Boost Financial Confidence with Year-End Review | SafeMoney.

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As the holiday festivities roll around, many of us are thinking about the new upcoming year. What steps can we take to start off with a clean slate in the new year?

The top priority is getting our financial house in order, but what can we do to accomplish that?

What can help is having a year-end financial review and creating a well-balanced plan for the future, preferably with a financial professional. Not only will it help you start off strong, but it also will bring clarity and precision to your financial outlook.

Of course, this proactive approach doesn’t bring just short-term benefit. A year-end review and wrap-up of remaining plans can help you prepare well for long-term retirement goals and overall financial security.

Read on for some quick tips to consider during your annual review and planning process.

Quick Tips for an Efficient Financial Review

These three tips can help you make the most of a financial review and put your best foot forward.

Review Your Goals and Objectives.

Ultimately, financial circumstances differ from person to person. As you review your finances with a qualified professional, consider your financial goals and objectives.

Is the financial plan you have in place, and the manner in which your portfolio is structured, optimized to help you reach those goals? For that matter, have your goals changed from the last time you reviewed your financial picture?

For example, research shows that today’s Americans may spend 20-30 years in retirement, due to increasing life expenctancies. However, despite the growing impact of this increased longevity, many people don’t worry about it until they are close to retiring.

But say that future money issues relating to retirement longevity were a concern. With retirement around the corner, it may be worthwhile to consider new strategies which could offer income certainty in a portfolio, such as annuities.

Get Ready for Retirement, Depending on Your Age.

As retirement draws closer, your financial needs and priorities may change. For example, people may have lower living expenses as they get older, as they pay off their mortgage or their children move out of their household. Catching up on retirement savings may also arise as a priority at this stage.

In the years before we retire, our priorities tend to be focused on financial protection, savings goals, and personal health. Even though we are closer to retiring, the ability to earn income and save money is still important.

As for health, physical, emotional, mental and spiritual wellness have a bearing not only on our ability to earn income now, but also on what the quality of our retirement will be like. And as for savings goals: As living expenses decline, now is the time to maximize savings for the income we will rely on in retirement.

Contrast these priorities with top priorities in retirement, which tend to surround basic living needs, lifestyle expectations and preferences, health-related concerns, and legacy planning goals. How your financial plan is structured to help you meet these goals is worth consideration.

Go Through with It!

When it comes to their finances, many people spend more time planning out a one-week or two-week vacation.

It’s an understandable procrastination point for many reasons: After all, personal finances are tedious, involved, and demanding.

And during the hustle-and-bustle of the holidays, it may seem like a less-than-ideal time to go through this. But a comfortable future requires careful analysis and planning today. It may be grunge work, but you’ll thank yourself in the future for doing it.

Need Help with Getting Your Financial Plan in Place?

With personal guidance from a financial professional, you can assess your current financial circumstances and see if you can help you take any more steps to achieve your goals. If you’re ready to do so, SafeMoney.com can help you.

Use our Find a Licensed Advisor section to connect directly with an independent financial professional, and to request a personal strategy session to discuss your needs and goals. And should you have any questions or concerns, call 877.476.9723.

Frequently Asked Questions About increase your financial confidence with a year end review

What should I include in my year-end financial review?

A comprehensive year-end financial review should include an assessment of your income sources, expenses, and savings. It's important to evaluate your investment portfolio, focusing on both stocks and safe money alternatives, to ensure they align with your retirement goals. Additionally, consider reviewing your insurance policies and estate planning documents to ensure they are up-to-date.

How can I increase my financial confidence before retirement?

To boost your financial confidence before retirement, start by conducting a thorough year-end review of your financial situation. Identify areas where you can optimize your savings and consider reallocating funds into safe money alternatives that provide stability and predictable returns. Consulting with a financial advisor can also help clarify your retirement strategy and enhance your confidence.

What are safe money alternatives for retirement planning?

Safe money alternatives for retirement planning include fixed annuities, which provide guaranteed income for a specified period or for life. Other options may include high-yield savings accounts and certificates of deposit (CDs), which offer lower risk and stable returns. These alternatives can help protect your principal while providing a reliable income stream during retirement.

How often should I review my retirement plan?

It's advisable to review your retirement plan at least once a year, ideally at the end of the year. This allows you to assess your progress towards your retirement goals and make necessary adjustments based on changes in your financial situation or market conditions. Regular reviews can help you stay on track and ensure that your investments, including stocks and safe money alternatives, remain aligned with your objectives.

Take the next step, run the numbers with our free retirement calculators.