As the seasons change, many of us declutter, organize, and refresh our homes. But when was the last time you took a closer look at your insurance and retirement plan? Just like an overflowing closet or a neglected garage, outdated policies and misaligned retirement plans can create unnecessary risk.
An annual Spring Strategy Review ensures that your coverage and retirement plans are still working for you—not against you. Whether you’ve had major life changes or just want to make sure you’re maximizing your benefits, reviewing your policies and strategy now can help prevent costly mistakes later.
Here’s your 6-Point Spring Strategy Review Checklist to ensure your financial foundation is secure:
1. Life Insurance: Are You Still Covered for What Matters Most?
Life changes fast. Many people purchase life insurance and never revisit it, assuming it will always meet their needs. But as your responsibilities shift—whether you’ve gotten married, bought a home, changed jobs, or welcomed children—your coverage may need an update.
👉 Key areas to review:
✔️ Do you have enough coverage to support your loved ones?
✔️ Are your listed beneficiaries still correct?
✔️ Can you add valuable riders for additional protection and living benefits?
💡 Pro Tip: If you have a term life policy, check how many years remain. It may be time to convert it into a permanent policy or explore new options before coverage expires.
2. Long-Term Care: Do You Have a Plan for Future Care Costs?
70% of people over 65 will require long-term care. Yet many mistakenly believe Medicare will cover these expenses—it won’t. Without a plan, care costs often fall on family members, leading to financial and emotional strain.
👉 Key areas to review:
✔️ Do you have inflation protection to keep up with increasing care expenses? ✔️ Are you maximizing your options by considering a life insurance or annuity policy with an LTC rider to help cover gaps in your retirement plan?
💡 Pro Tip: If you don’t have a long-term care plan, now is the time to explore your options. Planning ahead gives you more choices, ensures you qualify for coverage, and safeguards your assets—all while preventing your loved ones from shouldering the burden of care. Some policies even offer the flexibility to pay a family member as your caretaker if that aligns with your wishes!
3. Medicare: Are You Overpaying or Missing Out on Benefits?
Health insurance is not one-size-fits-all, especially for those on Medicare. If you recently turned 65 or are already enrolled, it’s important to compare your plan options each year to ensure you’re not overpaying for coverage or missing out on important benefits.
👉 Key areas to review:
✔️ Changes in premiums, deductibles, and co-pays
✔️ Network coverage—are your doctors and medications still covered?
✔️ Whether your plan still fits your healthcare needs
💡 Pro Tip: Medicare Supplement plans can be reviewed and changed anytime throughout the year—not just during Open Enrollment! For example, Plan G offers the same coverage across all carriers, but prices can vary significantly. If you’re starting to receive your annual rate increase, now is the perfect time to review your plan and make sure you’re not overpaying for the exact same benefits and coverage!
4. Retirement Income: Are You Maximizing Your Guaranteed Income?
Annuities are a powerful tool for creating guaranteed lifetime income, but they should be reviewed regularly to ensure they still align with your goals. Some annuities have income riders, withdrawal benefits, or market participation options that may need adjustments based on your retirement timeline.
👉 Key areas to review:
✔️ Is your annuity’s growth and payout structure still aligned with your retirement goals? ✔️ Are there better withdrawal options available to you?
✔️ Do your policies include valuable riders?
💡 Pro Tip: Today’s annuities offer flexibility and security—some even include life insurance and LTC benefits for a more comprehensive retirement strategy.
5. Social Security: Are You Leaving Money on the Table?
Claiming Social Security too early can cost you tens of thousands of dollars over your lifetime. A proper strategy can help you maximize your benefits.
👉 Key areas to review:
✔️ Would delaying benefits increase your monthly payout?
✔️ Are you considering spousal and survivor benefits?
💡 Pro Tip: If you’re nearing retirement, now is the time to create a Social Security claiming strategy to maximize lifetime benefits.
6. Estate & Legacy Planning: Are Your Affairs in Order?
Without a proper estate plan, your loved ones could face tax burdens, legal battles, or financial uncertainty after you’re gone. Updating your wills, trusts, and beneficiary designations ensures your wishes are honored.
👉 Key areas to review:
✔️ Are your wills and trusts up to date?
✔️ Have you reviewed your life insurance and retirement account beneficiaries? ✔️ Do you have an active power of attorney and healthcare directive in place?
💡 Pro Tip: If you haven’t reviewed your estate plan in the last 5 years, now is the time to ensure it still reflects your goals and family needs.
Why a Spring Strategy Review is Critical
Policies and financial plans aren’t set-it-and-forget-it—they need regular check-ups to stay aligned with your evolving life, goals, and the latest financial strategies. As new tools and options become available, reviewing your plan ensures you’re maximizing benefits, minimizing gaps, and staying on track for a secure future!
Benefits of an Annual Review:
✅ Avoid coverage gaps that could leave you financially vulnerable
✅ Ensure your policies still meet your needs and offer the best benefits
✅ Update your retirement strategy to maximize income and balance security
✅ Keep your loved ones protected no matter what life brings
Time for a Refresh? Let’s Talk!
A well-maintained home is important, but a well-structured financial future is essential. Just like spring cleaning keeps your house in order, a Spring Strategy Review ensures your financial house is strong and secure.
Let’s make sure your policies and retirement plans are working for you!
Schedule Your Free Spring Strategy Review Today
