You may have spent years shaping a detailed plan for investing, retirement, taxes, and estate planning. Still, even well-researched choices can lose their fit as circumstances change.
Ameriprise Financial says personalized guidance should change as your life changes. A new year is a good time to test the assumptions behind the decisions you have already made and see whether they still match your goals. As you look ahead to 2027, these seven areas deserve attention.
1. Is your retirement plan still realistic?
When people first set a retirement target, they often choose an age that is many years away. It is usually only a rough estimate, similar to picking 65 because that is when Medicare begins or because that is when a parent retired.
As retirement gets closer, that target deserves a fresh review. You can compare your original assumptions with your current situation and see whether they still make sense.
Do you have a better estimate of how much income you will need? Are your savings on pace to support the retirement you want? Have changes in your job or personal life altered your timeline?
Running the numbers through a retirement calculator can help you see whether your current savings and income goals still align with the schedule you have in mind. The earlier you spot a gap, the more choices you will have.
2. Does your portfolio still fit your comfort with risk?
The portfolio you built years ago was designed for a different stage of life, when your tolerance for losses may have looked different.
Over time, asset allocation can drift. Strong returns in one area can leave you taking on more risk than you intended, even if your preferences have not changed. For instance, a strong market could leave you with a heavier stock position than bond exposure.
If retirement is approaching, what you already own may matter more than it once did, especially because there is less time to recover from a sharp market drop. Your willingness to take risk may have shifted, and your investments should reflect that.
Check whether your current mix still matches your time horizon and comfort with volatility. If it does not, talk with your financial advisor about rebalancing.
Secure digital tools can also help you monitor your investments between meetings and work with your advisor when your allocation needs attention.
3. Are you using tax strategy well in retirement?
Most people understand the value of diversification in investing, or avoiding the mistake of keeping everything in one basket. As you review your retirement strategy for 2027, it is worth asking whether your tax strategy is diversified as well.
Retirement savings can sit in taxable, tax-deferred, and tax-free accounts, and each serves a different purpose. If most of your money is concentrated in one tax category, you may have less flexibility when deciding where retirement income should come from.
For example, withdrawals from tax-deferred accounts such as traditional IRAs and 401(k)s are generally taxed as ordinary income. If most of your income comes from those accounts, you could move into a higher tax bracket, increase the share of Social Security benefits subject to tax, and raise Medicare premiums.
Review your current balance and consider whether Roth contributions or conversions could give you more flexibility later.
4. Are you ready for health care and long-term care expenses?
Health coverage deserves a yearly review, even if your previous plan worked well. Premiums, out-of-pocket costs, provider networks, and other important details can change. During open enrollment, compare the options available through your employer or the individual market based on the care your family needs.
Also check whether you can take advantage of tax-advantaged accounts. If you are enrolled in a high-deductible health plan, you may qualify for a health savings account (HSA). HSAs allow a tax deduction for contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. If your employer offers a health care flexible spending account (FSA), you may also be able to set aside pretax money for eligible medical costs.
Looking further ahead, think about how you would handle long-term care in retirement. Medicare generally does not cover extended custodial care, and long-term care insurance is one option that can help cover those substantial expenses.
5. Have your estate and legacy documents been reviewed lately?
Putting key estate planning documents in place, such as a will, living will, and financial power of attorney, is an important step. But those documents only work as intended if they still reflect your current wishes and circumstances.
Changes in family or finances can create a need for updates. Marriage, divorce, the birth of a child, or the death of a loved one can all affect who should inherit assets or make decisions on your behalf. A move can also be a reason to revisit your documents, since estate laws vary by state. These are the kinds of updates that are easy to miss when life is busy.
Use 2027 as a chance to review your wishes, including the beneficiaries listed on retirement accounts and insurance policies. Those designations usually override what is written in a will, so keeping them current matters.
6. Is your household on the same financial page?
A strong financial plan also depends on shared understanding among the people closest to you.
Make sure you and your spouse or partner agree on your biggest goals and on what you are willing to adjust or give up to reach them. Bring them into meetings with your financial advisor so major decisions are made together.
Children can also be included in family money discussions when their age makes that appropriate. Those conversations can begin with simple budgeting and later expand to college planning, then estate and caregiving decisions.
Open conversations about money values, goals, and the overall plan can help reduce confusion and conflict later.
7. Does your financial team help you see the full picture?
As finances become more complicated, you may depend on several professionals for different needs: an accountant for taxes, an attorney for estate planning, and a financial advisor for portfolio and broader financial guidance. Each plays an important role, but the decisions they help shape often overlap.
A change in one part of your financial life can affect others. For example, choosing to retire earlier could influence your investments, taxes, and health care planning at the same time. Comprehensive advice from a financial advisor, working alongside your other professionals, can help you understand those links and make decisions with the bigger strategy in mind.
As you rethink your priorities for 2027, an Ameriprise financial advisor can help you review your full financial picture with guidance tailored to what matters most to you.
This information is not published by Ameriprise Financial. While the information is believed to be accurate, distribution of this material should not be considered an endorsement of any particular investment strategy, product or service described herein. This information is being provided only as a general source of information and is not intended to be used as a primary basis for investment decisions, nor should it be construed as advice designed to meet the particular needs of an individual investor. Please consult your advisor regarding your particular financial concerns.
David Rodeck is not affiliated with Ameriprise Financial, Inc.
Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Diversification does not assure a profit or protect against loss.
When evaluating a Roth conversion, clients should consider their ability to pay taxes on converted assets, their current marginal tax rate relative to their potential future marginal tax rate, and their timeframe for withdrawing the assets. Withdrawals from a Roth account are tax-free as long as investors leave the money in the account for at least 5 years and are 59 1/2 or older when they take distributions or meet another qualifying event such as death or disability.
Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.
Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC.
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