Skip to main content
Discover Logo Modern Money
  • Checking Account
  • Online Savings Account
  • Money Market Account
  • Certificate of Deposit
  • IRA Certificate of Deposit
  • IRA Savings Account
  • Discover Bank Blog Home
  • Banking 101
  • Saving
  • Budgeting
  • Career & Education
  • Family Finance
  • Retirement
  • Lifestyle
  • Home
  • Banking 101
  • Saving
  • Budgeting
  • Career & Education
  • Family Finance
  • Retirement
  • Lifestyle
    • Checking Account
    • Online Savings Account
    • Money Market Account
    • Certificate of Deposit
    • IRA Certificate of Deposit
    • IRA Savings Account
    • Compare Retirement Accounts
    • Find an Account

Financial review checklist

Any time is the right time to review your finances.

March 13, 2016

You don’t need to wait until the beginning or the end of the year for a financial review, especially if your investment mix, risk tolerance, or time horizon has changed recently. When reviewing your Discover savings accounts or meeting with your financial advisor, consider whether the following areas of your life are on track.

Be sure your financial review checklist includes retirement planning, net worth and estate planning

Retirement Planning — Have you determined approximately when you expect to retire and how much you need to accumulate as a nest egg? If your retirement is close at hand or if you are already retired, your financial advisor can help you calculate how much you can withdraw from accounts such as your Discover Individual Retirement Account (IRA) CD for annual living expenses without depleting your assets. Discover offers both Traditional and Roth IRA CDs which have no monthly maintenance fees and offer competitive rates with guaranteed returns.

Net Worth — Have your total assets minus total liabilities (such as loans and credit card debt) gone up or down during the past year? Many investors may be facing a smaller net worth because of declines in the value of stock and real estate holdings. If this describes you, don’t despair. Consider whether you can start saving more in an attempt to rebuild your assets. In addition to IRA CDs, Discover also offers a wide variety of flexible, high-yield accounts designed for each of your unique savings goals, including Discover’s Online Savings Account, Money Market Accounts, and CDs. With all those choices, you’ll be sure to find the terms and rates you’re looking for.

Estate Planning — Do you have a will? Have you reviewed your beneficiary designations? Have you considered the tax implications of transferring your estate to your heirs? If your estate plan was prepared some years ago, it may be time for a review to make sure it is appropriate for your current circumstances.

Everyone’s financial life is unique, and you may face other considerations that are important in the short term. By taking time to review your finances at mid-year, you may ultimately find yourself further along in pursuing long-term goals.

Review your finances regularly, or any time your risk tolerance, timeline or income changes

Discover

Regardless of your time horizon, risk tolerance, or savings goal, you can always find the right savings vehicle for your needs at Discover. Discover offers an Online Savings Account to help you with your short-term savings goals, a full range of CDs and IRA CDs with terms from 3 months to 10 years as well as Money Market Account that may be ideal for rounding out your overall savings strategy. Open a Discover account online in minutes or call our 24-hour U.S-based Customer Service at 1-800-347-7000.

The article and information provided herein are for informational purposes only and are not intended as a substitute for professional advice.

Take your financial knowledge to new heights

Sign up for our quarterly Modern Money newsletter.

Enter a valid email address.
Send me articles about (optional)
  • Saving
  • Budgeting
  • Retirement
  • All of the above
Please verify that you are not a robot.

By providing your email address, you are consenting to receive the Modern Money newsletter from Discover. Subscribing to this newsletter will not impact any other email preference you may have with Discover.

Loading…

Discover Bank, Member FDIC

Was this article helpful?

  • Yes this article was helpful.
  • No this article was not helpful.

Tags:

  • CD
  • Financial Plan
  • IRA
  • Money Market Account
  • Online Savings Account
  • Retirement Planning
  • Saving for Retirement
Related Article
How does an IRA savings account work, and how can it work for you?
Close
  • Share article on facebook.
  • Share article on twitter.
  • Share article on linked in.

Related Content

How to begin investing: The steps to take and terms to know
IRA CDs vs. IRA savings accounts: What's the difference?
Why you need a financial plan

Banking on Your Terms

Checking Account: Enjoy Everyday Checking and Earn Cash Back While Doing It
Checking Account
Online Savings Account: Imagine an Online Savings Account Without the Monthly Fees
Online Savings Account
Money Market Account: Get the Best of Both Worlds: Flexibility and High Yields
Money Market Account
Certificate of Deposit: Lock in Your APY and Reap the Returns
Certificate of Deposit
Individual Retirement Accounts: Make Saving for Retirement a Lot Easier
Individual Retirement Accounts
Quick Quiz: Find the Account That's Right For You
Quick Quiz
Back To Top

Online Banking Products

  • Checking Account
  • Online Savings Account
  • Money Market Account
  • Certificate of Deposit
  • IRA Certificate of Deposit
  • IRA Savings Account
  • Compare Retirement Accounts
  • Find an Account
  • CD Rates

Help and Resources

  • FAQ
  • ATM Locator
  • Forms and Documents
  • Secure Document Upload
  • Mobile Banking
  • Digital Wallets
  • Features and Benefits
  • Modern Money Blog
  • FDIC Insurance

Other Discover Products

  • Credit Cards
  • Home Loans
  • Personal Loans
  • Student Loans

About Discover

  • About Discover
  • Financial Education
  • Investor Relations
  • Merchants
  • Newsroom
  • Sitemap
  • Terms of Use
  • Security Center
  • Privacy
  • Contact Us
  • AdChoices
  • Facebook
  • Twitter
  • LinkedIn

©2023 Discover Bank, Member FDIC

Discover

© 2023 Discover Bank, Member FDIC

  • Equal Housing Lender
  • Equal Housing Lender
  • Equal Housing Lender

You are leaving Discover.com

You are leaving Discover.com and entering a website operated by a third party. We are providing the link to this website for your convenience, or because we have a relationship with the third party. Discover Bank does not provide the products and services on the website. Please review the applicable privacy and security policies and terms and conditions for the website you are visiting. Discover Bank does not guarantee the accuracy of any financial tools that may be available on the website or their applicability to your circumstances. For personal advice regarding your financial situation, please consult with a financial advisor.

Continue