Managing your investments is a lifelong process. When a major life event happens, this may be a time to review your financial situation and consider adjustments.

Marriage

Getting married may have an impact on your investment strategy, as everyone has their own investment preference. While you might be comfortable making investment decisions on your own, your spouse may prefer to work with a Financial Advisor. As a couple, you’ll need to find a middle ground you can both agree upon as you determine important financial goals together, such as buying a house and starting a family.

Birth of a child

The arrival of a child is the perfect time to begin a college fund, such as a 529 plan. Making even modest contributions early gives your child's education fund the opportunity to compound and grow or use later in life.

Job change

Jobs changes or losses happen. If you received a salary increase or bonus, consider allocating those funds towards your emergency savings and investment portfolio. 

If your job situation has led to temporarily reduced income, take the time to review and adjust your budget. Temporary changes to your expenses or pauses to investment contributions may help, as well as considering whether to tap into any available emergency savings.

If you experienced a job loss, remember to take care of any savings in your qualified employer-sponsored retirement plan (QRP), such as a 401(k), 403(b), or governmental 457(b). Consider these five retirement mistakes to avoid with your savings.

Divorce

Divorce can be a major financial adjustment. Once the divorce is finalized and the assets have been dispersed, you may need to recreate or adjust your investment plan. Consider meeting with a financial advisor to help understand your investment portfolio, assess your financial goals, and address other aspects of your finances. Please note that Wells Fargo does not offer legal advice.

Retirement

The shift from asset accumulation to withdrawal may be the biggest financial change you’ll face. Look closely at your life expectancy, expenses, and income; budget carefully; and set up a system where you’ll monitor your rate of account withdrawal to help you avoid outliving your money. Do thorough annual reviews, and be ready to make adjustments as needed. Taper your exposure to risk gradually as you approach your target retirement date.

If you keep a keen eye on your investments as your life changes, you can better prepare yourself for the events to come.

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