The financial markets are in their most boring summer days as I write this column. Even news about unemployment and interest rates doesn’t seem to rock the stock market. The long-awaited recession appears elusive, and inflation appears to be waning.
Meanwhile, the anchors on financial TV programs are struggling to create interest in their world — even cheerleading for a cage match between two tech tycoons. So, is this the right time to take your eye off things financial and enjoy the longer summer days?Or is it the perfect time to reassess and revise everything from your investment allocation to your will? I vote for the latter, since this is a great time to get the ear of your adviser, attorney, accountant and other professionals.
I hope you kept your year-end statements from various brokerage and fund companies. Add up those balances and go to any online calculator and input your age and total assets to get the magic number. Next, take a look at your investments. Where will that money come from? It can all be taken out of one account or from various accounts, as long as the total is correct. But if all your money is in stocks right now, do you want to be forced to sell at year-end? This is the time to raise some cash and put it in a money market fund. You have until year-end to take the required amount, or you can take some out now.
Or what if you didn’t die, but were incapacitated in an accident? Have you retitled your property in the name of your revocable living trust, so your named successor could take over and pay your bills, deal with investments, and pay your kids’ college tuition out of your properly titled bank and investment accounts?
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