Take Time to Organize Your Financial Accounts

For many, back to school offers a time to get one’s home organized. It’s also a great time to make sure the documentation of your retirement and other accounts is in good order.

In addition to making it easier for you to efficiently monitor your investments, keeping your financial information up to date and in one place can also ease the stress on your family or other beneficiaries if the unexpected occurs.

Here’s an easy-to-use checklist to help you get started:

• Make a list of your accounts. Whether they arrive via snail mail or email, every financial account you own should regularly send you a statement. Collect these statements and make a list so you know exactly what your investments are, where they are held, what they are worth and how to access them.
• Double check your information. Make a list of your former employers to make sure you’re not overlooking any accounts. If you think you’ve forgotten an account, call your former employer’s human resources or benefits department. They can check their records to see if you have an account. You should also check previous tax documents, as they may contain information about an account you have rolled over or a contribution you had deducted from your paycheck.
• Register for online access. If you’d like to cut down on the volume of paper arriving in your mailbox, consider registering all your accounts online. Another benefit? You can check the status of your online accounts whenever you’d like. Remember to keep your passwords for these accounts in a secure location.
• Consult with your spouse or partner. Encourage them to take time to get their accounts in order, too.
• Make sure your spouse, partner or another trusted individual knows where this list is kept. It’s a good idea to store the list in a safety deposit box or home safe.

For additional help organizing your accounts, including consolidating any accounts to make it easier to evaluate your holdings, consult your financial advisor. He or she can help you make sure that your assets are aligned with your investment strategy in the most efficient and effective ways.