Stretch your Dollar: Checking in on your finances with a mid-calendar year review

Stretch Your Dollar

(WTNH) — As the nation reopens amid a pandemic, it’s likely your financial situation is changing, with taking long-awaited vacations, going back to shopping indoors, and hosting gatherings again.

Cowan Tax Group’s Roger Cowan suggests you don’t forget a mid-year financial review. Starting with what’s changed.

“If there’ve been changes to your family situation, divorce, death, birth, review your beneficiaries, don’t forget about life insurance, better to have money and no will than a will and no money,” Cowan said.

Note that the world around us is getting more expensive. Gas and lumber prices are up as the housing market booms. Cowan says a concern many retirees share is the fear of running out of money.

“Create a plan for income, make sure you’re good to go, and there will never be too much month at the end of your money,” Cowan said.

And he says it’s good for everyone to also review your estate plan, will and power of attorney designation.

Reviewing your investments is a good idea, but most of all, your spending accounts. Decide what you’re going to be doing this summer and what you need to do to ensure it doesn’t bust your budget.

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