It’s that time of the year when you’re looking at bills from the holidays, maybe a job offer or going after a job offer, and tax season is starting to roll around. It’s time to ask yourself about your financial health. Sometimes you have to be brutally honest with yourself when assessing your financial health.
Nick Schneider is in studio this week to help you determine your financial health.
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Five areas to consider going into the new year:
- Manage Debt and Live Within Your Means – Excessive debt can be dangerous in the event of an economic downturn or an unexpected loss of income.
- Keep Your Wills Up to Date – Basic wills naming executors and guardians may not be sufficient as you accumulate assets and prepare for retirement.
- Make Sure You Have Adequate Insurance Coverage – Insurance is designed to cover risks you cannot afford to take on your own. Life, disability and long-term care insurance can help protect a family’s standard of living if the unexpected happens..
- Own Products That Are Appropriate for Your Situation – If you absolutely need to receive a retirement check every month, choose a product that will provide income that is guaranteed to last as long as you do.
- Periodically Rebalance Your Investment Portfolio – The degree of risk in your investment portfolio should reflect your current financial goals. If you intend to use stock and bond funds to supplement your retirement income, talk to your financial advisor about reducing your risk as you approach retirement age.
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Go to the previous podcast episode.
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