Six Resolutions for 2017

Posted on January 3, 2017 · Posted in Financial Planning

Are you looking to make some positive changes with your finances this year? We have compiled a list of six simple things you can do to make sure you are on the right track. Some may take a little more effort than others, but the more you can accomplish, the healthier your finances are going to be, and the better you will feel!

1. Create or update your financial plan. (click here for more information)

Spending a few hours with a financial planner can help ensure you are on the right track and have considered all the different variables that go into a sound financial plan.

2. Make the maximum contributions to your retirement accounts.

Contributing the maximum amount into tax-deferred retirement accounts is perhaps the single most effective tool at your disposal to bring you closer to your retirement goals. Make sure your salary deferrals are updated for the 2017 limits and, if you are over 50 years old, you can begin making additional catch-up contributions.

3. Set up a healthcare proxy for yourself.

A healthcare proxy will allow you to appoint an agent to legally make healthcare decisions on your behalf if you become incapable of making them yourself. Also, if you have a child over the age of 18, you should set up an advance healthcare directive. Without one, you will not have the right to review or authorize any medical treatments for them.

4. Claim your Social Security account. (click here for more information)

Even if you are not currently receiving benefits, it is important to claim your account. This will protect you from identity theft and allow you to access your statements and view your benefit estimates.

5. Make a realistic budget.

Setting up a realistic budget will hold you accountable for your spending and give you a clearer picture of your spending habits, potentially highlighting where you can save money.

6. Work with a fiduciary. (click here for more information)

A fiduciary is legally obligated to put your interest before their own. They follow what is known as the Prudent-Person Rule, which requires them to act with the needs of their clients first. This prevents any conflict of interests and eliminates commission based profiting.

Click Here To View Our Fiduciary Pledge

Email Us To Set Up a Meeting. No pressure. No obligation.