We ask the question how do you make your finances in 2018 better than 2017?
Review your finances which includes your insurance policies.
1) Cut the unnecessary items in your budget that are providing the smallest return for the cost.
2) Compare your insurance policies to ensure your properly covered and paying the best available premium.
Address the needs and wants now that you have identified areas of potential savings and potential reallocation to better suited expenses.
You can now use the savings to purchase additional protection you have been putting off:
1) if you don’t already have one then a personal umbrella policy to reduce exposure to potential loss of your property and wages due to law suits.
2) Disability Insurance to protect the primary wage earners income in the event of an injury or illness.
3) Life Insurance to provide income and funding to maintain your lifestyle and. Enough to fund your children’s education, afford help if you need childcare so you can gain employment, maintain your current home.Life Insurance also has riders for living benefits such as long term care, terminal illness and emergency funds for those illnesses. Ask about a disability waiver as well to pay the premiums if you become disabled.
4} iSavings could be used to fund your IRA or increase you current contributions to your existing plan.
Rollover your IRA or retirement plan from your old employer. This will most likely give you more direction and control of your plan funds and a better return on your savings.
5) if your getting ready to retire rolling over your current plan may make a lot of sense. Gain flexibility on withdrawals as to how much and how often you withdraw instead of being dictated to. Most company plans require you to continue receiving your income stream until the plan has depleted. A rollover could provide more income and choice of when and how much and how long you want to receive your payments over your lifetime. Be sure to consider adding,a lifetime income benefit rider. This pays you even if you outlive your funds value for a small fee.
6) Always a great option is applying a little extra to paying down credit card debt or your mortgage would also be beneficial financially as well.
These are just a few thoughts I wanted to put down. I know they are not earth shattering or groundbreaking but getting your finances and insurance coverages in order are a precursor to living a stress free life. With the new year coming it’s a perfect time to sit down and revisit these concerns.
Hope you have a happy, healthy and prosperous 2018!