Financially Fit in 2024

As the start of a new year is upon us we tend to make “New Year’s Resolutions”.  Often times we resolve to work on our health and fitness and tell ourselves “This is the year to get fit”! As an exercise person myself, I don’t disagree that staying physically fit is a priority but what if we also added to our 2024 goals to get financially fit? Here are five things you can do to help get your financial affairs in order:

• Locate your will and/or estate plan and review it to confirm those you selected to be your health care representative, personal representative, and/or trustee are still the people that you want to fulfill that role. Also review to confirm the beneficiaries and recipients of your assets are current. If you find you need to update any information, contact an estate attorney and get it changed. If you don’t have a will or an estate plan then this is the year to get one done! You do not want to end 2024 without having this critical document.
• Review your insurance policies. It is a good practice to call all of your insurance providers once a year to not only make sure you have the appropriate coverage but to also confirm you are getting the best rates for your coverage.
• Review your social security statement. If you are under 60 you will need to set up a social security account profile at www.ssa.gov/myaccount in order to see a statement. It is good to make sure all the years you have worked and paid into the system are reflected accurately. It is much easier to fix a problem now rather than when you want to retire.
• If you have investment accounts review your allocation to make sure your risk/return is appropriately reflected in your allocation to meet your goals. Don’t forget to look at all your accounts as you may have different accounts at various locations (i.e. a 401(k)/403(b) with your employer and an IRA or brokerage account at a different custodian).
• Finally, let a trusted contact know where you keep all your important financial papers should something happen to you.

If you do one of these items every two months by the end of 2024 you will be much more financially fit than you were at the start of the year. That means you met your resolution. How great would that be?