Get the Most Out of Your Annual Financial Check-Up
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Staying on top of your finances today can help keep you on track for the future.

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An annual physical gauges your overall physical well-being and helps spot any problems early. A yearly financial check-up does the same for your fiscal health. As quickly as the calendar flips, your personal and financial circumstances can change. Maybe you receive a windfall from an inheritance. Perhaps you face an unexpected job loss or mark a milestone life event, like becoming a parent. If you put off dealing with the financial consequences of such changes, your financial plan can become out of date fast.

What your financial checkup should cover

Your financial professional can tailor your annual review to your unique circumstances, but generally it covers four key areas.

1. Insurance

Your portfolio of insurance products gives your family a strong financial foundation and greater security. In addition to the safeguards of homeowners and auto insurance, many people protect their families with life insurance.

Term life insurance, in particular, plays a crucial role in protecting many families from the loss of income. During an annual financial check-up, you can ensure you have enough coverage to maintain your loved ones’ lifestyle. You might find that you need more—or, as children grow, that you could consider other types of life insurance to support your spouse during retirement years. Your financial professional can help you find a life insurance product that help give you and your family peace of mind for the future.

2. Spending and savings plan

Even if you have your annual budget down to a fine art, it can be helpful to talk it over with an expert who may discover ways to reallocate funds to save more or spend less or both. You may also find strategies to consolidate debt, avoid high-interest rates or achieve your savings goals. Whether you want to pay down your mortgage faster or put aside more money for the future, an annual review can help you get there.

3. Retirement strategy

A yearly evaluation of your retirement plan ensures you make the small adjustments today that can make a big difference down the road. That could mean consolidating old 401(k)s into an IRA or reducing your investment risk as you get closer to retirement age. You may also consider how cash value life insurance or an annuity could provide steady and reliable income during retirement. Your financial professional can help you ensure that your strategy matches with your ever-evolving goals.

4. Estate planning documents

You may already have the necessary documents in place—including a will, power of attorney, beneficiary designations and a power of attorney—but it’s always smart to review them each year to ensure they are up to date and aligned with your current wishes. And if you don’t have an estate plan, your annual check-up is a good time to work with your financial professional to get started.



Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges.

In order to sell life insurance, a financial professional must be a properly licensed and appointed life insurance producer.

Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company and do not protect the value of the variable investment options, which are subject to market risk.

The above calculator is provided for informational purposes only and should not be construed as investment, tax, or legal advice. Information is based on current laws, which are subject to change at any time. You should consult with their accounting or tax professionals for guidance regarding your specific financial situation.

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.

Pacific Life’s Home Office is located in Newport Beach, CA.


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