Your Annual Financial Health Checklist

5 Things To Review Before The New Year

As the year draws to a close, it's the perfect time to give your finances a quick, health check and ensure everything is still aligned with your goals. This annual review is not about overhauling your strategy, but making sure your existing pensions, insurance, and mortgages remain on track for 2026.

A little time spent now can prevent a lot of stress later. Use this practical, easy-to-follow guide to cover the essential elements of your financial plan.

1. Confirm Your Pension is on Target

Your pension is likely one of your largest, most important financial assets. An annual review ensures you're contributing enough to secure your retirement

·        Check your contribution amount: Is the percentage you are paying in still appropriate for your age and retirement goals?

·        Review fund performance: While we focus on long-term strategy, a quick check of how your underlying funds are performing against their benchmarks can be useful

·        Consider recent life changes: A change in salary, family situation, or health may warrant an adjustment to your pension.

2. Verify Insurance Policy Indexation

Many insurance policies in Ireland include indexation options to protect the real value of your cover against inflation.

·        What is indexation? Indexation is an automatic annual increase in both your sum assured (the payout amount) and your premium (the cost) to keep in line with rising costs.

·        Check your latest statement: Ensure indexation is active and that you are comfortable with the incremental adjustments. If you've opted out in the past, consider opting back in to maintain adequate coverage.

3. Update Beneficiary Designations

This is perhaps the most critical, yet often overlooked, part of a financial review. When was the last time you checked who is nominated to receive the benefits from your pensions and insurance policies?

·        Life events matter: Following a marriage, divorce, birth of a child, or a death in the family, you must update your nominations.

4. Review Your Mortgage – Rates & Term

Your mortgage is likely your biggest monthly expense. An annual review can ensure you are on the most competitive rate available for you.

·        Assess your current rate: Is your fixed rate ending soon, or are you on a variable rate? Explore options for a new fixed rate or a potential remortgage.

·        Consider overpayments: If your financial situation has improved, assess if you can make overpayments to reduce your loan term and total interest paid.

·        Home improvements & equity release: If you are considering a home project such as an extension or attic conversion, discuss the feasibility of releasing equity with your advisor.

5. Schedule a Consultation with Your Financial Advisor

The most efficient way to complete this checklist is with a professional. We can provide clarity and expert guidance on all the points above.

·        Expert insight: We can provide an objective assessment of your current policies and recommend changes based on current market conditions and your personal circumstances.

·        Peace of mind: A professional review offers the peace of mind that all aspects of your financial life are not just managed, but optimised for your future.

Taking action now will set you up for a financially resilient and prosperous New Year. Contact us today to schedule your annual financial health check.

www.citywidefinancial.ie

info@citywidefinancial.ie

01 513 8710