5 Simple Ways to Improve Your Financial Health
Submitted by MIRUS Financial Partners on January 4th, 2016The New Year is a great excuse to start some new financial habits. With a little discipline you can put yourself and your family in a much better financial position over the next 12 months.
1. Make Sure Your Insurance is Up To Date
The New Year is also a great time to review life insurance coverage to make sure your coverage is still enough to cover your beneficiaries’ needs.
Did you purchase a new car, boat or valuable personal possession, like jewelry, art or antiques, last year? Have you checked the market value of your home or other major possessions in the past few years? Make sure your insurance replacement value covers the current market value of your home or other possessions.
2. Make an Estate Plan
An estate plan isn’t limited to assigning assets. It includes provisions for family members, companion animals and includes your plans for charitable giving. Federal and state inheritance laws also change frequently, so it’s a good idea to review your estate plan annually.
3. Contribute the Maximum to Your 401(k) or IRA
Saving for retirement early can be one of the most important steps to ensuring financial security for your lifetime. It’s smart to review your finances and find ways to maximize your contributions to a retirement plan such as a 401(k) or IRA.
4. Clean up Your Credit
We all know the importance of good credit. You’re entitled to one free credit check each year with each of the three major credit reporting agencies. Carefully review your credit reports and take the steps necessary to fix any inaccuracies or fraudulent information. Reviewing your credit reports will also show you what kind of seemingly minor infractions can have a big impact on credit ratings.
5. Get a Financial Advisor
Financial planning is not an easy DIY project. Laws and regulations change constantly. Small missteps can result in significant loss of capital. Partnering with a good financial advisor helps you avoid mistakes and optimize opportunities. Financial advisors keep up with changes in laws and regulations. They are fluent in a wide variety of investing options and can help you find the vehicles that make the most sense for your goals and your life stage.
*****
Mark A. Vergenes is President of MIRUS Financial Partners, 110 E. King St., Lancaster; 717-509-4521 or mark@mirusfinancialpartners.com Investment Advisor Representative offering securities and advisory services offered through Cetera Advisor Networks LLC., member FINRA/SIPC. Cetera is under separate ownership from any other named entity.
MIRUS Financial Partners nor Cetera Advisor Networks LLC. give tax or legal advice.