January 18, 2022

5 Ways to Make Your Finances More Secure

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The start of the year is always a good time to take stock in your financial situation and see where you can make improvements.

Even if you think you’re on solid footing, these are always smart steps to go through to make sure you’re taking advantage of all the opportunities afforded to you.

Centers Healthcare has a look at five ways to make your finances more secure into the new year and the future.

  1. Increase Your Retirement Savings

If you’re still working, increase the amount you’re saving for retirement. If you have a 401(k), add to your contribution. If you have an IRA and are over 50, you can put $7,000 into it per year—the standard $6,000 plus a catch-up $1,000 due to your age.

  1. Make Payments Automatic

This is easy to do for a 401(k) through paycheck withdrawals, but you can also do this for IRAs and other private investment accounts. The automatic payments make it so you don’t think about it, which makes sure the money is actually invested!

  1. Go Over Your Budget

A main rule of financial security is to make sure more money is coming in than is going out. Use the first of the year to tweak your budget and reassess what you’re spending money on.

  1. Document Your Belongings

Take a video with your phone in and around your house, documenting your possessions in case of a natural disaster. This video will make your insurance claim much easier to follow through on.

  1. Consolidate Retirement Accounts

If you have several 401(k)s over the years from old jobs, see if it makes sense to lump those into your current 401(k) or an IRA. This will cut down on fees being paid to multiple accounts and can also help boost funds that you will be contributing to instead of old accounts that are left stagnant.

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