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Retirement Planning

2020 New Year Post

What Are Your Financial GOALS For The New Year?

The beginning of a new year presents an opportunity to consider your plans and goals in 2020! What accomplishments do you want to achieve? This is an excellent time to adjust or refine your financial strategy and make an action plan that will help you achieve your dreams. Are you hoping to protect your Retirement Savings from market volatility? A financial review can help you clarify whether your existing portfolio allocation aligns with your needs and objectives.

If you currently rely on Social Security or you plan to in retirement, it would be a good idea to verify your Social Security benefits and personal information. The Social Security administration is not immune to error and these mistakes can be particularly devastating for women. Both genders can benefit from verifying their birth year and ensure other details are correct. Those nearing retirement will want to be in-the-know about rate increases and other changes in Social Security policies before making major life decisions.

Is debt one of your resolutions this year? Take action to maximize good debt and minimize bad debt, or increase your savings. Make an effort to build an emergency fund – a liquid fund holding 3 to 6 months worth of expenses. Such an account can help create financial stability and ultimately decrease debt over time. Homeowners, single income households, and self-employed people should consider saving even more than 3 to 6 months in their emergency fund. A number of strategies exist to help people save more and spend less with simple organizational tools as opposed to pinching pennies.

Please feel free to call or reply with any questions you might have. Hoping 2020 brings joy, peace, and prosperity to you and all those you love.