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6 life changes that may affect your finances

Life doesn’t move in a straight line. One season may bring a marriage, a new job or a long-awaited retirement date. Another may bring caregiving responsibilities, a financial windfall or a shift in what you want your future to look like. And when life changes, your finances often change right along with it.

Personal milestones, career moves and evolving goals can all shape how you save, invest and plan for the years ahead. That’s why these moments can be a good time to review the information in our Risk Tolerance Questionnaire and update it if needed, so your Nationwide ProAccount® account can continue to reflect your long-term goals.

Here are a few situations where reviewing and updating your Risk Tolerance Questionnaire becomes especially important.

Review and update your Risk Tolerance Questionnaire regularly, especially after one of the following life events.
Personal life events
A young couple is shown as the man proposes to the woman. Grinning, he holds open a small red box with a ring inside. She clasps her hands over her mouth in delight.

Marriage, divorce or the loss of a spouse or partner can reshape your financial life in an instant. A new household may mean different income, shared expenses or new financial priorities. A major loss may change everything from day-to-day spending to long-term plans.

Reminder: This can also be a good time to review and update your beneficiaries.

One-time financial boost
A middle-aged woman sits at her kitchen table referring to her phone, a laptop, and a pile of papers as she considers what to do with some inherited money.

An inheritance or other lump-sum payment can open new possibilities, but it can also raise new questions. A sudden increase in assets may affect how your overall finances are structured and how you want to think about risk, saving and long-term planning. 

Reminder: Before making big decisions, take stock of what has changed across your full financial life.

Ongoing financial responsibilities
A woman in her 50s gently combs her mother's hair in her growing role as her mother's caretaker.

Some financial changes arrive quietly. Caring for aging parents, supporting a loved one with health needs or saving for a child’s education can gradually place more demands on your monthly budget. Over time, those obligations can affect how much you can save and what financial goals need your attention first.

Reminder: Revisit your budget and savings priorities to see whether any small adjustments may help.

Career changes
Two men in an office setting shake hands as one accepts the news of his promotion from the other

A new job, a change in income or the decision to retire can all have a ripple effect on your finances. Career changes may affect your benefits, your savings rate and your retirement timeline. And as retirement gets closer, your focus may begin to move from building wealth to creating income that can support the life you want.

Reminder: Review your goals, timeline and account details to make sure that your strategy still matches this next chapter.

Changes to outside assets or pensions
A couple approaching retirement age discusses their finances as they sit side by side on their sofa, leaning over a coffee table that holds their laptop computer and some papers.

Retirement planning is rarely about just one account. Changes to a pension, an outside investment account or other financial resources can influence your bigger financial picture. Even if those assets sit outside your workplace plan, they can still affect how you think about timing, income and investment mix.

Reminder: Make sure that your information is current. A clearer view of your full financial life can help support decisions that are better aligned with your goals.

Evolving vision for retirement
A retired couple rides an escalator at an airport with their young grandchildren. The grins on their faces show excitement about having time with the kids.

Sometimes the biggest change is simply a change of heart. Maybe you want to retire earlier. Maybe you plan to work longer. Maybe your ideal retirement now includes travel, family support or a different pace of life than you once imagined.

Reminder: Take time to revisit what retirement looks like for you. Changes in your retirement age, income needs or future plans can influence how your money should be working on your behalf.

Life will keep changing, and your retirement strategy may need to change with it.
Use the Risk Tolerance Questionnaire to make sure that your strategy reflects your current information and goals.

Nationwide Investment Advisors, LLC (NIA) provides investment advice to plan participants enrolled in Nationwide ProAccount. NIA is an SEC-registered investment adviser and a Nationwide affiliate.

NIA assesses participants an asset-based fee for the managed account services.

Retirement products are offered by Nationwide Trust Company, FSB or Nationwide Life Insurance Company.