Client Login

A Quick Review Financial Planning Checklist

Oct 2, 2017 | Asset Protection, Career & Business, Children & Education, Estate Planning, Financial Services, Retirement, Taxes, Women

Happy couple check their finances with the SageVest Wealth Management quick review financial planning checklist

October is Financial Planning month, making now a great time to think about your financial preparedness and well-being.  Money isn’t everything in life, but it certainly helps to achieve security and to open opportunities for you and your family.

Personal finance can be complex, especially as your wealth grows. Each of your decisions must support the next, and align with your life goals. The following financial planning checklist will help you identify which financial topics you’ve got covered, and areas where we can help you to achieve your wealth and  life objectives.


Saving is the most fundamental element of achieving financial freedom. Everyone’s savings goals are different, but the more you earn and spend, the more you need to save. Key questions include:-

– Do you have emergency savings to cover at least six months of cash needs?

– Are you maximizing your employer retirement plan contributions?

– Is maximizing your retirement plan enough to put you on track for retirement?  For many high income earners, it’s not.

– Do your retirement planning projections inspire confidence in your long-term financial security?

Investment Positioning

For most individuals, the right mix of stocks, bonds, and other investments is essential to weathering market fluctuations and, ultimately, achieving the investment growth necessary to reach your long-term goals.  Top investment questions to consider include:-

– Are you properly positioned to enjoy both growth if the markets prosper, and security if they contract?

– Do you have adequate cash and bonds to get you through a downturn?

  • Does your investment mix allow you to sleep at night?
  • Can your cash and bonds sustain income needs for at least five years, to avoid selling at depressed prices?
  • Do you have some extra in cash and bonds to buy stocks when they’re cheap?

– Are you adequately diversified, or could select stocks or sector positions materially alter your financial standing?

– Are you disciplined in your investment approach i.e., taking profits as the markets flourish, and buying during a market correction?

Kids And Education

If you have children, financial literacy is a priority. For some families, so too is saving for college. Ask yourself:

– Are you teaching your kids about money, preparing them to become financially confident adults?

– Are you balancing saving for college and saving for your own future?

– Are you taking advantage of college savings tax benefits that might be available in your state?

– Do you have a realistic sense of college costs, relative to your savings and the expectations you’ve built for your child?

Insurance And Protection

Asset and income protection provide peace of mind for you and your family. There are many forms of insurance and asset titling structures. Key areas to evaluate include:

Life Insurance: Are adequate resources available to support your family’s lifestyle in the event of your death?

Disability Insurance:  Would you and your family be able to cope financially if you’re no longer able to work?

Liability Insurance: Are your assets protected from personal or professional liability?

Long-Term Care Insurance: If you’re 45 or older, do you have insurance in place to protect your retirement from long-term care costs?

Planning Documents

Everyone over the age of 18 needs basic estate planning documents. Key considerations include:

– Do you have the necessary documents in place, including a power of attorney, medical directive, and Will?

– Do your regularly review your documents and beneficiary designations (which supersede other documents), to ensure that they accurately reflect your wishes?

– If you have young children, do your documents include guardianship provisions?

– If assets are going to be held in trust post-death, are your documents and beneficiary designations structured to hold retirement assets without subjecting them to adverse tax implications?

Business Planning

If you own a business, it’s both a source of income and a potential asset. You owe it to yourself, your family, and your employees to formulate a contingency plan for the future. At a minimum, consider:

– Can someone step in and run your business if you’re not there?

– Are your named agents qualified to manage your business?

– Does your succession plan capture the value of your business?

Professional Advice

Very few people have the time or expertise to adequately research financial topics and make the right decisions. Whether you have an advisor, or are considering hiring one, always ask questions, including:

– Does your advisor have the appropriate training, credentials, and experience? We recommend working with a CERTIFIED FINANCIAL PLANNERTM (CFP®) for wealth management services, a Certified Public Accountant (CPA) for tax planning and preparation, etc.

– Do your advisors collaborate to ensure that you’re receiving cohesive advice?

– Do your advisors proactively work with you, helping you to plan for life’s many stages and transitions?

Financial planning can help prioritize your objectives, guide your decision-making, and help you to secure the future for you and those you care about. If you’re ready to take the next step towards wealth success, please contact us. SageVest Wealth Management is an independent, fee-only investment and wealth management firm, working with individuals, families and small business owners every day, translating real life objectives into real life solutions and achievements.

Prepared by SageVest Wealth Management. Copyright .
Standard Disclosure

The information contained herein is obtained from sources believed to be reliable, but its accuracy or completeness is not guaranteed. This article is for informational purposes only. The views expressed are those of SageVest Wealth Management and should not be construed as investment advice. All expressions of opinions are subject to change and past performance is no guarantee of future results. SageVest Wealth Management does not render legal, tax, or accounting services. Accordingly, you, your attorneys and your accountants are ultimately responsible for determining the legal, tax and accounting consequences of any suggestions offered herein.

In accordance with IRS CIRCULAR 230, we inform you that any U.S. Federal tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used by a taxpayer, for the purpose of (a) avoiding penalties under the Internal Revenue Code or that may otherwise be imposed on the taxpayer by any government taxing authority or agency, or (b) promoting, marketing or recommending to another party any transaction or matter addressed herein.

The provision of a link to any third party website does not mean that SageVest endorses that website. If you visit any website via a link provided here, you do so at your own risk and indemnify SageVest from any loss or damage incurred.

Make a wise investment in your future today.