The New Year Presents New Opportunities To Get Into Better Financial Shape
We’ve been living in a topsy-turvy world for the past couple of years. And just when it seems like we are getting back to some sense of normal, another Corona virus strain emerges to throw us into chaos again. Despite the uncertainty we are all experiencing, there is one area of life you may be able to exercise some degree of control over. That is your financial house. Even though your finances may have taken a hit, there may be a few things you can do now to establish for the first time or re-establish sound footing for the future.
The beginning of the New Year is a great time to reassess and see where you can take action to either establish a solid financial plan or to examine your current plan and see if it can be improved upon. Setting up a review with your fiduciary financial planner is a great start. And, if you are still working and you have an employer sponsored 401(k) plan, there are new, increased contribution limits that are in effect this year. You can contribute $1000 more than you were allowed last year, bringing the contribution total to $20,500.
On the other hand, if you are not contributing the maximum to your 401(k) maybe you can increase your contribution this year. Experiment with incremental increases that don’t impact your day-to-day living. Even small increases will make a big impact on your long-term retirement planning.
Here’s to a happy and prosperous New Year. We would be happy to review your current financial plan or to get you started with a solid plan. Give us a call and let us help eliminate at least a little chaos in your world.