The beginning of a new year is an opportunity to reflect on your financial priorities, review your current circumstances, and consider what may need attention in the months ahead.
Whether you're managing household expenses, saving for future goals, or evaluating retirement planning options, an annual financial review can provide an opportunity to better understand your financial situation.
Financial planning in 2027 doesn't necessarily mean making significant changes. Instead, it involves reviewing relevant financial information, evaluating your goals, and identifying areas that may warrant additional consideration.
The following annual financial checklist highlights several topics individuals and families may wish to review as the new year begins.
What Should You Review Financially at the Beginning of 2027?
An annual financial review may include evaluating your household budget, savings, retirement accounts, investment allocation, insurance coverage, and anticipated expenses.
The areas most relevant to you will depend on your financial circumstances, personal goals, and stage of life.
Here are ten financial planning considerations to explore in 2027.
1. Revisit Your Financial Goals
Financial priorities may change as personal and professional circumstances evolve.
Changes in employment, household income, family responsibilities, or anticipated expenses may influence your short- and long-term financial objectives.
As you review your goals, consider the following questions:
Have my financial priorities changed since last year?
Are there major expenses or life events I anticipate in 2027?
Do my current savings and financial arrangements reflect my goals?
Are there areas of my financial situation I would like to better understand?
Reviewing these questions may help you identify topics that deserve further evaluation.
Learn more about financial planning services for individuals and families available through Benefit & Financial Strategies.
2. Review Your Household Budget
Understanding household income and expenses is one component of financial planning.
At the beginning of 2027, you may want to review your budget and consider whether it continues to reflect your current financial circumstances.
Expenses to evaluate may include:
Housing and utilities
Groceries and transportation
Healthcare and insurance
Debt obligations
Childcare and education
Savings and retirement contributions
If your income or expenses have changed, reviewing your budget may help you better understand how those changes affect your financial priorities.
Budgeting approaches vary, and no single method is appropriate for every household.
3. Evaluate Your Emergency Savings
Unexpected expenses can affect individuals and families at different stages of life.
An annual financial review may include evaluating your available savings and considering whether they remain appropriate for your household's circumstances.
Factors to consider may include:
Essential monthly expenses
Household income and employment stability
Financial responsibilities for dependents
Insurance deductibles
Potential unexpected expenses
The amount of emergency savings appropriate for a household varies based on individual circumstances and financial obligations.
4. Review Your Retirement Planning Considerations
Retirement planning may involve evaluating current savings, anticipated retirement timelines, and available retirement account options.
As 2027 begins, individuals may wish to review their existing retirement arrangements and consider whether their circumstances or objectives have changed.
Areas to review may include:
Employer-sponsored retirement plans
Individual retirement accounts (IRAs)
Current contribution levels
Employer matching provisions, if available
Applicable contribution limits and eligibility requirements
Anticipated retirement timelines
Retirement account contribution limits, tax treatment, and eligibility requirements may change from year to year.
For current retirement plan information, visit the Internal Revenue Service.
You can also explore retirement planning services available through BFS.
Retirement planning decisions should be evaluated in light of individual financial circumstances, applicable regulations, and long-term objectives.
5. Evaluate Your Investment Allocation
Investment values fluctuate, and changes in market conditions may affect the allocation of assets within an investment portfolio.
An annual review may provide an opportunity to evaluate whether an existing investment allocation continues to reflect your financial objectives, time horizon, and tolerance for risk.
Topics to consider may include:
Current investment allocation
Diversification
Investment-related expenses and fees
Changes in financial goals
Potential tax considerations
Investment decisions involve risks and should be evaluated based on individual circumstances.
All investments involve risk, including possible loss of principal. Diversification does not guarantee a profit or protect against losses.
6. Review Your Insurance Coverage
Insurance coverage may be an important consideration within a broader financial strategy.
Changes in family circumstances, employment, income, or financial obligations may create reasons to review existing insurance arrangements.
Depending on your circumstances, areas to consider may include:
Life insurance
Health insurance
Disability insurance
Long-term care considerations
Policy beneficiaries
When reviewing insurance coverage, consider applicable policy terms, coverage limitations, exclusions, and costs.
Insurance products and coverage options vary, and decisions should reflect individual circumstances and applicable policy provisions.
For additional information, explore BFS's services for individuals and families.
7. Consider Upcoming Family and Education Expenses
For families, financial planning may include evaluating both current household expenses and anticipated future obligations.
Depending on your circumstances, expenses to consider may include:
Education and tuition costs
Childcare and dependent care
Housing-related expenses
Major household purchases
Financial responsibilities involving family members
Individuals exploring education savings accounts or other financial products should review applicable eligibility requirements, tax considerations, fees, and account rules before making decisions.
