Financial planning and investment management is a continuous process that needs to adapt to life changes and evolving goals. Major life events such as a career change, marriage, divorce, or family expansion can drastically impact your financial situation, requiring adjustments to your investments and savings strategies. Similarly, buying or selling a home alters your financial landscape, demanding a reassessment of your budget and long-term goals. As retirement approaches, it’s essential to focus on securing stable income streams and optimizing retirement accounts while minimizing risks. Inflation and rising costs can erode purchasing power, so regularly reviewing investments to protect against these effects is important. Stock market volatility and tax law changes can also influence your financial outlook, making it essential to reassess asset allocation and ensure you’re maximizing available deductions. Lastly, even without major life changes, annual financial checkups are crucial to staying on track with your goals, refining strategies, and ensuring long-term financial health.
source: https://www.trustbgw.com/blog/the-right-time-to-review-your-financial-plan
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