Regularly Review Your Plan

9. Regularly review your plan

If the only steps that you take are step one of setting your goals, and this step – regularly reviewing your plan, you will be ahead of other people who haven’t even done that.

The reason that you should regularly review your plan is that things change.  For many of our clients, their life changes every few years in the phase between age 25 and 45, then around every five years after that until retirement.

But more importantly the financial solutions change continuously – every day there are changes to insurance products, and investment and KiwiSaver solutions.

We often work with people who have done absolutely the right thing in the past and put in place insurances, superannuation and investments, based on what was available at that time.

But things change, locked in superannuation, high fee and underperforming investments, insurances that cost more than if you put in place new insurance today (depending on no significant changes in your health), KiwiSaver managers who are consistently underperforming……

You should be monitoring all these things and making sure that your financial solutions are the best for you and working for you.

You should review your financial plan every couple of years (or annually if you work with Moneyworks on an ongoing basis), but at least every five years.  This means that you will keep up to date with trends and you will keep your money working for you to reach those goals.

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