13 Key Moments to Ensure Your Plan is Keeping Up With You

Most people naturally consider financial planning during major life events like growing their families, changing careers, or retiring.

Financial planning is not just about managing money; it’s about creating a roadmap for the present you are living and the future you envision. Whether you’re preparing for an inheritance or actively managing your earnings, your financial plan should evolve, adapt, and endure. It’s about taking the time to think about what you want for yourself and for those you love, and how to grow and protect your assets to support that vision.

Here are a few scenarios that may motivate you to schedule a timely conversation with your financial professional to review your financial plan:

1. Job changes: New jobs typically bring multiple decisions as you enroll in your insurance plan and retirement accounts. Your financial professional (FP) can help you as you make the selections that align with your financial plans for today and into your future.
2. Pay raises: This is a good time to develop a strategy to avoid spending creep, which is common as your income rises. You'll want to make the most of your new cash flow, which could mean paying down debt, bolstering an emergency fund, starting a college fund, increasing your retirement savings, or revisiting your estate plan. If your new salary bumps you into a new tax bracket, you may also need an updated tax management strategy. Your FP can help you determine how to maximize and protect this additional income by adjusting your financial plan as needed.
3. Job loss. During a career setback, managing finances wisely can help relieve some stress. Your financial professional can help you establish your next steps with solid guidance on accessing emergency funds and strategically using your financial resources to maintain stability and help you feel more in control of your current situation.
4. Family changes: Whether your family grows through marriage or kids, or shrinks with an empty nest, divorce, or the loss of a loved one, it’s likely time to adjust your financial plan. Your FP can help ensure that your financial goals support your evolving family dynamics.
5. Birthday celebrations: All birthdays are special and a good time to create or review your financial plan as well as update any important documents like your will and beneficiaries. You may want to adapt your strategy for decade markers – like at 50, you can increase retirement savings with catch-up contributions. Talk to your FP to stay on track.
6. Receiving a windfall: Whether it’s an inheritance, a bonus, or a well-earned commission, monies outside the usual should be addressed with tactics to maximize the benefits and minimize the tax consequences. Your FP can help identify strategies to protect your newfound assets in the context of your financial plan.
7. Economic volatility: Market downturns can provoke hasty decisions. Instead of reacting in panic, work with your FP to review your portfolio and make sure you’re on track for long-term financial security. In uncertain times, financial professional’s guidance can be invaluable to staying the course.
8. Real estate transactions: Buying or selling real estate is significant to your overall financial well-being. Your financial professional can help you ensure your decisions are made in the context of your overall financial plan.
9. Business ventures: Entrepreneurship requires more than just passion—it demands a solid financial strategy. Whether you're launching a side hustle or growing a full-time business, it’s important to understand the financial resources needed while managing income and expenses, including taxes. Your FP has strategies to help you keep your business, and your financial plan, in harmony.
10. Educational endeavors: Going back to school or earning a new certification can be a valuable investment in a satisfying career. But it comes with tuition fees and could mean time away from the workforce. Your FP can help you refine your financial plan to support the short-term costs while keeping an eye on long-term goals.
11. Health issues: A health crisis – acute or chronic - can be financially and emotionally draining. Managing healthcare costs, lost income, and caregiving responsibilities requires a thoughtful financial approach. Your FP can help you as you seek to ensure that you're financially prepared for the unexpected, so you can focus on what’s most important.
12. Approaching Retirement: Whether retirement is just around the corner or many years away, now is the time to revisit your investment strategies, retirement accounts, and withdrawal plans. As we experience the Great Wealth Transfer, your FP can also help you consider tax-efficient ways to transfer wealth to future generations, ensuring a legacy that reflects your values.
13. You’re Busy: Life doesn’t stop for financial planning, and juggling work, life, and everything in between can make it tough to stay on top of your finances. Regular check-ins with your FP can reduce the stress of managing your wealth and ensure you’re staying on track even when things feel overwhelming.

Whether you’re facing these turning points now or anticipate them in the future, you can stay financially nimble with regular check-ins with your financial professional.

Duly registered and licensed Equitable Advisors Financial Professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC; Equitable Network Insurance Agency of Utah, LLC; Equitable Network of Puerto Rico, Inc.  Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services.  GE-7684509.1(02/25)(exp.02/29)