This week’s theme on the Retirement Quick Tips Podcast is: Financial Resolutions For 2023

Today, I’m continuing from yesterday’s episode with a few more ideas for worthwhile financial goals in 2023. 

1. Increase retirement savings - get specific on this one. Save a specific % of income. Max employer match, start saving in a HSA and max that out, increase retirement savings to new limits for the year.
2. Create a long-term financial plan: If you feel like you need some direction and clarity with your finances but you’re already in a strong financial positon, then 2023 is a great year to create or update your financial plan. A comprehensive financial plan will address how you approach important decisions like when you should retire, and when you should start drawing SSI, to how your portfolio should be allocated between stocks and bonds, to when you should consider a Roth conversion or the remodel on your bathroom. In my opinion, it’s essential that you create a comprehensive financial plan before retirement. We do this for our clients, and if you’re a DIY investor or you work with a financial advisor, you can and should get a plan in place. 
3. Ditch your bank - not completely, just with the excess cash you have. The interest rates on savings accounts are terrible, so look for somewhere you can stash your cash and earn a better rate. If you have brokerage and investment accounts, that’s where I’d start, since many financial institutions offer money market accounts and short-term CD rates far better than the pennies you’re still earning on your bank account savings
4. Create or update your will/trust/estate plan - I am continually surprised how few people have an up to date estate plan, so if that’s you, you’re in good company, but it doesn't mean you should continue with a woefully out of date estate plan. 

• Create a financial inventory - accounts, insurance policies, estate documents, information for bank accounts, safe deposit boxes…creating a financial documents master binder 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.   

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance