7 Financial Accounts You Should Review Every Year

In this episode, Miguel Gonzalez discusses seven important financial accounts that deserve an annual review—from checking and savings accounts to retirement plans, investment accounts, insurance policies, HSAs, FSAs, and beneficiary designations. A simple yearly review can help you stay organized, identify potential issues, and keep your financial plan aligned with your long-term goals.

Miguel Gonzalez is a Certified Retirement Counselor (CRC) with over 25 years of experience helping individuals and families design retirement income strategies and long-term financial plans. He is the Managing Partner of Cortburg Retirement Advisors, a boutique firm focused on retirement planning, investment management, and financial clarity.

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Welcome to Cortburg Speaks Retirement Podcast 
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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Transcript

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Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

Many people regularly review their homes, vehicles, and even annual medical checkups, but their financial accounts often receive much less attention.

Today I'd like to discuss seven financial accounts that are worth reviewing at least once each year.

1. Checking and Savings Accounts

Start by reviewing your everyday bank accounts.

Look for recurring subscriptions you may no longer use, automatic payments that should be updated, unnecessary fees, or accounts that no longer serve a purpose.

It's also a good opportunity to confirm that your contact information and beneficiaries, if applicable, are current.

2. Employer Retirement Plans

Whether you participate in a 401(k), 403(b), or another employer-sponsored retirement plan, an annual review can help you stay informed about your contributions, investment selections, and beneficiary designations.

If you've changed jobs during the year, it's also worth reviewing any retirement accounts left with former employers to ensure they continue to fit into your overall financial strategy.

3. Investment Accounts

Investment accounts shouldn't be ignored simply because they're intended for long-term goals.

Periodic reviews may help you determine whether your investments continue to align with your financial objectives, time horizon, and comfort with market risk.

Many people find that their circumstances change over time, making regular reviews an important part of long-term planning.

4. Credit Card Accounts

Credit cards can provide convenience, but they also deserve regular attention.

Review your balances, interest rates, annual fees, automatic payments, and recent transactions.

Monitoring your accounts regularly may also help you identify unauthorized activity more quickly.

5. Insurance Policies

Insurance needs often change as life changes.

Reviewing your homeowners, auto, life, disability, and umbrella insurance policies each year can help you better understand your current coverage and determine whether updates may be appropriate based on your circumstances.

6. Health Savings Accounts and Flexible Spending Accounts

If you participate in an HSA or FSA, review your balances, contributions, and any applicable deadlines.

Understanding how these accounts work may help you make more informed decisions throughout the year and avoid missing important contribution or spending deadlines.

7. Beneficiary Designations

Finally, take time to review beneficiary designations on retirement accounts, life insurance policies, and other financial accounts where beneficiaries apply.

Major life events such as marriage, divorce, the birth of children, or the loss of a loved one may create the need for updates.

Many people are surprised to learn that beneficiary designations can play an important role in how certain assets are distributed.

In Closing

Reviewing your financial accounts doesn't necessarily require making major changes every year.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

End of video disclosures:
CRC conferred by The International Foundation for Retirement Education.

 Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.
 
 

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.
 
 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
 
 

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.