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Tips to Tackle 2019 With Greater Financial Confidence
Special to The Truth
Many Americans will start
the New Year with specific goals or resolutions in mind.
While resolutions are often broken where your finances are
concerned, they don’t have to be.
Use these tips to tackle
2019 with greater financial confidence.
• Set a specific goal.
Setting goals for the year may actually boost your
confidence about achieving them. In fact, those who set a
financial goal for themselves in 2017 were more likely to
feel that their finances had improved over the course of the
year, compared to those with no financial goal, according to
research from Lincoln Financial Group. Whether it’s saving
more for retirement or paying off a debt, setting a goal is
a great place to start.
• Make a plan. Having a
financial plan in place can help you prepare for life’s
surprises and face them with confidence. A financial plan
doesn’t need to be complicated, but it should cover
everything that’s important to you at this specific stage of
your life. A financial advisor can provide an objective
voice to help you stay focused on your goals while balancing
your risk preferences and time horizon. They can also
provide education to help determine if and when to fine-tune
your plan. If you already have a relationship with an
advisor, the New Year is a great opportunity to schedule
time to review your plan and make any necessary adjustments.
• Consider sources of
protected lifetime income. Eighty-two percent of
pre-retirees are concerned about what will happen to their
investments if the market drops. Build peace of mind into
your retirement income plan by incorporating different
sources of lifetime income in addition to Social Security.
Do you have a pension? Have you considered incorporating an
annuity as a portion of your plan?
“Diversifying your
portfolio to include a source of protected lifetime income,
like an annuity with optional benefits, can help to
safeguard savings and provide for predictable income in your
retirement,” says John Kennedy, head of Retirement Solutions
Distribution, Lincoln Financial Group.
• Strategize taxes. Recent
changes in tax laws have some concerned about how taxes will
impact their finances and retirement income this year.
Discuss tax-smart strategies with your advisor to help
increase your income and keep you on the right track.
More information, tips and
resources can be found by visiting www.lincolnfinancial.com.
To make 2019 a financial
success, stay focused on your goals and don’t work without a
plan. Also, consider consulting a professional who can
provide financial and tax advice, and can help you
strategize ways to be successful.
Courtesy StatePoint
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