Achieving financial independence is a goal that almost everyone has. It brings you the personal freedom to do what you want. For most people, however, debt is a significant roadblock. In fact, the average adult has around $90,460 in debt.1 This includes all types of consumer debt such as credit cards, personal loans, student loans, mortgages and auto loans. The good news is, there are strategies to pay down debt and work toward financial independence. How can you do this? Here are five actionable ways to start working towards more financial freedom this year. Way #1: Make a Budget and Stick to It If you want to be certain that your bills will be paid and savings goals are on track, then you need to set a monthly budget and do your best to stick to it. If you’re used to spending and saving as you please, sticking to a strict budget will feel hard at first. But over time, consistency in your spending habits will make following a budget easy and natural. Holding yourself accountable can help deter impulse buys, splurges and make your savings goals a bigger priority. Way #2: Pay off Your Credit Cards in Full Credit cards have high-interest rates that can grow your debt every month they aren’t paid off. If you’re able, pay off your credit card balance in full each month. Additionally, pay them on time to help you build good credit. If possible, it’s best to treat your credit card like a debit card, meaning you don’t spend more than you have. Once you have high-interest debt like this paid down, you can focus on low-interest debts like mortgages, auto loans and student debt. Way #3: Opt for Automatic Savings One of the most effective ways to save more money is to automate the process. Determine how much you’re able to contribute to your savings account each month and set up an automatic transfer with your bank. Soon, you’ll forget this is even happening. If your company offers a retirement savings plan, you may have the option to automatically defer funds from your paycheck to the account. Again, this is something that will happen without action from you, making it an easy and convenient way to build retirement savings. Way #4: Look For Opportunities to Increase Your Income Increasing your income is easier said than done, but it’s not impossible. If you’ve been at your job for a while and taken on added responsibilities, now may be an opportune time to speak to your boss about a pay adjustment. Or, searching for opportunities elsewhere could result in a bump in salary. If you have a hobby you’re passionate about, look for opportunities to make some money with it. Put your art up for sale online, offer classes (cooking, dancing, gardening, etc.) through your local rec center or find odd jobs you can do on the weekend. If you do find yourself able to increase your income, be sure to revisit your budget and determine how that additional money should be used. If it’s being spent frivolously, it’s not helping you work toward greater independence. Way #5: Begin Building Your Portfolio Once you have control over your debt, you’ll want to focus on building passive income - which can be done through a retirement plan or investments. Start off simple by contributing to a retirement account. Even small contributions now can grow significantly toward retirement through the power of compound interest. If you’re looking to expand, consider working with an investment advisor or other financial professional. As you involve yourself in investments further, you may find other opportunities to invest as well, such as real estate, collectibles, or other alternative investment classes. Achieving financial independence isn’t something that happens overnight. If you plan and save, however, it really can pay off for you in the long run. Not only does it help you to build savings, but it starts strong habits for the future. If you're unsure where to start, an experienced financial professional can help address your concerns and develop tailored strategies going forward. https://www.cnbc.com/select/average-american-debt-by-age/ This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

