Lists seem to be popular in the World of Financial Planning so I thought up a short list that has some symmetry.
Enjoy Your Life
The days are long, the weather is nice, get outside and enjoy life. Throw the ball for the dog, go on a walk, head to the beach or the mountains, work on the yard, do whatever it is that you enjoy doing. Stop and smell the roses.
Review your Year to Date Retirement Contributions
We are past the midpoint of the year so make sure that you are on pace to max out your 401k at $18,000 plus another $6,000 if you are age 50 and over. Your Roth IRA limits are $5,500 plus another $1,000 if you are age 50 and over (if you earn to much to contribute to Roth IRAs let’s talk and I can help you with the “loophole”).
If you aren’t maxing out your contributions increase your contribution percentage by a couple of points. In September, increase it by at least another percentage. Keep doing this until you start to notice it in your net pay.
Review and Update your Beneficiary Designations
Remember, beneficiary designations supersede your Will so keeping them accurate is very important. Beneficiary designations are going to be found on your 401k, life insurance, IRA, Roth IRA, and annuities. Make sure and list a Contingent beneficiary to go along with the Primary.
This list takes care of now, your future, and after you die. What do you think?