A lifetime of financial planning advice

There have been many times in our nation's history when unforeseen circumstances or economic shifts have created significant change. Although the history books have not yet been written on what we are all going through now, it is probable that for many of us, changing circumstances are impacting both short- and long-term priorities.

With that in mind, now may be a good time to take a moment to stop, think, and review where you are, where you are going and what it will take to get there. In other words, now is the perfect to time to go back to basics and review your financial plan against potential changing life goals.

Needs change over time, and often life events trigger the need to take action. Listed below are some examples of some actions you can take when these life "triggers" occur.

Life EventPotential actions to takePlan a wedding

Update account beneficiaries and successor trustees
Determine life insurance needs and recommend appropriate solutions
Confirm account registrations are properly titled

Purchase a home

Review mortgage and home equity line financing alternatives
Understand the need for comprehensive property and casualty insurance
Review personal umbrella liability policy terms and coverage

Expecting a child or grandchild

Develop and implement a college savings or gifting strategy
Understand the benefits and drawbacks of 529 College Savings Plan accounts
Review life insurance coverage to account for growing families
Work with outside advisors to ensure estate planning reflects changing objectives

Off to college

Understand the filing requirements for FAFSA/CSS financial aid profiles
Prepare an asset spending plan to minimize taxes and maximize financial aid eligibility
Discuss medical power of attorney, college-provided health insurance and the other alternatives available to full-time students

Change jobs

Understand workplace retirement and health benefit packages (including employer retirement matching or profit sharing contributions, health coverage, disability, and long term care insurance)
Establish 401(k) deferrals and select new investment instructions
Consider options for previous employer's retirement plans and portable insurance benefits
Understand how High Deductible Health Plans affect Health Savings Account (HSAs) contributions

Plan for retirement

Develop and implement a retirement plan savings strategy
Ensure "catch-up" contributions are used for those age 50 or older
Discuss the features of long term care insurance and the benefits that it offers

Retirement

Identify a personalized Social Security claiming strategy to maximize expected lifetime income
Discuss Medicare health care coverages available for those age 65 or older
Analyze workplace pension payment options, such as receiving a lump sum benefit versus lifetime income
Plan for retirement account Required Minimum Distributions
Understand the benefits of Qualified Charitable Distributions for charitable giving

Aging parents or grandparents

Develop a gifting plan to remove assets from the taxable estate
Be sure the end-of-life planning wishes (such as powers of attorney, medical care, living wills, etc.) are clearly communicated to loved ones and family

Annual financial checkup

Review updated personal financial statements
- Update asset values, liabilities and current net worth
- Reconcile cash flows, income, living expenses and savings
Develop a written savings and cash flow plan to prepare for leaving a legacy, retirement income, education expenses, and/or unexpected financial needs
Ensure savings are directed to the most efficient account types
- Maintain safety and liquidity to provide for an unforeseen financial need
- Maximize employer-sponsored retirement plan contributions and take advantage of employer matching and profit sharing benefits
- Earn state tax deductions for contributing to an in-state 529 College Savings Plan
- Understand IRA and Roth IRA contribution options, such as spousal IRA contributions or "back door" Roth conversions
- Survey employer stock and option plans for vesting and expiration

Year end planning

Harvest tax losses and use carryforwards to reduce capital gains taxes
Accelerate ordinary income if lower-rate tax brackets are unused
Understand how deductions, income phase outs, and the Alternative Minimum Tax interact

We provide our clients with comprehensive wealth management and investment advice. Together with the families we work with, we have in-depth conversations to understand each individual's and family's current financial situation and to interpret unique planning goals, often over decades, and with multiple family generations.

Published January 2026

Connect with an Advisor

Start the conversation

Explore more wealth insights

How to maximize your social security paycheck

In order to determine how to maximize Social Security, it is important to know which types of benefits are available, and then to identify when is the best time to begin receiving these benefits will be based on your individual situation.

Read article

Want to live your best life in retirement?

Want to live your best life in retirement? Teaming with a wealth advisor can help. If you've done your own retirement investing to this point, here's something to consider: it's no longer just about growth. It's about management.

Read article

Mesirow does not provide legal or tax advice. Past performance is not indicative of future results. The views expressed above are as of the date given, may change as market or other conditions change, and may differ from views express by other Mesirow associates. This is not a solicitation to buy or sell the securities mentioned. Do not use this information as the sole basis for investment decisions, it is not intended as advice designed to meet the particular needs of an individual investor. Information herein has been obtained from sources which Mesirow believes to be reliable, we do not guarantee its accuracy and such information may be incomplete and/or condensed. All opinions and estimates included herein are subject to change without notice. This communication may contain privileged and/or confidential information. It is intended solely for the use of the addressee. If you are not the intended recipient, you are strictly prohibited from disclosing, copying, distributing or using any of the information. If you receive this communication in error, please contact the sender immediately and destroy the material in its entirety, whether electronic or hard copy. This material is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Mesirow Wealth Management is a division of Mesirow Financial Investment Management, Inc., an SEC-registered investment advisor. Securities offered through Mesirow Financial, Inc., member FINRA, SIPC. Advisory Fees are described in Mesirow Financial Investment Management Inc.’s Part 2A of the Form ADV. Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow name and logo are registered service marks of Mesirow Financial Holdings, Inc.