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It’s a New Year! Is it Time to Reevaluate Your Financial Plan?

It’s a New Year! Is it Time to Reevaluate Your Financial Plan?

| January 24, 2023
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Happy New Year to you and your family! We look forward to serving you in 2023 and beyond. 

The beginning of the year is a great time to reflect on 2022 and set some goals for the new year. Whether you want to save more, grow your emergency fund, or reevaluate your investment strategy, we’re here for you. Here are some ways to get 2023 started off right.

1. Be Thankful for What You Have

It’s always a nice practice to reflect on the previous year in the new year and be thankful for what you have. Whether it’s your health, your job, or your family, being thankful is a cornerstone to happiness and financial success. Try taking some time to acknowledge that you’ve weathered a tough storm and give thanks for the good things in your life. 

2. Set Financial Goals

Now that you have a clearer picture of where you stand, it’s time to define where you want to be in the future. When would you like to retire? What do you want your lifestyle to look like? How much will you need in your retirement account to afford this quality of life? Write down all your goals at the beginning of the year because the present is as good of a time as any to get ahead of your financial plan (you don’t want to put off financial planning). 

3. Design a Savings Road Map

So far you’ve benchmarked where you are now and where you’d like to be. Now it’s time to make a plan to bridge the gap. Assuming an average return on your investments, how much do you need to put away each month to reach your goals on time? Does your budget allow for this? If not, what steps can you take to either reduce your monthly spending or increase your monthly income?

4. Put Together Your Portfolio

Stockpiling your savings under your mattress won’t get you very far. Inflation means things get more expensive each year. We’ve seen that firsthand in 2022. But this means that your long-term savings needs to pace the cost of goods to ensure you don’t lose purchasing power in retirement. The key to achieving your financial goals is creating an investment portfolio strategically diversified to meet your personal needs and that’s aligned with your risk tolerance. The earlier you get this started, the more you’ll benefit from the exponential power of compound interest.

5. Consider Your Investment Liquidity

The last part of your plan is creating exit strategies for each goal. You need to be able to access your money when you need it. If you skip this step and just dump all your savings into retirement accounts, you’ll be in for an unpleasant tax surprise when you want to pay for the aforementioned lake house or college education. So keep in mind when you’ll need access to your money and which accounts to set up to best match the timing of the need.

6. Schedule Check-ins

At this point, you’ve set up your plan, but your work is not quite finished. Now it’s time to maintain. You’re bound to experience many life changes between now and retirement, and you must adjust your plan accordingly. We’re here for you throughout the year for regular check-ins, and we’re dedicated to adjusting your plan and investments as your needs change. 

Do you have questions? Does someone you know need help with their financial plan for 2023? We’re never too busy to help you or someone you care about. To contact Match Point Financial, call 352-207-8014 or schedule a complimentary phone call using our online calendar.

About Chris

Chris Reed is a financial advisor and the founder of Match Point Financial. Since 2002, he has been helping people make informed choices with their money and pursue their financial goals and objectives. He started his career with MetLife and has continued seeking to provide his clients with the best possible service through A.G. Edwards, UBS, and, finally, through partnering with Cetera Advisors LLC and forming his own independent firm in 2010. Learn more about Chris by connecting with him on LinkedIn or register for his recent webinar: Are Your Old 401(k)s Collecting Dust and Losing You Money?

Financial Advisor: Securities and advisory services offered through Cetera Advisors LLC, member FINRA/ SIPC, a broker/dealer and a Registered Investment Advisor. Cetera is under separate ownership from any other named entity.

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