As summer temperatures rise, so does the urgency to get your finances in order (or back in order) before the busy fall season arrives.
Mid-year is the perfect time to evaluate your financial health, review your goals, and make sure your insurance and retirement plans are on the right track. Whether you’re managing a household, running a business, or preparing for retirement, now is your opportunity to make smart, proactive decisions. Here are five key money moves you should make now.
1. Review Your Health Insurance Coverage
Life can change in an instant – a marriage or divorce, a new baby, a new job, or a significant change in your health can shift your health insurance needs. The middle of the year is a perfect time to look over your current policy to make sure that it still aligns with your needs and your current budget.
Perhaps you are getting ready to turn 65 or already have Medicare coverage – this time is especially important for you. Medicare Open Enrollment takes place in the fall of the year, so now is the time to review your policy in the event you need to make any changes.
At Bell & Associates Consulting Firm, we offer personalized guidance to help you pick a health plan that fits your lifestyle and protects your peace of mind! Contact us today!
2. Reevaluate Your Life Insurance Needs
Remember those life changes we talked about? Those circumstances also apply to your life insurance policy! As you reach different milestones in your life, the type of coverage you may need could vary. This is why checking in is so important. This allows you to review your beneficiaries, check your coverage amount, and ensure your plan isn’t outdated.
Our team at Bell & Associates is more than happy to walk you through term life, whole life, and final expense policies so you can make the best decision for your family.
3. Check in on Retirement Planning
If you have plans to retire soon, mid-year provides a great opportunity for you to carefully look over your retirement accounts, talk to a financial professional about your progress, and review your contributions – you may still be able to stay at the same rate, or you may need to contribute a bit more to catch up.
Need some guidance as you prepare to retire? Call Bells & Associates Consulting Firm for assistance!
4. Revisit Your Budget and Financial Goals
Speaking of finances, the review doesn’t stop at retirement planning – how are you managing your day-to-day finances? Take a close look at your savings, spending habits, and current debts. Try to look for places where you can cut our expenses, review your goals(don’t forget to celebrate your wins!), and look back over your budget to see if there are any adjustments that need to be made.
5. Schedule a Consultation With a Trusted Advisor
Going through your policies and budgets can be overwhelming; that’s why it’s a great idea to have a professional who is well-versed in finance and insurance. This person can help you plan for the future, find potential gaps in your coverage, and determine if your current plan works for you or if you need a new plan.
Final Thoughts
Setting aside time to check in on your policies and finances can help you make better decisions for your current and future plans. Don’t wait until the last minute – be proactive now and work now to protect yourself, your family, and your future.
