July: 3 Simple Tasks to Improve Your Financial Life [VIDEO]

TASK #1: Run a Retirement Plan Projection

Run a retirement plan projection so that you know where you are and what you need to do to get closer to YOUR goals. You should do this once a year to see if you are heading in the right direction. Use our free Retirement Check-Up Wizard here to get a general idea of where you stand with your retirement plans. If you want a more thorough calculation you should work with a CERTIFIED FINANCIAL PLANNER™. They’ll have access to more sophisticated software and will look at your entire financial life. If you are working with a CERTIFIED FINANCIAL PLANNER™ you will want to revisit their projections at your annual review to account for changes in your financial life.

TASK #2: Increase Your 401(k) Plan Contributions

For most people, setting a goal to max out your 401(k) or 403(b) plan contributions should be key. If you’re saving in a 401(k) or 403(b) and aren’t already on track to max it out, increase your contributions by 1%. Re-evaluate in 6 months and increase your contributions by another 1% until you ultimately max it out.

TASK #3: Review Your Investment Strategy

Has anything changed over the last 6 months that would cause you to have to make changes? Births? deaths? New goals? If so, review your plan or speak to your CERTIFIED FINANCIAL PLANNER™ to help you make smart choices

For more financial planning tips, download my free report: “8 Steps to Organize and Optimize Your Financial Life”. Thanks for reading!

Sources:

  1. http://www.learnvest.com/knowledge-center/your-january-2016-financial-to-dos/
  2. http://money.usnews.com/money/personal-finance/articles/2014/12/02/your-end-of-year-financial-checklist
  3. http://www.forbes.com/sites/learnvest/2013/01/04/your-financial-to-dos-for-every-month-in-2013/#14fe6d3d41d4

 

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