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Financial Health Checklist

Financial Health Checklist

July 22, 2019

Everyone’s financial circumstances are unique and affected by many different factors. And at times they can be complex. We have put together an abbreviated version of the many items we discuss with our clients.

Let’s face it, many people don’t like checklists. But they are healthy because they provide a roadmap to help keep us on the right track. For example, even if pilots and surgeons may not like their checklists, the rest of us are appreciative and view them as valuable.

Take a look and give us a call if you have any questions.

Cash Flow Management

Have you put together a budget? If so, are you following it?

Do you have a strategic plan for managing debt?

□ Could it be time to refinance your mortgage?


Do you have an understanding of your health insurance?

Do you have life insurance and understand it? Is it enough?

Do you have disability insurance? If so, do you have short-term, long-term or both? Do you know the details about the benefits? Are they taxable or non-taxable?

Do you own long-term care insurance? Do you think you need it?


Have you considered your time horizon when constructing an investment strategy? Which financial goals are long-term, and which ones are more immediate?

Are enough of your investments designed to meet long-term goals like retirement?

Do you have a plan to put enough resources aside to meet short-term goals, like a home down payment or an upcoming vacation or wedding?

Does your current asset allocation match your investment needs?

Retirement Planning

□ What are your retirement needs and financial goals?

Are you confident you have enough resources set aside for retirement income?

What kind of retirement plans do you have? How are they invested?

Does your employer or your company contribute to your retirement plan? Are you vested?

Does your employer make matching contributions to your retirement plan? If so, are you getting the maximum benefits?

When do you want to retire? Where do you want to live? What do you hope to do while in retirement?

Have you calculated your expected income from Social Security?

How much do you know about your benefits from Medicare or Medicaid?

When are you eligible to draw money from your retirement plans? For tax reasons, from which account would you first draw income? Last?

Estate Plans

Do you have a will? If so, was it written in the state where you currently live and when was it last reviewed?

Do you have a durable power of attorney in the event you can't make important decisions?

Do you have an Advance Directive for Healthcare that lets your loved ones know your wishes?

Do you have a Revocable Living Trust? If not, do you need one?

If you own a business, what kind of succession plan does it have? How would you fund the succession plan?

Assistance to loved ones

How complicated is your domestic situation?

Are you providing any financial assistance for children or grandchildren?

Are there any older relatives, such as parents, for whom you are currently or one day might be responsible?