Give Yourself a Boost Towards
Your Financial Goals
Weekly Update – 12/28/22
For some, especially during these tough market conditions, their retirement investments and savings may have declined. Due to this setback, your retirement timeline may have been pushed back, tightening your budget, making you work more years than you planned, and has put pressure on your overall retirement longevity. If this is you, you’re not alone! And there are opportunities you may have to boost your retirement savings to get back on track.

Contribute to a 401(k) or Traditional IRA to reduce your taxes for that year. Since 401(k) and Traditional IRA contributions are deducted from your income for the year the contributions were made, you can save on taxes by utilizing these instruments while putting more into your savings for the future. In addition, your employer may offer 401(k) matching for your accounts, meaning that they’ll contribute a certain amount based on what you contribute! For example, you could see a 5% boost to your contributions if your employer matches 5% of employee contributions. Taking full advantage of matching contributions can help you see your retirement investments grow and get back on track.

In addition, you may not have known that your annual contribution limits for IRAs and 401(k)s increase by $1,000 once you hit 50! Suppose you’re looking to get your retirement accounts back on track. In that case, you could benefit extra by increasing your yearly contributions, letting more of your money benefit from a potential stock market rebound.

If you have other income sources or can still work full- or part-time, consider delaying the time you choose to officially claim Social Security benefits. If your market-exposed accounts took a hit, you don’t just have to hope for an immediate market rebound to get back on track. Instead, suppose you have supplemental income sources such as annuities, savings accounts, or even universal life insurance. In that case, you can wait until you’re 72 to claim Social Security to access a maximum benefit amount. That way, you can give your retirement accounts the time they need to recover from a market downturn before withdrawing from them.

Finding ways to improve your retirement strategy isn’t easy to do on your own. Some tools and strategies take professional knowledge to utilize and execute well, not to mention that making further mistakes with your retirement plan may cost you even more in penalty fees or taxes. But that’s where a financial professional can help guide you. To get started with an agent, contact us at 561-207-6213.
Source: https://www.merrilledge.com/article/10-tips-to-help-you-boost-your-retirement-savings-whatever-your-age-ose
6 Tips to Get Organized for 2023
1)    Declutter Your Kitchen

As the saying goes, the kitchen is the heart of the home. If the place where you and your family gather, eat, laugh, and socialize is cluttered or dirty, that makes for a difficult living experience! So, take care of your kitchen and watch the livability of your home increase.

2)    Rearrange Your Furniture
 
Even after you’ve cleaned your whole house, something about it doesn’t feel fresh. If you’re looking at your home and still feel a change is needed, rearrange your furniture and watch your home feel like a new house!
 
3)    Undergo a Digital Declutter
 
Given how much time we spend on our phones, decluttering our digital world can reduce stress and make our lives easier. Un-bookmark sites you don’t visit, delete apps and photos you don’t use, don’t look at, or don’t need, and unfollow random accounts on social media you don’t need to be following.
 
4)    Take a Day to do Tasks You’ve Put Off

Remember all those tasks you’ve put off for another day? Take a day to check all those items off your to-do list. Schedule doctors and dentist appointments, or an oil change. Mail those packages you’ve been meaning to send or do any odd tasks that wouldn’t normally fit into your schedule.

5)    Create a Comprehensive Budget

Look at your spending patterns over the last year. Are there any spending categories or one-off expenses you could cut in 2023? Put together a budget that you can stick to reach your financial goals for 2023.

6)    Get Your Financial Strategy in Order

A financial plan should include a saving and investment plan and work towards your long-term goals. Maybe you’d like to save up for a vacation, a big move, or to spend on a new hobby. All those goals can factor into a financial strategy that builds your wealth and savings over time, and there’s no better time to start working towards these goals than the start of the new year.


Don’t Lose Track of Your Valuables on New Year’s!
 
According to National Insurance Crime Bureau statistics, vehicles are stolen on New Year’s Day more than on any other holiday. So, make your New Year’s resolution to take care of your belongings, especially your car keys and car!

And be wary; your old car may be at risk of being stolen too. In 2011, the 1994 Honda Accord was the most stolen car. To thwart car theft, make sure your is fully locked, windows closed, and parked in a populated area with many eyes on it during New Year’s festivities.

Want to Celebrate Chanukah? Learn to Play Dreidel!

(Please click the image above to watch this video)


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This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims-paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.