The start of the New Year is a great time to implement financial strategies toward improving your life. Whether you’re already saving or trying to pay off debt, making the right financial resolutions and working towards them can help you achieve your goals. Use these eight financial strategies to improve your financial health in the New Year.
As we enter the New Year, your financial security be top of mind as you work towards your goals. Here are some saving statistics to help motivate you.
Planning for retirement by implementing appropriate retirement savings strategies can help boost your retirement savings. It’s essential to realize that saving for retirement happens over time through varying market performance cycles and specific actions.
If you’re incorporating giving back as part of your year-end financial planning, there are many ways you can do so.
You can make an impact while receiving tax benefits by giving as part of an approach to charitable giving. You may want to consider philanthropic giving. Which addresses the root cause of social issues and requires a more strategic, long-term strategy, versus donating which tends to be more occasional giving.
If you’re unsure about retiring and are considering delaying retirement, you must consider if you have enough retirement savings. Do this before making your decision. Examining retirement savings benchmarks and having a comprehensive financial plan that outlines specific actions are the first steps toward knowing if you should delay your retirement. Also, some questions to ask yourself to help determine your retirement readiness include:
Some people decide to retire early and start drawing Social Security early. Many people are unable to live out their retirement plans due to inadequate retirement savings. In addition, many are spending retirement working another job.
Interest rates are rising again as The Fed continues working towards raising the target interest rate to a “terminal rate,” or endpoint, of 4.6% in 2023. The terminal rate implies a quarter-point rise next year but no decreases, with a goal to slow spending and help curb the inflation rate as it stretches the dollar.