Financial Plan/Investment Strategies
Changes happen in a life well-lived. Keeping your financial plan and various investment strategies up-to-date is an important part of staying on the path we created for you.
- Confirm your investment goals, and review strategy relative to these goals
- Review asset allocation in light of risk tolerance and personal values
- Review coverage and cost of property and casualty, life, disability, and long-term care insurance policies
- Consider any major life changes (new dependents, job change, divorce, etc.) and their impact on your financial plan
- Review beneficiaries on all investment accounts and insurance policies
Annual Contributions and Account Changes
Taking advantage of retirement savings opportunities can be a key contributor to your financial goals.
- Maximize 401(k) or other employer-sponsored plan contributions, including catch-up contributions (age 50+)
- Review pre-tax vs. Roth contribution options with your tax professional to determine which may be best for you in the year ahead
- Open a retirement plan if newly self-employed
- Contribute to educational savings accounts, if applicable
- Plan charitable contributions for the year ahead. If not itemizing tax deductions, consider doubling up charitable gifts in one year.
Key Age Milestones
After you turn 50, there are many key birthdays that happen along the way to retirement. It’s important to track these and make appropriate changes/updates.
If during 2026, you will turn...
50: Now you can make catch-up contributions to IRAs and some qualified retirement plans.For those at higher earnings levels, catch-up contributions may be required to be Roth.
55: You can take distributions from 401(k) plans without penalty if separated from service after age 55.
59½: You can take distributions from IRAs without penalty after this age.
62-70: You can apply for Social Security benefits.
65: You can apply for Medicare benefits.
70½: Gifts sent directly from an IRA to a qualified charity will not be considered taxable income (Qualified Charitable Distribution, or QCD).
73: You must begin taking Required Minimum Distributions (RMDs) from IRAs and qualified retirement plans.*
*RMDs may be delayed in some qualified retirement plans if self-employed at the firm and not a 5% or greater owner.