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1st Source Asset Advisors logo

Financial Resolutions for Individuals Nearing Retirement

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Getting close to retirement is exciting, but it often brings a little worry about your financial future. The closer you get, the more you may be concerned with the rising living costs and if your finances are on track to allow you to live as planned when retirement comes. Whether your retirement is within the next couple of years or the next five, the new year is the perfect time to make financial resolutions to help you toward your retirement goals. Below are just a few financial resolutions to consider this year.

Work on Fully Funding Your Emergency Fund

While an emergency fund is crucial when working, it is equally important when you retire. Emergencies will happen when you least expect it, and if you find yourself on a tighter budget during retirement, your emergency fund will be more crucial than ever. A good rule of thumb is to have three to six months of expenses saved up, which should be able to cover sudden house repairs or medical expenses.1

Continue to Save

Even if your savings are where you want them to be, you want to keep saving so that your money will continue to grow, and you will have a buffer for emergencies or higher-than-normal inflation rates. A good rule of thumb is to place between 5 and 10% of your gross income into yearly savings. If you are able to put in more, that is even better and may help you save a little on your end-of-year taxes as well.1

Make a Pre-Retirement and Post-Retirement Budget

One excellent resolution to make to help you stay on your desired financial track is preparing and sticking to a budget. Ideally, you will want to make a budget for your current financial situation and what your post-retirement situation may look like. This way, you will know how much more you need to save. Consider using a budgeting app or spreadsheet software that allows you to record actual expenses so that you are able to see where your budget may need adjusting.2

Pay Off Your Debt

Ideally, you will want to retire as debt-free as possible. Without the stress or debt payments, you will likely have more funds to live comfortably in retirement and have less stress about money. If you have a lot of high-interest debt, you may consider consolidating it into a low-interest loan with terms allowing it to be paid off before you retire. You may also want to consider taking advantage of zero-interest balance transfers so that you are able to pay down the debt faster without accruing more interest.2

Sign Up for Credit Monitoring Software

Another resolution to make is signing up for credit monitoring software. Identity theft is increasing, and becoming a victim of it may lead to significant financial problems and low credit scores. Credit monitoring software will also help you to keep an eye on your debt and offer insight into its financial management.1

For more information on reducing planning for retirement, contact Bill Rohwer by calling 260-969-5982 or send an email to [email protected].

Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.

1st Source Bank provides referrals to financial professionals of LPL Financial LLC (LPL) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for 1st Source Asset Advisors to make these referrals, resulting in a conflict of interest. 1st Source Bank is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

Securities and advisory services are offered through LPL Financial, a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. 1st Source Bank and 1st Source Asset Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using 1st Source Asset Advisors, and may also be employees of 1st Source Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, 1st Source Bank or 1st Source Asset Advisors. Securities and insurance offered through LPL, or its affiliates are:

Not insured by FDIC or any other government agency. Not bank guaranteed. Not bank deposits or obligations. May lose value.

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking #502472-04

Footnotes:

15 financial resolutions for 2023 and how to accomplish them, Fortune, https://fortune.com/recommends/banking/financial-resolutions-for-the-new-year/

210 financial New Year’s resolutions to set now and achieve in the new year, CNBC, https://www.cnbc.com/select/financial-new-years-resolutions/

Bill Rohwer

Financial Consultant

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