The Retirement Reshuffle Is Impacting Plan SponsorsFebruary 28, 2023
March Madness, War, Inflation & Your PortfolioMarch 7, 2023
Participant Corner: Planning Financial Futures
Do you spend more time planning your annual vacation than you do thinking about your personal finances? If so, you’re not alone. A lot of people put off financial planning or avoid it altogether.
Personal financial planning is an ongoing, lifelong process. If we break it down into small, achievable tasks, it’s a lot less daunting and can pay huge dividends to you and your family.
Resolve to make yourself financially fit in 2023:
The following personal finance calendar may help you get started.
- Manage your debt. Start by paying off all high-cost and consider establishing an emergency fund.
- Create a cash flow statement of prior year income minus expenses. Calculate personal net worth.
- Consider if your portfolio’s original target asset allocation needs rebalancing.
- Evaluate your contribution amount and save enough for your goals and take advantage of any available employer match.
- Review your insurance policies to be sure they are reflecting current needs
- Consider using any bonus or similar windfall to pay down debt and/or build an emergency fund.
- Check your credit report as improvements may allow lower loan costs.
- File your income tax return by April 15 (unless extensions are available).
- April 15 is the last day to make an IRA or Education Savings Account for the prior year.
- Evaluate whether Roth after-tax or traditional pre-tax contributions make sense for your contributions.
- Create an inventory of your home and personal property for insurance or estate planning. Record a phone video of your valuable possessions and store the video in a secure, remote location.
- Review your estate plan.
- Consider a mid-year review of your finances to confirm you are on track year-to-date income and expenses.
- Consider reading one book on personal finance or investing.
- Designate or update your own beneficiary on your retirement plan.
- Compute if your vacation spending is as you projected.
- Consider establishing a Christmas/Holiday spending budget.
- Consider beginning year-end tax planning.
- Consider upcoming open enrollment season and any changes with your health insurance coverage and other employer benefits.
- Keep your holiday budget in mind. Plan for any charitable giving and tax-deductible gifts.
- Consider rebalancing your portfolio allocations and contributions for the New Year.
- Evaluate your past contributions into the Plan and decide if you can increase your contributions for the coming year.
For more information, click here to meet with a Duncan Financial Group retirement advisor.