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Annual Financial Check-Up Checklist

Annual Financial Check-Up Checklist

At least once a year, you should take some time and make sure you have all your financial bases covered. This worksheet can help.

You may want to print this page (or click here to download the pdf file) to record your information.

Date
Item
Actions needed

__/__

Insurance

Have you chosen deductibles that provide lower premiums with an acceptable level of risk?

Do you have an umbrella liability policy for potential large damages?

Do you have enough life insurance including cheaper term insurance?

Have you considered a life insurance trust to keep insurance proceeds out of your estate?

1.

2.

3.

__/__

Mortgage

Could you reduce your monthly mortgage payments by refinancing your mortgage?

Should you consider some other type of mortgage (ARM, 15 year, 30 year) that corresponds with how long you plan to stay in your current home?

1.

2.

3.

__/__

Household spending

Have you analyzed your monthly spending to identify ways to save?

Do you have a household budget?

1.

2.

3.

__/__

Retirement planning

Have you calculated your retirement income and asset needs? Many calculators can be found on the Internet.

Are you taking full advantage of your employer’s 401(k) plan or other retirement plan?

Are you going to make an IRA contribution? If so, make it early.

Should you consider converting your IRA to a Roth IRA?

1.

2.

3.

__/__

College funding

Are you regularly saving for a child’s college expenses?

Have you investigated Coverdell Education Savings Accounts (Education IRAs) or Qualified Tuition (Section 529) Plans? The 2001 tax law has enhanced these tools.

1.

2.

3.

__/__

Your investments

Do you have an asset allocation plan to serve as a framework for your individual investment decisions?

Have you reviewed your portfolio holdings recently?

Does your investment strategy match your time horizon and risk tolerance?

1.

2.

3.

__/__

Income taxes

Are your withholding and estimated tax payments at the right level?

Have you considered deferring income to next year or accelerating deductions to this year to take advantage of next year’s lower rates?

Are you possibly subject to the Alternative Minimum Tax? Stock option exercise, large deductions or the phase out of the benefits of personal exemptions at high-income levels could subject you to this tax. Contact your tax professional if you think you may be subject to AMT.

1.

2.

3.

__/__

Estate planning

Have you had your estate plan reviewed recently? If you have moved, had a change in your family situation (births or deaths) or a change in your financial status, you may want to schedule a review with your advisor.

Does your estate plan provide for the naming of the guardians for your children and the executor of your estate you wish?

Does your estate plan reflect the new estate tax laws?

1.

2.

3.

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