it been reviewed or updated in the past two years?

□Would there be financial conflict within your family in the event of your passing?

□Have you created a living will if you become incapacitated or unable to communicate due to medical complications?

□Should the unforeseen happen, have you considered the need for one or more powers of attorney to designate who can act in your place in financial and medical matters?

□Have you designated guardians for your minor and/or disabled children?

Tax Considerations

□Are you concerned about the amount of estate taxes your loved ones may owe upon your death?

□Have you explored gifting? Do you know the annual limit for giving gifts to a single individual (without generating gift taxes)?

□Have you discussed ways to save on your income taxes now and in the future?

□If you own a business, have you explored whether you should incorporate or use a Limited Liability Company (LLC) or Sub-Chapter S structure?

Estate & Trust Considerations

□Have you discussed how you would meet bills and financial obligations if you became disabled or lost your income stream?

□Do you understand the tax environment enough to build an overall plan for your assets?

□Are you aware of the types of trusts available for elder care or for a loved one with special needs?

□Have you identified your executor(s) and trustee(s)?

□Have you discussed how you would like to pass on your assets and what legacy you might want to leave behind?

□Have you thought through options for gifting or charitable contributions?