Guest Blogger: Andrew Horowitz, CFP, Horowitz & Company, Inc.
Making a New Year’s resolution is a tradition that dates back thousands of years to the Babylonian times. The New Year is often greeted with celebration and personal promises that the year ahead will be better than the year before. Weight loss is often at the top of the list as is spending more time with family as well as promises to travel and volunteer.
What if this year the idea of creating a sound financial plan or working on other money related goals is one of your resolutions? The promise of a financially secure future is definitely something that could help to make each successive year better and better. Perhaps some of the ideas listed below can be incorporated into this year’s list of resolutions:
- Create a budget and stick to it
- Review or develop your financial plan and update it at least twice per year
- Get ahead of tax time so that by the time you file everything is well organized
- Meet with your insurance planner to confirm policy terms and beneficiaries
- Construct or review your estate planning documents (Wills, trust and other items)
- Find out more about your investments to see if they are properly allocated as compared to your risk and overall timeframe
- Gain insight into the options that are available to you within your 401k, IRA and other pension/retirement plans
- Learn more about charitable giving and its tax advantages
- Meet with a Financial advisor for a financial check-up or discussion
- Obtain your credit report to make sure that there are no errors
- Request an estimate of your potential Social Security Benefits
These are just the start. Use these ideas to kick-start your financial security for 2016 and beyond. If you want to become more educated in any or all of these areas, visit the Mission Financial Solutions site. To login, visit member.compassrosebenefits.com, or to sign-up visit www.compassrosebenefits.com/Register.