For many GenXers and Millennials, the years between 35 and 55 are filled with transitions—career growth, caregiving, homeownership, or changes in family dynamics. During these stages, it’s common to overlook key areas of a financial plan that may benefit from a second look.
Here are five areas worth reviewing to help strengthen your financial foundation over time:
1. Disability Income Protection
Income is often one of the most valuable financial assets. If an illness or injury prevented you from working for an extended period, would your current resources provide enough support for your ongoing needs?
Reviewing disability income protection, particularly through employer-sponsored plans, can help clarify how benefits align with your financial priorities.
2. Estate Planning Documents
Estate planning is not only about asset distribution—it’s also about documenting your wishes and appointing trusted individuals to act on your behalf, should the need arise.
Key documents may include:
· - A will
· - Financial power of attorney
· - Healthcare power of attorney
· - Advanced healthcare directive
Each document plays a specific role in helping your loved ones carry out your preferences during life transitions or unforeseen circumstances.
3. Old Workplace Retirement Accounts
Many individuals who’ve changed jobs in the last 10–15 years may have one or more retirement accounts with previous employers. These accounts are still yours, but they may no longer align with your broader financial strategy.
Locating these accounts and evaluating how they fit into your current retirement approach can improve organization, reduce fees, and support long-term clarity.
4. Cash Allocation Strategy
It’s helpful to have funds set aside for emergencies, but holding large amounts of cash in low-yield accounts can limit opportunities for growth.
Exploring where and how cash is held may help create a more balanced strategy that supports both short-term access and long-term potential.
5. Planning Ahead for Health or Care Needs
Planning for future healthcare or long-term care needs is often delayed, yet addressing it early allows for more flexibility and preparation.
Reviewing potential strategies for health-related expenses, including insurance options or designated savings, can support thoughtful planning over time.
There’s much to consider as life changes. If you haven’t reviewed your financial plan recently—or if any of the areas above feel unfamiliar—reach out to Emerge Wealth Strategies to review and update your financial plan.
Don’t wait for the big stuff to happen. Let’s work together to stay proactive and prepared.
Get connected with one of our financial advisors today.