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An Annual Financial Check-up in A COVID-19 Environment

An Annual Financial Check-up in A COVID-19 Environment

November 02, 2020
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It’s not conveying anything new when we say that we are living in very uncertain times. Just as you should visit your doctor each year for a complete medical check-up, the same is true for your personal finances.

Rather than a doctor though, wouldn’t it be smart to have someone who can act as your personal CFO? A personal CFO could review where you are in your financial and investment cycle, and assess how well you are prepared for retirement and any other future life experiences.

If you are not sure that you are getting the best advice, we suggest that you get a second opinion. Simon Financial Group is offering a free Financial Check-up to evaluate how you are navigating towards a successful financial destination. 

To get you started, here is a short list of items to consider:

  • You probably have several people advising you, e.g., an insurance professional, an attorney, an accountant, and possibly a financial advisor. If yes, you are on the right track.
  • However, it’s probable that none of these different advisors are talking to each other and therefore do not have a total picture of your personal financial circumstances. Do you have someone taking a 10,000-foot overview of your financial affairs?
  • Do you know if your current financial advisor is a fiduciary? That means he/she is legally responsible to act in your best interest and not in the best interest of themselves. If they are not a fiduciary, you might want to consider making a change.
  • Where do you want to be financially in the next 3-5 years? Do you know if you are on track to meet those goals?
  • Due to the COVID-19 pandemic, many people have lost their jobs. If you are in this situation it could mean that:
    • You are paying higher health premiums through a COBRA plan
    • You have lost your group life insurance protection and/or disability insurance
    • Your 401K is still at your previous employer
  • If you find yourself in the above situation, it would be helpful to have one person to call on who can advise you how best to move forward and protect yourself, your family, and your assets, as well as put you in control of all your finances.
  • What stage of life are you in now? Here are a few important tips to consider, depending on which stage of life you are in now —  20s, 30s, 40s, 50s, 60s, beyond
  • If you have young children or grandchildren, are you saving for their college or advanced education through a 529 Plan or Coverdell Savings Account?
  • What is your plan for retirement? How soon is that on the horizon? 
  • Do you own a family-run business? Do you have a succession plan in place? 
  • Are your legal documents, such as a will, a living will, trusts, etc., all in order, updated, and in one safe place?  Does your next of kin know where those papers can be easily found?
  • Are your children & family protected if you should lose your income due to illness, disability or death?
  • Have you addressed and protected your net worth with a long-term care policy?
  • Does your family have a budget and are they adhering to it with good cash flow?

With the uncertain times we are living in today and with no predictable end in sight to the COVID-19 crisis, it’s important to protect the ones you love and be prepared for when this pandemic does end by being as financially secure as possible. At the end of the day, are you going to have financial peace of mind, control over your wealth and security for any contingency?

Given that you are probably working with multiple advisors wouldn’t it make sense to have a seasoned professional, who can objectively look at your income and expenses, oversee your finances and make objective recommendations.

Simon Says® take advantage of our holistic financial review. There is no obligation to have Simon Financial Group give you a second opinion. 

I would be happy to discuss any of this on a Zoom call with you. You can set up a convenient time through my calendar app. I look forward to hearing from you.