Financial Simplification Sally Balch Hurme, JD

Basic Money Goals Have enough throughout retirement to comfortably cover expenses Have enough to take care of your loved ones

Take Control Not Marie Kondo’s joy in tidying up More Irma Rombauer’s Joy of Cooking

Where Are You on the Continuum Hoarder to neat-nick

Path to Simplification You Have to know where you have been where you are going Path to Simplification

5 bank accounts in 3 different banks 6 credit cards 4 storage units Simplify 5 bank accounts in 3 different banks 6 credit cards 4 storage units

What Do You Have— Make a List Bank accounts Brokerage accounts Retirement accounts (IRAs, etc.) Pension plans Credit cards Rewards programs Life insurance What Do You Have— Make a List

What You Need to Know Account number ID/PIN/Password Contact information How titled Beneficiary up to date

Where It Is Post-it notes Online folder Desk Drawer Portable lock box Storage unit Safe deposit box Where It Is

Safe deposit box What to put in it What NOT to put in it Who and how to access it Joint ownership

Joint with right of survivorship Individual Joint with right of survivorship Tenant in common Agency or convenience Pay on death How It’s Titled

Credit Card Simplification How much credit card debt do you have? US average $6354, Boomer average $7550 Do you pay full balance each month? 30% are transactors Which do you pay down first? How many credit cards do you have? What is important to you in a card? What is impact on credit score if close account? Credit Card Simplification

Why Simplify Now Later Direct deposits in line with auto payments Fewer interest charges/late fees Better credit score = lower rates Less time hunting Ownership in line with estate plan Sense of satisfaction Gift to family Not leave a mess Role model Stay in control Give it to them now Really don’t need it Sense of accomplishment

ABA/AARP Checklist Series Get the Most Out of Retirement Checklist for Family Caregivers Checklist for Family Survivors Checklist for My Family