Autumn Advice from a Financial Advisor


As the Summer Settles Down, Review Our Family Financial Checklist

If Memorial Day unofficially marks the beginning of summer, then Labor Day unofficially marks the end of summer, and the unofficial beginning of Autumn. This post from a financial advisor explores how Autumn’s arrival can be used as a time to re-organize and re-focus on what matters most in life.

What Matters to You?

What matters most can be a bit different for everyone. In my personal experience, our faith journey, our family, and family finances are all matters that rank high in importance. Sure, there are organizational to-do’s that seem to happen every Autumn. Even a financial advisor takes a break from the market for some chores. For instance, it’s usually when I clean out and organize my garage. I’m not too sure why, honestly. All I know is that it gets on the list of things I want to get done before snowfall. Maybe it’s because the summer-use items get stored away, and the snow shovels, winter boots, and the road salt bucket get positioned for quick access in the garage. To be sure, these things are important for navigating the upcoming season, but they are not necessarily critical for success in life. Success in life requires disciplines built around, faith, family, and yes, probably finances.

A Financial Advisor’s Family Financial Checklist

We’ll leave discussions about faith and family for a different blog or forum but finance we can tackle (notice the not too subtle football reference there). From the perspective of a financial advisor, here’s a quick list of nine items you may want to review once the leaves start to turn.

  1. Review legal documents like financial power of attorney, healthcare directives, executor/executrix appointments, last will and testament, and trust documents.
  2. Review the title of the deed on your house; check for liens.
  3. Review life insurance needs, group life, personal policy levels, premiums, cash values, and end dates on term policies.
  4. Review beneficiary designations on life insurance, 401(k)/403(b) accounts, orphaned 401(k)/403(b) accounts, SEP plans, Simple IRA’s, Traditional IRA’s, and Roth IRA’s.
  5. Review or pay quarterly tax payments, if needed.
  6. Review company retirement plan funding levels and investment choices.
  7. Review previous employer 401(k) balances and investment choices.
  8. Review company or union pensions and benefits.
  9. Review your retirement goals and update your retirement Goal Plan analysis.

A Financial Advisor’s Advice:
Don’t Procrastinate

Why is Autumn a natural time for reflection and re-organization? We’re re-starting our routines after long summer days and settling down for the change of weather. It’s before the busy holiday season that whisks us into the next year. If you don’t take time to assess your family’s financial health now, when will you?

For more advice from the financial advisors of Schmitt Wealth Advisers, view Our Outlook blog. Want to start a conversation about your financial future? Contact us.


This material is provided by Schmitt Wealth Advisers, LLC for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy, or investment product. Opinions expressed by Schmitt Wealth Advisers are based on economic or market conditions at the time this material was written. Economies and markets fluctuate. Actual economic or market events may turn out differently than anticipated. Facts presented have been obtained from sources believed to be reliable. Schmitt Wealth Advisers, however, cannot guarantee the accuracy or completeness of such information. Past performance may not be indicative of future results.


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