birthday year, now is the time to take stock and review your financial life.

Listed below is a check list of questions you should consider for your future financial planning.

Asset Protection 1. Family young or family grown? Is your insurance adequate? 2. Do you have life insurance? 3. Disability insurance? 4. Property and content insurance? 5. Business insurance including buy/sell and/or key-man insurance? Income Protection 1. Review your projected retirement income? Is it adequate? 2. Are you vested in a pension plan? 3. Bermudians, were you divorced or widowed from US/UK /CDN citizens? You may be eligible for a share of his/her social security benefits.

4. Have you sufficient cash savings (six months living expenses) in case of redundancies or illness? 5. Do you have a regular savings plan? 6. Are your workplace skills current? Position yourself, upgrade them now for an active retirement career.

Debt Management 1. Is your long-term debt reasonable for your age? 2. Will it be paid off by the time you are living on a fixed income? If not, consider plans to consolidate.

3. Is your short-term (credit card etc.) debt manageable? 4. Change lifestyles to accommodate savings rather than spending, simplification rather than consumption. It's how healthy you are, not what you own! Investment Planning 1. Review total investment return. Asset allocation appropriates for your age and risk tolerance? 2. What is your REAL RISK TOLERANCE? Ask yourself (and be honest), How will I react if the market corrects 25 percent? 3. Expatriates, is your portfolio tax-efficient? Are you invested in allowable instruments? Don't get caught in the offshore common tax traps, Passive Foreign Investment Corporations (PFICs).

4. Is it time to rebalance your investments based upon revised risk exposure and cash flow needs? Estate Planning 1. Do you have a will (power of attorney, health care proxy, and living will)? 2. Does your will match your asset transfer wishes? Are assets correctly titled? Beneficiary designations? 3. Does your financial situation necessitate establishing a trust? 4. Are you multicultural? Do you own assets in more than one country? Martha Myron, CPA, CA, is a senior advisor, Financial Planning Division of First Bermuda Securities.

She is a Bermudian with 15 years of financial service and US taxation experience. You may contact her at by phone at: 441-295-1330 of First Bermuda Securities.

SENIORS SR