Happy Mother’s Day!

One of the most significant days of the year occurs the second Sunday of May.  That day of course is Mother’s Day.  As everyone struggles to find the perfect gift for their perfect mother, many may choose to purchase a bouquet of flowers.  Mother’s Day accounts for one-fourth of the floral purchases made for holidays and 35% of adults purchased flowers as a Mother’s Day gift in 2011.  There aren’t many of us mothers who would dispute the joy of receiving flowers from their children or loved ones.  But in addition to receiving the most popular, sweet smelling, colorful blooms, I think that the hard to buy for women in your life might be aided by another gift.  That gift is the knowledge of her financial security.

As time goes fleeting by, a mother’s focus shifts from the daily hustle and bustle of running around for her family to the future forecast of the next stages in her life, specifically her retirement.  The ability to focus in on one’s own financial being can be overwhelming and confusing.  So, what can you give your Mom for Mother’s Day?  Set aside some time to go over the things that may be of concern regarding her financial security.  Here are a few items that would be helpful to understand and be aware of for mothers, aunts, sisters, and wives on this special day.

1)   Review your Financial Plan– Determine where you currently are, what you need to achieve for retirement and fill in the gaps.  Set up a meeting with your financial planner to make sure you are still on the right track.

2)   Estate Planning– Make sure that you and your loved ones know where your will is located and that it is current and does not need to be amended.  Too often the will has been done many years ago and there are necessary changes that should be done.

3)   Life Insurance– Many people are unaware of their current policies especially if they were purchased many years ago. It is a good idea to have all of the documentation in one central location so that in case of a sudden event they can be easily located. In addition, it might be a good time to review your current policy to make sure that you are properly insured.

4)   Banking Information-Have all of your banking information listed in one document.  Many people have more than one bank account and it is easy to lose track of the accounts as one gets older. You could also include the account numbers, passwords and phone numbers.

5)   Key Important People– Have a list of all the professionals that you are currently working with and their information.  Include your attorney, accountant, financial planner and even your current medical information.  Having this information easily accessible is quite useful.

Above all else, make sure to enjoy the day with your loved one.  And don’t forget to bring the flowers!

 

About Maureen Crimmins

Maureen Crimmins is co-founder of Crimmins Wealth Management and a fee-only independent financial advisor. Have a financial question? ASK MAUREEN

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