Joe Occhipinti
Wealth Advisor
Warren Street Wealth Advisors

Here we are again looking back at another year before facing the start of another. Throughout the year, I am sure you experienced some life changes, and those changes may have impacted your views on your personal financial picture.

Are you keeping everything in line financially?

Here are some items we recommend you go over at least once a year that may have been affected:

Check your beneficiaries – Reassessing beneficiaries on your retirement savings accounts, checking/savings accounts, or other financial assets is important to keep up-to-date with your wishes should anything happen to you. Making sure you have beneficiaries in place will prevent your financial assets from going through probate which could save your family time and money.

Typically, it is best to revisit these after a major life event such as: marriage, a new family member, a birth, or a death.

Build or review your trust – If you already have a living trust, have it reviewed annually. If you don’t have a trust, it’s time to find out if you need one. A trust can be used to ensure that your wishes are carried out if you are incapacitated. Your trust should include a power of attorney, medical directive, and a will.

Having a living trust can help you protect and transfer your assets to loved ones. It creates an opportunity for you to provide detailed instructions on how and when you’d like assets to be distributed. A properly funded trust will also help your loved ones avoid the process of probate.

When designing your trust we recommend looking out 5 years. Trying to plan further out than 5 years can sometimes seem like a daunting task and could further delay the implementation of your family’s living trust. A good plan is better than no plan.

Rebalance your investment portfolio – If you are not having someone professionally manage your investments, then evaluate your investment selections at least once a year, probably once a quarter. Changes in the market, the local economy, or international events could impact the way you should be invested.

Depending on your financial goals, your portfolio will go through changes over time, so go back and analyze your investments to keep yourself on target.

Monitor your financial plan – If you have put together a financial plan to help you reach those financial goals, whether it is retirement or otherwise, then follow up to see if you are still on track.

That goal could be: building cash reserves, saving money for a down payment on a house, saving for retirement, or maybe managing debt as your retirement date approaches.

Continue to follow, review, and update your goals in your financial plan and monitor your progress.


How are you doing with your financial goals? Wouldn’t it be great to have a team that could help you reach them? Contact us to learn how we help our clients achieve their financial freedom.

Joe Occhipinti is an Investment Advisor Representative of Warren Street Wealth Advisors, a Registered Investment Advisor. The information posted here represents his opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional.  Nothing in this commentary is a solicitation to buy, or sell, any securities, or an attempt to furnish personal investment advice. We may hold securities referenced in the blog and due to the static nature of content, those securities held may change over time and trades may be contrary to outdated posts.