Your Financial Base Camp, Part 5
By Mark Zembo, Wealth Management Advisor
The signs are here that summer is winding down. School buses have reappeared, Friday night high school football games are in full swing and the first day of autumn arrives next Monday. Change is in the air, and many of us have started packing away or already stored the gear that’s been with us through warm-weather adventures. However, if you want your gear — the tents, the boots, the backpacks and camp stoves — ready for next year, they shouldn’t just get tossed into a closet or garage.
The most prepared campers take a little extra time now to make sure everything is clean, repaired and organized. Mud gets rinsed off boots. Tent poles are checked for cracks. Worn straps get replaced. It’s not glamorous work, but it ensures that when the next season rolls around, you’re ready to hit the trail without unpleasant surprises.
Your financial plan deserves the same kind of attention.
As the year winds down, September offers a natural moment to review your plan, to see what’s working, what needs repair and what could be adjusted before the calendar flips to a new year. These aren’t dramatic changes or last-minute scrambles. Rather, they’re thoughtful, proactive steps to keep your financial base camp ready for what’s ahead.
Your Financial Gear Checklist
Just like preparing your camping gear for storage, a few simple steps can make a big difference in how ready you are for the year ahead:
Check for wear and tear:
- Review your spending, saving and investment strategies. Are they holding up to real-life conditions?
- Look for areas that may need reinforcement, like updating beneficiaries or reviewing insurance coverage.
- Request your Social Security statement and double-check the reported earnings. Take the time to correct any mistakes that show up — because yes, mistakes do happen, even with government agencies.
Clean and repair:
- Tidy up lingering tasks like consolidating old accounts, closing unused credit lines or updating your estate documents.
- Address any “loose ends” now so you start the new year fresh and organized.
- Consider potential tax bracket changes due to pay increases or decreases related to changes in your work status.
Prepare for the next season:
- Review tax strategies like adjusting contributions to retirement accounts, tax-loss harvesting or qualified charitable distributions (QCDs).
- Will you face your first Required Minimum Distribution (RMD) from your qualified accounts next year?
- If your workplace offers a Health Savings Account (HSA), does it make sense to increase or decrease your contributions based on changes in your household?
- Is it time to sign up for Medicare or Social Security? Prepare to meet the timelines needed so you don’t fall behind.
Consider rebalancing your portfolio so it’s positioned for the year ahead.
Restock essentials:
- Evaluate your emergency fund and cash reserves.
- Make sure you have enough accessible cash to weather unexpected expenses without derailing your short- or long-term plans.
Ready for Next Year’s Journey
The work you do now may not be exciting, but it pays off when you head into the new year ready and confident.
At Elevage Partners, we help clients tend to their financial base camp with care and intention so they can focus on the journey, not the stress of last-minute repairs. If it’s been a while since you checked in on your plan, now is the perfect time to take stock and prepare for what’s next.
Because just like your camping gear, your financial plan should be ready to go when the next adventure begins.
The information contained herein represents the views of Elevage Partners at a specific point in time and is based on information believed to be reliable. No representation or warranty is made concerning the accuracy of any data compiled herein In addition, there can be no guarantee that any projection, forecast, or opinion in these materials will be realized. Any statement non-factual in nature constitutes only current opinion which is subject to change. These materials are provided for informational purposes only and do not constitute investment advice. Any reference to a security listed herein does not constitute a recommendation to buy, sell, or hold such security. Past performance is no guarantee of future results. The historical returns of any securities and/or sectors mentioned in this commentary are not necessarily indicative of their future performance.