It seems like when summertime hits, time slows down. The hustle and bustle of the holiday season is over, the taxes are complete and the vacation days are scheduled. If you find yourself with a bit of extra time on your hands in the upcoming months, you may want to use this opportunity to check in on your family’s finances. While doing a thorough analysis of your wealth may sound intimidating, we’ve broken it down into eight simple steps to keep you focused and on track. Step 1: Analyze Your Budget In early 2022, the Bureau of Economic Analysis reported that the personal savings rate is at only 6 percent.1 An effective way to avoid spending more than you’re earning is to step back and take stock of your monthly and annual budget. And if you don’t have a budget at all, use this time to make one. Many credit cards or banks will offer categorical breakdowns of your spending, which can be a great way to find out what you’re spending the most money on and if there’s room to cut back. To get the best look at your spending habits, you may want to evaluate your savings and spending record over the past six to 12 months. Step 2: Seek Out Tax Savings Do you scramble to pull your paperwork together every March and April? This year, try taking a different approach to tax season by evaluating your tax-saving strategies early. You may want to work with your financial planner or tax professional to create a mock tax return, as this can help you understand your withholding options and tax-saving opportunities such as 401(k) or 403(b) options, IRAs and HSA contributions. Focus on filing any time-sensitive deductions and brush up on changes in tax laws. Reaching out to your tax professional now could mean you have more time to prepare and strategize together for next year’s returns. Step 3: Tackle Your Debt An alarming 38 percent of adults carry credit card debt from month to month.2 If you’re guilty of putting off managing your amounting expenses, now’s the time to start planning to pay them off. While most consumers have some amount of good debt on their plate (mortgages, car payments, etc.), it’s the bad debt (credit card debt, student loans, etc.) that you’ll likely want to focus on managing and eliminating. While you could be tempted to simply pay off what shows up on the bills each month, you may want to create a debt summary to get a better idea of your total debt’s big picture. By creating an annual debt summary, you and your financial advisor can better understand whether you’re gradually working down the amount or falling farther into the hole. Step 4: Revisit Short and Long-Term Goals A lot can change in a year - marriage, death, divorce, growing your family and experiencing a major career change. Even seemingly small adjustments, like a job promotion or sending a kid off to college, can have a significant impact on your financial status. That’s why it’s important to regularly review your long-term goals and progress towards them while revisiting and evaluating your shorter-term goals as well. Step 5: Evaluate Coverage and Providers As you’re reviewing your budget and expenses, take the extra time to thoroughly evaluate your current providers and coverage options. This includes your internet, cable and wireless service providers in addition to your insurance coverage options. If you tend to set up auto payments and forget about your monthly bills, this could be an opportune time to revisit what it is you’re actually paying for. Step 6: Reassess and Rebalance Your Portfolio It’s important to visit your portfolio and risk tolerance regularly to help keep it in line with your tolerance, goals and market conditions. While most managed portfolios will be rebalanced automatically, it’s important to take stock of your investments’ big picture. Doing so can help you determine if you need to diversify differently or reassess your risk tolerance. Step 7: Review Your Retirement Savings Whether retirement is decades down the line or within the upcoming year, reviewing your retirement savings on an annual basis is a great habit to start. Take the time to assess whether or not you’re maxing out your retirement contribution options and how the savings you’re making today will translate into retirement income later down the line. Step 8: Assess Your Estate Plan It’s not fun to plan for the worst-case scenario, but leaving your family with an outdated will, trust or estate plan can lead to some major issues down the line. As you assess your legacy plan annually, make sure you’re accounting for any newly acquired assets (houses, cars, pets, etc.) while checking that your designated beneficiaries are still willing and able to assist in the event of your passing. While you’re likely daydreaming of book reading, beach-going and backyard barbecuing this summer, don’t forget to do yourself a favor and squeeze in some financial assessment as well. https://www.bea.gov/data/income-saving/personal-saving-rate https://www.nfcc.org/resources/client-impact-and-research/2021-consumer-financial-literacy-and-preparedness-survey/ This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

