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It's Your Money: Anything change?
Posted 9/27/2012 Updated 9/27/2012
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by Ralph Lunt
Air Force Reserve Command
9/27/2012 - Citizen Airman/Oct. 2012 -- No doubt, as a result of a promotion, marriage, birth of a child, loss of a loved one, inheritance, etc., many of our lives are different than they were a year ago. Keeping up with changes in your world is vital to your financial mission success! Here are some abbreviated checklist items to run through.
* Life insurance: Confirm beneficiaries and buy or cancel policies. Full disclosure, I cancelled a term policy I bought 10 years ago. And if I were to die tomorrow, my remaining insurance covers our family need.
* Property insurance: Make sure home improvements are covered, and review your deductibles. If you have built up your savings, you may want to consider "self insuring" the first few thousand dollars and raise your deductibles to reduce your premium. Consider a liability umbrella.
* Debt: Am I doing the right things to achieve financial power by reducing or eliminating "bad debt" with high interest rates?
* Civilian employer flexible spending accounts: If you are in a use-or-lose situation, you know what to do.
* Update/create your will: It can be done for free! Here's a web site to get you started: https://aflegalassistance.law.af.mil/ lass/lass.html.
* Thrift Savings Plan: Confirm your beneficiaries and investment allocation, and determine if and how much you wish to allocate to the soon-to-be-available Roth TSP. Over 50? Look into the catch-up provision.
* Children's college fund: Research 529 plans/Roth Individual Retirement Accounts as a way to fund higher education. For those with the resources, these accounts can be an excellent tool to assist family or friends. Consult an adviser.
* Powers of attorney: If needed, would you be able to handle the financial affairs of a sick family member, such as a parent?
Understand, this information is far from all-inclusive, but I hope it gets you thinking and drives some action. I'll assure you this, as in the aviation world, not making appropriate corrections in changing conditions can certainly lead to undesirable results. Fly safe!
(Editor's note: This feature is designed to provide financial advice and information of a general nature. Individuals should conduct their own research and consult a financial adviser before making any financial decisions. Based in Cleveland, Ohio, Mr. Lunt is a certified financial planner and vice president of a financial planning and consulting firm. He is also a colonel in the Air Force Reserve, serving as the reserve forces director of the Great Lakes Region of the Civil Air Patrol adviser's program.) |
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