Today’s Prep:
We all have that drawer in the house with random odds and ends–some of it valuable and some of it you have no idea what to do with. What about in your financial files or folders? Do you know what’s what and what needs to go?
(Click the featured times below to jump forward in the episode)
Equipping Points:
Do you have a spot where all of the random papers and statements go? Maybe it’s in your desk drawer or a folder tucked away in the filing cabinet. But what is in that junk drawer when it comes to your financial statements and old policies?
It’s important to know what you have so you can either put it to use, update it, or get rid of what you don’t need. With any of your financial documents, you’ll want to be able to leverage the resources that they represent.
So, what’s in your financial junk drawer? Maybe you have old life insurance policies that are still valid. Do what about an outdated will or estate plan? When was the last time you updated that?
On today’s episode of Retirement Ready we’ll talk through the various financial documents you might have in the junk drawer and what you should do with them. You might be surprised to find that you have a bit of cleaning up to do or some policies to reconsider as a part of your overall financial plan.
Listen to the full episode or click on the timestamps below regarding a specific statement, policy, or plan you want to know what to do with.
2:15 – Old life insurance policies should be considered. Do you still need them?
4:12 – Outdated will or estate plan may need updating, especially if a life event has happened since then.
5:16 – Social Security statements (the old green ones) won’t show current numbers, so they aren’t accurate.
8:09 – Orphaned accounts with old 401(k) statements should usually be rolled over.
9:28 – U.S. savings bonds stop earning interest after 30 years.
Related Resources:
Wishful Thinking in Retirement
Excuses, Excuses, Excuses – Stop Making Them
Today’s Takeaway:
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