If you made a resolution for the New Year, chances are, improving your physical fitness ended up somewhere on your list. And while taking care of your physical health and wellness is important, so is taking care of your financial health.
Saving for retirement can be intimidating, but it doesn’t have to be. Just like meeting your personal health and wellness goals, having a goal and a clear plan to reach it can increase your chances for success.
It’s time to focus on your financial fitness - consider these simple tips to help you make improvements for the year ahead and beyond:
- Set realistic goals (and write them down!) - Where do you want to be in five years? Ten years? How do you want to spend your retirement? Answering these questions can help you plan for your future and set your goals.
- Assess your current consumption - Once you know where your money is currently going, you’ll be better prepared to make a plan to adjust your spending. This step gives you a better understanding of what you’ll need to do to reach your goals.
- Stay Motivated - It’s a good idea to establish a support system that will help keep you accountable. Create a solid strategy ahead of time for the moments when your emotional triggers attempt to throw you off track. A financial professional can cheer you on and answer your questions, helping you put together a financial action plan based on our specific goals.
Looking for more resources to help you plan your journey to and through retirement? Check out these financial calculators:
Investment Savings & Distributions Calculator - Use this calculator to help you determine how long your investment savings might last.
Mortgage Loan Calculator — Quickly see how much interest you could pay and your estimated principal balances.
View more calculators — Browse all of our retirement planning calculators.