I have a standing appointment with my dentist. I sit in the chair, she checks my teeth and makes sure I’m on track to keep my pearly whites healthy. We do it all over again six months later. It’s not much different than the appointments any of us keep with doctors, mechanics and even hairstylists. To make something last, we all know the importance of keeping it well maintained.
Why, then, do so many people get a confused look when I ask, “Have you scheduled your next financial wellness appointment?” Because if you’re planning to retire any time in the next 40 years (yes, 40), your finances need to stay well maintained, too.
Financial advisors act as your personal financial wellness providers. Visit one every year or so for practical recommendations and guidance, which will help make your future more comfortable and secure. Depending on your age, here’s what you may need to discuss:
Income—Do you anticipate changing jobs or starting a business?
IRAs—How much should you contribute to retirement?
Real estate—Should you refinance? What about a reverse mortgage?
Savings plans and other accounts—How can you augment your existing savings and your emergency fund?
Estate planning—What tax breaks are available now that will help your heirs retain more of your estate?
Insurance plans—Does your life insurance provide sufficient coverage at an affordable rate? What about long-term care insurance?
Health care—How can you maximize contributions to your health savings account (HSA)?
Medicare—If you’re nearing age 65, have you selected a Medicare option?
The sooner you begin thinking about financial wellness, the better off you’ll be, whether you’re just starting your career or are ready to wind down. You can use Mountain America’s calculators (available at www.macu.com/wellness) to help you determine where you are now and where you want to be when you retire. That way, you can dream big—and have the financial means to back it up.
What happens during a financial planning meeting?
Mortgage statement, details about investment accounts .
Latest retirement account statement.
Short-term and long-term goals.
Known future expenses (example: college education for children).
Lifestyle desires, including years until retirement.
Personalized investment options.
How to increase the return on your investments.
When to schedule your next financial wellness checkup.
Schedule an appointment with a financial advisor today. Call 1-800-748-4302 or visit www.macu.com/wellness.