Financial planning is an ongoing process. Your plan should be considered a “living document,” which means you need to continually edit and update it to reflect life changes and your standard of living. Even a minor change in cash flow, investment returns, risk management, retirement age, or government regulations can impact your ability to meet your financial planning goals.
So, how often should you review your plan? Generally speaking, once a year is ideal or when a significant life event occurs. It makes sense to do your annual review around tax time, when you’re already going over your finances.
Here’s a checklist of the major planning issues you should keep on your radar.
Click here for a handy print-friendly PDF version.
Need a financial plan or want a second opinion on your existing one? Contact us for a complimentary financial mapping session to determine which areas you should focus on to reach your financial goals.
This article was published in T.E. Wealth’s Strategies newsletter, December 2017 edition. Read the full edition here.
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