Tuesday, April 28, 2015

Start to Organize your financial affairs when you retire

Organizing financial affairs can be a beneficial step to help other responsible parties, in the event of emergencies or incapacity, locate important financial accounts, contacts, information, and documents. The importance of creating and maintaining this information cannot be overemphasized.

There are websites with forms to help you organize this information, including accounting and tax information, banking and credit information, documents, and legal documents. Once you have your information organized print this information and put it somewhere safe and secure, yet leave a written instruction to a responsible person as to where to locate the forms.

Some of the information needed  by those who will be looking after your financial affairs may  be:
  • Bill Payment information 
  • Bank and Credit Card Statement  information
  • Insurance and Medicare Payment Review
  • Bank Account Deposits
  • On-line Banking Activities
  • Document Organization for Accountant, Financial Ad visor, Attorney or Designated Party    
  • Income and Expense Ledgers
  • Spending History by Account, Category, Percent and Dollar Figure
  • Bill and Income Receipts and payments
  • Net Worth by Account Type
  • What to do with and managing Incoming Mail
You should record information about bank accounts, brokerage accounts and credit or debit cards. By including account numbers, account address and contact information, it is a convenient form to help in the event you need to contact the issuer to report lost or stolen account information.

You should also record the contact information for accountants, financial consultants, insurance agents, investment brokers and lawyers. If you have more than one professional for each category, you can include them as well as specify their specialty.

Record where you keep information about health records and forms, insurance policies and documents, investment records and legal documents. The organization of documents will help maintain order and will also allow you or others  to periodically review the most recent revisions to determine if updates may be necessary.

1.  http://www.extension.org/pages/11023/organize-your-important-household-papers:-print-this-lesson#.VThpBCFVhHw
1. https://www.myseniorportal.com/cat/finance-law-insurance/financial-envelope (must join to use the forms)

1 comment:

  1. Keeping record of all your financial records and information is a must do so that keeping track of all your finances is easy. In addition, you may want to organize your insurance policies too. this way you can easily check which policies needs to be updated and what policies you need to acquire. Nowadays, ltc insurance are getting expensive and coverage are getting skimpier, if you have it, be sure to review your policy to ensure you will still get the coverage you want in the future.