Andrew Zumwalt, M.S., Associate State Specialist, Personal Financial Planning, University of Missouri Extension
Many people engage in spring cleaning to clean out the clutter that has accumulated during the winter months. This is a good time to air out your finances as well. If you have had some major life events since the last time you examined your financial life, you might discover some dusty financial accounts that you had forgotten about.
As people age, checking and savings accounts may accumulate. One of the first tasks involved with moving to a new location is to set up accounts with local financial institutions; however, people often forget to close down the accounts at the place they moved away from. Similarly, married couples often open new joint checking and savings accounts, but they may leave old accounts from their single years open. Savers interested in the highest interest rates move their money around as they chase after the highest yielding accounts…
The accumulation of dusty accounts happens with retirement accounts as well. Employees will change jobs and often leave their 401(k) or 403(b) with their former employer… Keeping tabs on each of these accounts and maintaining an overall picture can be daunting…
To find out how & why you should take time now to “shake out the dust and breathe new life into your financial plans,” see the full version of this article at http://missourifamilies.org/
