Happy New Year! I hope you made some wonderful memories in 2021.

The beginning of the year is a prime time to focus on understanding your money.

Are you ready to set some new financial resolutions? I encourage all of my clients to design a personalized, comprehensive Financial Plan to guide them towards their goals.

Here are a few tips to get you started:

Every Adult Should Consider Having a Financial Plan.

From my experience, families that take the time to structure a plan tend to:

1. Be more in control of their finances.
2. Have more confidence in their ability to reach goals.
3. Save more for retirement.

You might be surprised how these could impact the success of your retirement.

What Should Your Plan Include?

It’s important that your plan is comprehensive and includes:

1. Short- and Long-Term Savings Goals
2. Tax Planning
3. Investment Strategies
4. Insurance Planning (health, life, and long-term care)

Remember, your goals don’t have to be strictly business. Maybe you want to save up for a new TV or a nice family vacation. Either way, these goals should be reflected in your plan.

What Does That Look Like for Various Age Groups?

Young adults in their 20s-30s will probably focus on paying off student debt, building an emergency fund, and possibly saving up for a down payment.

Most 40-50-year-olds prioritize paying for their kids’ college, eliminating debt, and ramping up their retirement savings.

The pre-retirement crowd (usually 60+), tends to focus on maxing retirement contributions, paying off their mortgage, arranging for long-term care insurance, and preparing for a successful retirement.

How to Get Started:

Meet with a Fiduciary Financial Advisor who specializes in planning and understands tax implications. It’s important to find an advisor who will watch out for your best interest.

Together, you can design a plan that entails your personal dreams and goals and keeps you accountable.

Start working on your plan now. The sooner you start, the sooner you’ll see your plan come to fruition.

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