8. Review Tax-Related Financial Information
Tax-related considerations may influence various aspects of financial planning, including retirement accounts, investments, and household income.
As 2027 begins, you may want to organize relevant financial records and review changes in your circumstances that could affect your tax situation.
Topics may include:
Changes in employment or income
Retirement account contributions
Tax withholding
Education-related tax considerations
Applicable tax filing deadlines
Tax laws and eligibility requirements are subject to change.
For current federal tax information, visit the IRS website.
Individuals should consult a qualified tax professional regarding their specific tax circumstances.
9. Review Estate Planning Documents and Beneficiary Information
An annual financial review may also include reviewing important estate planning documents and account beneficiary information.
Changes in family circumstances, such as marriage, divorce, the birth of a child, or the death of a family member, may create reasons to revisit existing arrangements.
Depending on your circumstances, information to review may include:
Wills and trusts, if applicable
Powers of attorney
Healthcare directives
Retirement account beneficiary designations
Life insurance beneficiaries
Estate planning requirements vary by jurisdiction and individual circumstances. A qualified estate planning attorney can provide guidance regarding legal documents and their implications.
10. Consider an Annual Financial Planning Review
After reviewing your financial information, you may identify questions or topics that deserve further consideration.
Some individuals choose to evaluate financial planning matters independently, while others may consult an appropriately qualified financial professional.
The appropriate approach depends on individual circumstances, preferences, and the complexity of the financial matters involved.
For individuals and families in Flagstaff and throughout Northern Arizona, exploring financial planning services from a local provider may offer opportunities for conversations about financial goals and available options.
Learn more about Benefit & Financial Strategies and the services available for individuals and families.
Your Annual Financial Planning Checklist for 2027
Use the following checklist as a general reference when reviewing your financial situation:
- Review personal and family financial goals
- Evaluate household income and expenses
- Review emergency savings
- Evaluate retirement accounts and contributions
- Review investment allocation and risk considerations
- Review insurance coverage and beneficiary information
- Consider upcoming family and education expenses
- Organize tax-related financial information
- Review estate planning documents, if applicable
- Identify financial planning questions or areas for further evaluation
Not every item will apply to every individual or family. Financial planning considerations should reflect personal circumstances and objectives.
Frequently Asked Questions About Financial Planning in 2027
What should I review financially at the beginning of 2027?
An annual financial review may include evaluating household income and expenses, savings, retirement accounts, investment allocation, insurance coverage, and anticipated financial obligations. The areas most relevant to you will depend on your circumstances and goals.
How often should I review my financial plan?
The appropriate frequency varies by individual. Some people review their financial information annually, while others may choose to revisit their plans following significant changes in employment, income, family circumstances, or financial objectives.
Do I need a financial advisor for an annual financial review?
Individuals and families may choose to manage certain financial decisions independently or consult an appropriately qualified financial professional when evaluating more complex financial planning considerations. The appropriate approach depends on individual circumstances and preferences.
What documents may be helpful for an annual financial review?
Depending on your circumstances, relevant documents may include retirement account statements, investment account information, insurance policies, household income and expense records, and a list of financial goals or questions.
Where can I explore financial planning services in Flagstaff, Arizona?
Individuals and families seeking financial planning services in Flagstaff may wish to compare local providers based on their available services, professional qualifications, compensation arrangements, and regulatory registrations.
Benefit & Financial Strategies provides information about financial planning, retirement, and insurance-related services for individuals and families.
Looking Ahead: Financial Planning in 2027
The beginning of a new year provides an opportunity to evaluate your financial priorities and consider whether your current approach continues to reflect your goals.
Whether you're reviewing household expenses, evaluating retirement planning considerations, or exploring insurance options, understanding your financial circumstances can help inform future decisions.
At Benefit & Financial Strategies, we provide resources and services to help individuals and families explore financial planning, retirement, and insurance-related considerations.
Interested in learning more about your financial planning options?
Visit Benefit & Financial Strategies to explore available services and resources.
Important Disclosure: This article is provided for general educational and informational purposes only. It is not intended to provide individualized investment, financial, tax, insurance, or legal advice, nor does it constitute a recommendation to purchase or sell any security or financial product. Information is subject to change. Financial planning considerations vary based on individual circumstances. Investing involves risk, including possible loss of principal. Past performance does not guarantee future results. Diversification does not ensure a profit or protect against loss. Consult appropriately qualified professionals regarding your specific circumstances.