Financial Health Checklist

Use this checklist to help assess your financial health and habits. Check off what you’ve already completed.

💵 Cash Flow & Budgeting

☐ I have a good sense of my monthly income and expenses (ex. I track my income and expenses).

☐ I follow a budget (or spending plan) that helps me save and accomplish my goals.

☐ I have at least 3 to 6-month emergency fund.

☐ I pay off my credit cards in full each month.

📈 Investments & Retirement Planning

☐ I contribute consistently to a retirement account (401(k), IRA, Roth, etc.).

☐ My investment portfolio is diversified and matches my risk tolerance.

☐ I understand my retirement income needs and savings goals.

☐ I’ve calculated whether I’m on track to retire at my desired age.

☐ I periodically rebalance and review my investments.

🛡️ Insurance & Risk Management

☐ I have life insurance appropriate for my family's needs.

☐ I have health insurance that fits my current situation.

☐ I maintain long-term disability and/or long-term care coverage.

☐ I review and update policies after major life events.

☐ I understand what my insurance does—and doesn’t—cover.

📜 Estate Planning

☐ I have a valid will and trust in place.

☐ I have named financial and healthcare powers of attorney.

☐ I’ve designated beneficiaries on all applicable accounts.

☐ I review and update beneficiaries after major life events.

☐ My estate plan is updated for current tax laws and personal wishes.

🧾 Taxes & Planning Opportunities

☐ I understand my tax bracket and tax liabilities.

☐ I’m not surprised by my tax bill each year.

☐ I take advantage of tax-efficient investment strategies.

☐ I review my tax situation regularly for planning opportunities.

☐ I coordinate my tax strategy with my financial advisor and CPA.

👵🏼 Retirement Preparation & Benefits

☐ I’ve estimated my Social Security benefits and ideal claiming strategy.

☐ I understand my Medicare options and enrollment windows.

☐ I’ve chosen (or am evaluating) supplemental health insurance.

☐ I know when and how to transition from work-based benefits to personal plans.

☐ I’ve considered how healthcare costs will impact my retirement income.

☐ I’ve stress-tested my retirement plan against different scenarios.

🧠 Retirement Execution

☐ I have a clear plan for generating income in retirement.

☐ I understand required minimum distributions (RMDs) and tax-smart withdrawal strategies.

☐ I’ve accounted for inflation and longevity in my planning.

☐ I’m not concerned about running out of money.

☐ I have a strategy to adjust spending and income if needed during retirement.

☐ I’ve considered how I will spend my time in retirement (i.e. continue to use my God-given gifts).

What’s next? - Call us or schedule a Discovery Meeting to review next steps!

The information provided is educational and general in nature and not intended to be, nor should it be construed as investment, accounting, tax, or legal advice. It should not be construed as a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any transaction. Information herein was prepared by or obtained from sources that we believe to be reliable and is meant for general illustration purposes. Cooke Wealth Management makes no warranties, expressed or implied, as to accuracy, completeness, or results obtained from any information on this report. It is provided for your personal use and information purposes only.