People tend to make resolutions as the new year approaches to better themselves in the coming year. A common occurrence is that one might set the bar too high and not achieve what they want. So, think about how that relates to your finances. Are you unhappy with how last year went regarding your finances? Are you concerned about the progress you’re making on your retirement savings? Our professionals have some financial resolutions that might help you improve your financial life.

Calculate your net worth

Net worth is a good indicator of how your financial planning is going. It’s calculated by adding up the value of your assets and subtracting your debts. Considering the value of your assets and where you are spending money can help you get a better picture of your financial life.^[1] Having a healthy net worth can help you evaluate your progress in terms of building wealth that can eventually be used to support you in retirement. The process of calculating your net worth can also help you compare where you are with where you want to be and help you get a sense of how far you are from your goals. However, note that net worth isn’t everything. Questions concerning insurance coverage, your income plan, budgets, and more should be accounted for when assessing your financial strategy and progress.

Budget monthly contributions for retirement

As a pre-retiree, your golden years may be so close you can almost taste it. But that means this is the last chance to meet year wealth goals and provide yourself any extra padding with your retirement strategy.^[1] So, it may be a good idea to consider upping your contributions to your retirement accounts if possible. This may help you, but whether this is the best option for you depends on the situation. Still, budgeting a certain amount per month on retirement might be a good way to begin or improve your savings in the new year.^[1]

Take advantage of matching employer contributions.

Some employers offer to match employee contributions to retirement accounts.^[1] Sometimes, employers will offer a 1:1 match up to a certain limit, or phase out their match the more you contribute. If you’re in your highest-earning years, this means that the contributions you’re making towards your retirement could be matched by your employer. Either way, matching contributions of even small amounts can build up over time.^[1] When you’re so close to retirement and if you’re at a peak in your career, contributing at least up to your employer’s matching level might be a useful strategy to help you to build up more retirement savings.^[1]

Imagine if you had a coach for your New Year’s resolution to keep you in check and provide guidance to help you stay on track and elegant solutions to achieving your goal. Well, that’s what a financial professional can be for your retirement. We can help you get a good understanding of where you are financially and offer advice on how to achieve the goals you want to achieve. Reach out to our professionals today for a complimentary review of your retirement strategy.