The first quarter of 2022 was negative on nearly every front for investors. The S&P 500 lost more than 5%. International stocks lost more than 6%. The Russell 2000, which represents U.S. small cap stocks, declined nearly 9%.1 Even the bond market suffered. Bonds are often used to minimize risk and volatility, but they offered little stability for investors in the first quarter of 2022. The Bloomberg U.S. Aggregate Bond Index lost more than 6% in the first quarter, the worst loss for the index since 1980.2 The first-quarter decline in the bond market isn’t a new phenomenon. In fact, the Bloomberg U.S. Aggregate Bond Index has declined 10.6% since its peak in August 2020. That’s the largest correction in the U.S. Bond market in the past 25 years.3 It’s not just U.S. bonds either. The Global Aggregate Index has declined 11%, falling to its lowest point since the 2008 financial crisis.3 Why are bonds declining? All financial markets are facing headwinds right now, but the bond market is facing multiple issues that are creating a perfect storm for income investors. The first issue is the ongoing war in Ukraine. Instability is always a risk for financial markets, and this is no exception. The uncertainty surrounding the outcome and Ukraine and the risk that the conflict could expand have investors rattled. The other issue is the double-edged sword that is inflation and interest rates. In March, the Consumer Price Index (CPI) was up 8.5% from 12 months earlier. That’s the fastest annual rise in prices since 1981. In fact, the CPI has set new 40-year highs for five consecutive months.4 The sharp rise in inflation has led to a similar rapid rise in interest rates. The Federal Reserve raises interest rates to fight inflation. Higher interest rates makes it more difficult to borrow money, which slows the economy and reduces demand for goods and services. Fed Chairman Jerome Powell has already indicated a 50-point increase in interest rates at the May meeting. Other Fed officials have suggested that there will be further hikes. The CME Fedwatch website predicts rates to hit 2-2.25% by the end of the year, with an 87% probability.5 The prospect of increased interest rates has affected the stock market, but it’s also had a significant impact on the bond market. When interest rates rise, bond prices tend to fall. That means the bond market will continue challenges if the Fed continues to raise interest rates. What can be used as an alternative to bonds? Although not true for everyone, some people use bonds for income and as an asset to reduce volatility in their portfolio. Many investors shift more assets to bonds as they approach retirement to minimize their exposure to stock market risk. In the current environment, though, bonds may not perform as they have in the past. In the first quarter, major bond indexes performed worse than stock indexes.2 Potential Bond Alternative Fortunately, there are alternatives available. One potential alternative is a fixed indexed annuity (FIA), which could be used in a portfolio to replicate the income from bonds and also protect the portfolio from volatility in the stock and bond markets. A fixed indexed annuity is a product offered by insurance companies. They are often tax-deferred, meaning you don’t pay taxes on gains as long as the assets stay inside the annuity. FIAs also provide risk protection in the sense that your value never declines due to market performance. You can potentially earn interest each year based on how market indexes perform, but you never lose any of your premium if the markets decline. An easy way to think about a fixed indexed annuity is: Fixed floor value that protects your principal Interest based on the performance of a market index Annuity that grows tax-deferred, unlike bonds Many FIAs also offer optional riders that include income benefits which provide predictable lifelong income through retirement. Those benefits vary by product, but they can be used to replicate the income-driven nature of bonds. A fixed indexed annuity isn’t right for everyone, but it can be a useful tool for those looking for predictable income and protection from market risk. Now may be the right time to review your strategy and explore alternatives to bond investments. Let’s connect today and start the conversation. 1https://www.google.com/finance/ 2https://www.wsj.com/articles/bond-market-suffers-worst-quarter-in-decades-11648737087 3https://finbold.com/u-s-bond-market-wipes-out-over-2-trillion-marking-the-largest-loss-in-recent-history/ 4https://www.usatoday.com/story/money/2022/04/12/inflation-rate-cpi-highest-40-years-prices/7284054001/ 5https://www.barrons.com/articles/interest-rate-hikes-51650675267 Licensed Insurance Professional. Respond and learn how insurance and annuities can positively impact your retirement. This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Annuities are insurance products backed by the claims-paying ability of the issuing company; they are not FDIC insured; are not obligations or deposits of, and are not guaranteed or underwritten by any bank, savings and loan or credit union or its affiliates; are unrelated to and not a condition of the provision or term of any banking service or activity.

