Education Update: Time to Spring Clean Your Accounts

April 25, 2018

Springtime often requires some financial spring cleaning. This is the best time to ensure your accounts are up to date and secure. Here are 3 tips to help keep your finances safe and sound:

  1. Update your beneficiaries listing.

In the United States, unclaimed payouts from policies such as life insurance are vast. In fact, life insurance companies hold at least $7.4 billion in unclaimed benefits that should go to beneficiaries.[i] But many Americans are forgetting to keep their beneficiary details updated; as a result, large amounts of money go unpaid. Each stage of life brings changes, such as new family members and new marriages. As you grow older, updating your beneficiary listings is essential so you’re able to pay out the money you’ve invested to your loved ones.[ii]

  1. Make sure your accounts are still active.

For some people, out of sight means out of mind, which makes examining the status of your accounts to see if they’re still active easy to overlook. Check account details such as changes in automatic payment drafts or overlooked bills that may lead to a policy cancelation.[iii]

  1. Address any changes to your financial goals.

Changes in your life inevitably translate into changes to your financial goals. Goal-based financial planning can be an important tool for making sure that the financial strategies you use align with your life vision. As details such as your marital status, children, and retirement needs evolve, the financial priorities you must address will as well.[iv] If you experienced any significant life changes in the past few months or year, revisit your financial goals to help you stay on track.

Making periodic reviews of your accounts a priority may improve the prospects for a bright and healthy financial future.

If you would like to revisit your account details, please feel free to contact us at any time.