Happy Mom’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.

Being a mother is how many of us identify ourselves and this lifelong role has been the most important to me. Not only in raising my daughters from babies to adults, but as I continue my journey through life.  My plan for my days, months and years include spending time with them and enjoying watching the future unfold.

As everyone struggles to find the perfect gift, many may choose to purchase a bouquet of flowers.  Mother’s Day accounts for one-fourth of the floral purchases made for holidays.  There aren’t many of us who would not enjoy receiving flowers from their children or loved ones.  But in addition to receiving this most popular beautiful gift, I think that the hard to buy for women in your life might be aided by another gift.  That gift is the review and organization of the financial aspects of her life.

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 on one’s own financial being can be overwhelming and confusing.

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 organize and review 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 Put 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!

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The foregoing content reflects the opinions of Crimmins Wealth Management and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. All investing involves risk, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful.

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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