More than a benefit for loved ones you leave behind, a life insurance plan can supplement other retirement strategies in various ways, including acting as a source of emergency cash, loan funds or simply as the confidence that comes knowing you’ve covered all the bases. How you use life insurance to assist your retirement goals depends on which type of policy you chose. Whole life insurance keeps you covered for the remainder of your life. Below we’re discussing five ways in which you can utilize your current life insurance policy as a tool in retirement. Role #1: Cash-Value Withdrawal Permanent life insurance plans (like whole life) may include an interest-earning feature. You can withdraw cash from a whole life plan or take out a loan. This provides retirees options for taking care of expenses without depleting another retirement fund. If you’re withdrawing up to the amount you’ve already paid in premiums (known as the policy basis), the withdrawal may be tax-free. Any income you withdraw beyond the policy basis, however, is considered a gain and would be subject to income tax. As you consider this option, remember that the amount you remove will reduce your death benefit. It’s typically best to use this option only to take care of emergencies. Role #2: Taking a Loan You can borrow against the value of a whole life plan if you’re in need of funds immediately. If you choose to go this route, you’re borrowing the money you’ve already paid into the plan. Taking out a loan will incur interest, and it will be added to the balance owed. The loan – plus interest – is repaid from the death benefit, meaning you’ll be leaving your loved ones with less. Perhaps a worse outcome of not repaying the loan in a reasonable time would be the loan balance exceeding the cash value, like an underwater mortgage. If this is the case, the policy will lapse. Role #3: Life Insurance Policy Riders and Retirement Plans You can add a rider to your whole or term life insurance plan. A rider is a supplemental benefit you pay extra for and is commonly referred to as accelerated benefits. Riders may cover an unexpected expense or a specific type of death event. For example, a catastrophic illness rider will allow you to use the cash value to handle certain kinds of emergency medical expenses. It’s different than a liquidating cash value and will reduce the death benefit. With regards to a retirement plan, riders such as a catastrophic illness rider can expire after age 65, depending on the insurer.1 Riders may be more beneficial for early retirees. Role #4: Tax Benefits in Retirement Life insurance policies can shelter part of your retirement plan from being taxed by the federal government. If you have a cash-value plan, the IRS will not tax the growth yearly, but will tax the income when you cash out.2 The taxable amount will be the difference between the total premiums paid and your cash out amount. The withdrawals from and loans against your policy will be tax-free. This includes the funds from accelerated benefits. It’s important to note that if you have a life insurance plan paid by your employer, anything above $50,000 is considered taxable income.3 Role #5: Safety Amidst an Economic Downturn A whole life plan with cash value won’t be influenced by stock market fluctuations. If you have a diverse portfolio, some portion of your retirement savings may lose value during an economic downturn. When this is the case, you may need to rely on your cash value assets while stocks and other assets take time to recover their value. Any life insurance plan can become a part of your retirement plan. However, to see a substantial benefit, it can take several years. As with any retirement plan, starting early with a life insurance policy can yield the greatest benefits to you and your family. Discuss what kind of life insurance policy can be most beneficial to you with an experienced financial advisor or agent. https://www.investopedia.com/terms/d/dreadeddiseaserider.asp https://www.irs.gov/pub/irs-drop/rr-09-13.pdf https://www.irs.gov/government-entities/federal-state-local-governments/group-term-life-insurance This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

They’re calling it the Great Resignation. This unprecedented phenomenon is observing numerous Americans leave their jobs—some for greener pastures, others for extended periods, and still others, especially older Americans, for retirement. While endless column inches on this matter have been published, one of the big questions is why it’s happening here and now. The most natural answer is that this is an appropriate response in the wake of the COVID-19 pandemic. It’s difficult to find anyone or anything that hasn’t been affected by the pandemic. While some people are choosing to stay home because they aren’t interested in risking illness to go into the office, the full picture is a bit more complex, especially for those with jobs where remote work isn’t an option. But there’s another factor at play here. It’s been a long time coming but hasn’t been talked about much because of other more pressing world events. The Baby Boom Meets the Retirement Boom These last few years have been a bit different than they were in the past. Reaching retirement age now doesn’t mean exiting the workforce completely. Many retirees start businesses, shift to part-time work, or change their focus from their jobs to working for charities or nonprofit organizations. In 2008, the