As the end of the year approaches, it's time to start thinking about what comes next for your finances in the New Year. Reviewing your financial situation can help you evaluate your financial health and set the stage for working toward goals in the coming year. Here is an eight step end-of-year financial checklist to work through as you pursue being on top of your financial game in the New Year.

1. Review your budget.

The first step in your end-of-year review should be assessing your current budget. Did you stick to your planned budget throughout the year? If not, identify areas where you overspent or underspent, then make necessary adjustments for the coming year. For example, did you underspend on your retirement savings contributions? If so, adjust your...

As the end of the year approaches, it's time to start thinking about what comes next for your finances in the New Year. Reviewing your financial situation can help you evaluate your financial health and set the stage for working toward goals in the coming year. Here is an eight step end-of-year financial checklist to work through as you pursue being on top of your financial game in the New Year.

1. Review your budget.

The first step in your end-of-year review should be assessing your current budget. Did you stick to your planned budget throughout the year? If not, identify areas where you overspent or underspent, then make necessary adjustments for the coming year. For example, did you underspend on your retirement savings contributions? If so, adjust your...

One of the major concerns people have when planning their retirement is how to protect their retirement savings from unforeseen medical expenses. Healthcare costs have steadily risen, but adequate planning can help maintain these costs in retirement. This article outlines four ways to help protect one's retirement savings from unexpected healthcare costs in retirement.

1. Maintain regular health checkups and screenings.

Additionally, monitor your health and go for regular checkups. Regular checkups can help detect any health issue early, reducing potential medical costs. A healthier lifestyle can also decrease your likelihood of developing chronic illnesses, which can be costly to manage in the long run.

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When giving gifts to our children or grandchildren, or others close to our heart, we often default to the latest toys or gadgets. However, the value of these items tends to diminish over time in terms of both interest to the child and monetary value.

A different approach to gifting can focus on investing in a child's future. This perspective offers more than instant gratification; it provides lasting benefits that may help provide an independent future for your loved ones.

Savings account

A savings account is a traditional way to invest in a child's future. Opening an account in their name provides them with a financial safety net and can familiarize them with saving from an early age. It encourages them to think about finances and manage money...

Asset protection is a crucial aspect of entrepreneurship that women entrepreneurs must be aware of, regardless of the industry in which they operate. Women entrepreneurs must create a barrier to their personal and business assets. With a comprehensive approach, they can protect their wealth and business continuity.

Crafting an asset protection plan involves working with financial, insurance, and legal professionals to implement strategies to help protect personal and business assets from potential claims and lawsuits.

This article emphasizes asset protection strategies women entrepreneurs must consider to help protect their personal and business assets.

Tip #1- Keep business and personal assets separate.

A pivotal asset protection strategy for...

The fourth quarter of the year is crucial as it represents an opportunity to assess the past year's portfolio performance, gauge current investment strategies, and lay the groundwork for the coming year. These end-of-year reviews are more than just reviewing the highs and lows of market performance. Instead, they provide thoughtful insights that can impact the financial strategies used as one works toward their goals in the forthcoming year.

Here are the five critical areas that a fourth-quarter review will assess.

Portfolio performance

Fourth-quarter reviews enable investors to measure how well their portfolio has performed against projected outcomes and predefined goals. This assessment helps investors and financial professionals evaluate the...

As the U.S. population ages and life expectancies continue to increase, Social Security policymakers and experts are considering various adjustments and updates to the program to help lengthen its long-term sustainability. Three significant discussions are underway that may impact Social Security retirement benefits starting in 2025.

Using a different index to determine COLA

Another proposed change concerns calculating cost-of-living adjustments (COLA) for Social Security retirement benefits. Some policymakers have suggested using a different index, such as the Chained Consumer Price Index for All Urban Consumers (C-CPI-U), to accurately reflect changes in the cost of living. This adjustment could result in a lower annual increase in benefits but may help...

Many individuals' wealth comes with the ability to create thoughtful and impactful change for others. However, making the foundation for impactful giving requires strategic planning and understanding how to transform their assets into lasting legacies. With a comprehensive approach, giving-minded individuals can skillfully transfer their assets into an enduring legacy that impacts communities and causes they care about.

This outlines how individuals can use an eight-step approach to engage in thoughtful and impactful giving that transforms assets into positive change.

Begin with a Strategic Giving Plan

The path from assets to impactful legacies must always start with a strategic giving plan. Strategic planning aligns your...

Financial professionals often discuss insurance with their clients because it is an essential component of comprehensive planning. While many people associate financial professionals solely with investments and planning for retirement, the reality is that insurance plays a crucial role in protecting and preserving wealth.

This article discusses the five reasons financial professionals discuss insurance with their clients during meetings and suggests specific insurance products.

Risk mitigation

One of the primary reasons financial professionals discuss insurance with their clients is to mitigate risk. Insurance products such as life insurance, disability insurance, and long-term care insurance can help safeguard against unexpected events that could...

Are you tired of living paycheck to paycheck, feeling like you never have enough money to cover your expenses and save for the future? If so, you're not alone. Many people struggle with transitioning from being a spender to a saver. However, with the right mindset and some strategic changes, you can transform your financial habits and start building a more secure future for yourself. Here are the steps to take toward this transformation.

Assess Your Current Situation

The first step in transforming from a spender to a saver is to examine your current financial situation carefully. This examination includes understanding your income, expenses, and debt by outlining your monthly payments, including bills, groceries, entertainment, and other discretionary...