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8 Ways to Clean Up Your Finances This Summer

Summer is not only a good time to tidy up your house and yard, but also a good time to review and tidy up your financial matters. 

Here are a few commonly neglected areas to tackle this Summer: 

Update your beneficiaries 
Life changes, that’s a fact. Are the beneficiaries for your retirement accounts (IRA, 401(k), 403(b)) and your life insurance up to date? If you’ve recently married, divorced or had kids, revisit the beneficiary selections to make sure that what’s written down still reflects your intentions. 

Review your life insurance 
Nobody enjoys tax time, but it’s a good time to see how much you made last year and consider whether your life insurance would be enough to replace that income if something were to happen to you. Also, if you are married, consider the need for life insurance on you and your spouse. 

Consolidate your 401(k) plan accounts 
Do you have a collection of 401(k) plans from previous jobs? If so, look into consolidating them into one account that offers a broad array of investment options as well as reasonable fees. You may be able to roll them over into a 401(k) that you already own or roll them into a new individual retirement account (IRA). 

Retirement check 
Use your income reported on your most recent tax return as a guide to determine if you are saving enough for retirement. For a quick assessment, estimate that you’ll need about 70 percent of your annual pre-retirement income. If you are not on track to retirement, make an adjustment to your 401(k) contribution. 

Tune up your retirement plan 
As people get closer to retirement, they typically become more conservative in their attitudes toward investment. When was the last time that you reviewed your risk tolerance? See if you need to make any changes to your retirement funds. In addition, returns on your investments may skew your risk tolerance. Rebalance your portfolio allocations on a regular basis to stay in alignment with your risk tolerance. 

Give your budget a fresh look 
Think about events that are coming up that might need advance planning. Do you have a plan for college savings or retirement? A financial professional can help you create a plan to meet your savings and investment goals. 

Review your plan for loved ones with special needs 
If you’ve set up a plan to care for your loved one with special needs, review and make any updates to your letter of intent. This provides the crucial information future caregivers will need to properly care for, support and emotionally nurture your loved one. Download a letter of intent workbook. 

Go paperless 
If you are an Ohio National variable universal life insurance or variable annuity customer, you can get rid of those paper prospectuses and opt to receive your fund prospectuses and any updates electronically.


Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.