Financial Checkup for 2023

You know how important it is to get a checkup on your health, but what about your wealth? Have you saved enough for retirement? Could increased taxes impact your lifestyle? If you’re not sure of the answers, then now is a good time for a financial checkup!

A financial checkup helps you evaluate the progress that you have made toward your financial and retirement goals. Using tools such as a financial checklist will help you measure your retirement readiness. Consider the following items when conducting your financial checkup:


One of the first steps in preparing for retirement is to create a budget. You need to identify your sources of income and the amount that you will receive to determine what you can afford in terms of necessary and discretionary spending. Have you taken into account how each of these income sources will be taxed? Have you created an inventory of all household assets? This step can be critical when determining where income could come from. It could also potentially reduce your taxes with any withdrawals that take place from your assets as well.

Medical & Health Care

If you are retiring before the age of 65, do you have a plan for major medical insurance coverage prior to Medicare? Are you maximizing your health savings account? Do you know how you will cover long-term care or nursing care needs? Speak to someone about your medical insurance options to determine what is best for you. You should consider the monthly costs, exposure, and out-of-pocket expenses when making your decision.

Advanced Financial Planning

Do you have a will? Do you have a trust? Is your estate plan reviewed regularly? Consider working with an estate planning attorney to review and update your estate plan at least every three years or when a significant life moment occurs (death, divorce, etc.). Work with a financial professional who can help you review your accounts and update your beneficiaries when necessary.

Risk Management

It’s important that your investments match your risk tolerance. If you are within five years of retirement, you may want to assess your current tolerance for risk and consider making changes to the risk levels of your investments. If there are political changes or new policies enacted, do you feel confident that your retirement will be okay? Also, if you are paying fees, be aware of how they are charged to your accounts. What are you receiving for the fees that you pay?

Tax-Efficient Strategies

Do you have a financial plan in place that can potentially convert taxable retirement income into tax-free income? Are you aware of the new required minimum distribution rules? Do you have a CPA? A financial professional will help you create a plan that utilizes tax-efficient strategies to optimize your tax savings on all types of accounts including retirement plans.

Are you ready for retirement or do you still have some work to do? Visit our website to download your free financial checklist. If you can’t check all of the items on the checklist, don’t go it alone.

At Financial Dynamics, we offer a suite of financial and lifestyle management services that can be customized to help you create your retirement plan. Our advisory team is committed to helping you make informed decisions about your money so you can move closer to achieving your financial and lifestyle goals for retirement.

Advisory services offered through J.W. Cole Advisors, Inc. (“JWCA”). Financial Dynamics & Associates, Inc. and JWCA are unaffiliated entities.