oldest baby boomers reached age 62. This coincided with the so-called “Great Recession,” when the economy declined and perhaps represented a less-than-advantageous time to start retirement. Many people decided to hold off on retiring and wait a few years. In 2021, the economy had distanced itself from those events and faced new developments. Just over half of adults aged 55 or older had exited the workforce and retired. For adult Americans aged 65 to 74, the percentage who had left the workforce was 66.9%, just over two-thirds of this population.1 Catching Up So, rather than seeing everyone head to the door simultaneously, what we’re seeing is a bit of a “catch-up” period. We are looking at a picture of what might have been if the Great Recession had gone a bit differently. The pandemic created a transition period in which people decided that it was a natural time to work less, transition to new things, or retire completely. The pandemic has gone on way longer than any of us could have imagined, with the more potent Delta variant making way for the more contagious Omicron variant. Examining this context makes it easier to see why someone reaching the end of a long and rewarding career might choose to exit the pattern of working during COVID-19 and parachute into a less stressful, more enjoyable paradigm. Is It Your Time, Too? You might be thinking that this period of mass retirement presents you with an opportunity to cast off the yoke and ease into retirement. Despite the large numbers of people making this big transition, it is important to remember that moving with the crowd isn’t always a justified action. It’s also possible that now is a great time to transition into a different opportunity for your last few years of work. Maybe you have a business idea you’ve been working on. Now is a great time to put it into action. Or perhaps you want to transition into a new role at work or with a different firm that will be less demanding when you finally transition into retirement. This is also a great idea. If you think now is the time, your first step is to set up some time to talk with your friendly financial representative. They can look at your overall financial strategy to give you a better overview of where you stand and the drawbacks and advantages of retiring in the current environment. https://www.pewresearch.org/fact-tank/2021/11/04/amid-the-pandemic-a-rising-share-of-older-u-s-adults-are-now-retired/

Over the last couple of years, cryptocurrencies have become more well known due to the significant increases and swings in the price of popular coins like Bitcoin and Ethereum. Despite reaching an all-time high price last year, only about 16% of Americans have reported investing or trading cryptocurrency. For investors curious about adding Bitcoin or another cryptocurrency to their portfolio, you should consider the following. What Are Cryptocurrencies? Cryptocurrencies are digital assets secured on a blockchain, which is a type of ledger that records transactions using concepts of cryptography and game theory. Some of these concepts include: Private and public-key pairing Hashing functions Elliptical curve encryption The first cryptocurrency was Bitcoin, a creation of the anonymous Satoshi Nakamoto that started in 2008. However, in the nearly 14 years since Bitcoin’s inception, many other cryptocurrencies now exist, each with its unique value propositions and communities. How Do You Buy Bitcoin and Other Cryptocurrencies? The most common method for purchasing is through exchanges such as Coinbase, Kraken, or Binance. Because of Know Your Customer (KYC) laws, exchanges will require users to provide certain identifying information when creating an account. Additionally, exchanges will charge transaction fees when buying, selling, or trading crypto. What Makes Cryptocurrencies Valuable? The value propositions of cryptocurrency may vary from coin to coin, which is why it’s important to thoroughly research the fundamentals of a crypto project before investing. However, some of the general attributes of crypto that may be of value include: Decentralization Transaction Privacy Store of value (i.e., digital gold) Scarcity Utility through DeFi, NFTs, and other use cases in the metaverse. Where Do You Keep or Store Your Cryptocurrencies? Once bought, some users keep their cryptocurrency in the account on the exchange they used to purchase them. However, others may prefer to hold their crypto on any number of crypto wallets. Cryptocurrency wallets are generally distinguished as a hot or cold wallet. Hot wallets refer to software programs stored online through a computer or phone. In contrast, a cold wallet is held in a USB-connected device capable of offline storage. What Are the Risks of Owning Cryptocurrency? The risks of cryptocurrency are threefold. The first is the potential for losing crypto by forgetting a spending password or wallet seed-phrase. Risk also exists through the potential for bad actors to hack and steal cryptocurrency either through manipulation of software or by obtaining an individual’s crypto wallet passwords. Other Ways to Invest in Cryptocurrency For people not yet ready to purchase their own cryptocurrency, other options still exist for investors to have some exposure to the cryptocurrency industry in their portfolio. These include: Investing in companies in the cryptocurrency space Indirectly obtaining crypto exposure through investment in companies that hold cryptocurrencies on their balance sheets Investing in an exchange-traded fund (ETF) that holds different cryptocurrencies and related contract assets What Is a Reasonable Amount of Crypto for Your Portfolio? No single correct approach exists when it comes to determining the amount of cryptocurrency an investor should have in their portfolio. Rather, the chosen amount will always depend on factors specific to the investor and their financial goals. Relevant to the discussion might be an investor’s net worth, current income and expenses, retirement savings, and overall risk tolerance. Generally, some experts may recommend allocating only a tiny percentage (e.g., 2-5%) of an investor’s overall portfolio, if any, to cryptocurrencies. Is Crypto Right for an Investor’s Portfolio? The cryptocurrency market is still a young industry, and its technologies and investment opportunities are continually evolving and changing. As a result, cryptocurrency investments can be somewhat speculative and subject to short-term volatility. As always, investors should perform their own due diligence before buying a particular cryptocurrency and only invest amounts they won’t be afraid to lose. Provided content is for overview and informational purposes only and is not intended and should not be relied upon as individualized tax, legal, fiduciary, or investment advice. https://www.pewresearch.org/fact-tank/2021/11/11/16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency/ https://coinmarketcap.com/ https://www.investopedia.com/decentralized-finance-defi-5113835 https://www.forbes.com/advisor/investing/nft-non-fungible-token/ https://time.com/nextadvisor/investing/cryptocurrency/hot-wallet-vs-cold-wallet/ https://money.usnews.com/investing/cryptocurrency/slideshows/best-cryptocurrency-etfs-to-buy?slide=6 https://www.bloomberg.com/opinion/articles/2022-02-18/personal-finance-how-much-crypto-should-be-in-your-investment-portfolio

One of the greatest dangers to your wealth may not be the market’s dips and dives, it may be the temptation to make emotionally charged decisions regarding your wealth. As an investor, it’s important to remember what your biggest focus should be: your personal economy. Below we’re discussing the impact behavioral finance can have on your investments and what you can do about it. What Is Behavioral Finance? In a perfect world, the stock market would be predictable. Philosophers and economists have studied the markets for decades, even developing theories and models to explain and predict trends and responses in the market. The problem? Money, and the way we interact with it, isn’t black and white. As humans, we typically cannot make objective decisions regarding our own money. Whether we realize it or not, we are influenced by subconscious biases and what we read and hear on the news. This behavioral bias can help account for unexplainable phenomenons in the market, such as the “January effect,” an increase in stock prices that tends to occur at the beginning of the year. How Behavioral Finance Impacts Your Portfolio Even the most disciplined investor could have a tough time staying strong during turbulent economic climates. With social media and 24-hour news cycles, no one is immune to hearing about breaking news or troubling trends. When you hear on the news that the market has plummeted, your first instinct may be to get out immediately. This is a gut reaction, fueled by the short-term fear of a market crash. However, now’s the time to remember the truth about your investments: they’re meant to be a part of your long-term financial goals, not short-term gains. When in Doubt, Give us a Call To help avoid making impulsive, emotionally charged decisions about your money, talk to your trusted financial partner. Find reassurance in their calm demeanor and big-picture mentality. The market is meant to cycle, and using strategic, logistical planning is one way you can stay focused through these uncertain times. It’s important to remember that your advisor is meant to act as the buffer between your emotions and your investments. With shifts in the market, together you may determine to reallocate certain assets. This decision, however, should be based on facts, logic and experience, something your advisor can help you with. During times of economic uncertainty, remember to keep calm, stay rational and remain informed about your investments as well. We are here to help you stick to your long-term goals, so you should always feel free to reach out with your concerns and questions. This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Spring is an ideal time to clean up your finances, clear out the clutter, and get a fresh start. Maybe you have more money left over at the end of the month and could use a budget tweak. Perhaps you have too many expenses in automatic, or it’s time to apply the brakes to your credit card spending. Whatever the reason may be, consider the following seven suggestions to get a better handle on your finances this spring season. 1. Clean Up Your Spending Whether you call it a budget or a spending plan, you only need to look in the rearview mirror over the past few months and write down your repeating bills and expenses. When you inventory those expenses, assign a priority number from one to three, with one being expenses you must meet to avoid being evicted from your home and three being rather nice to have, but you could live without. Clear out or reduce drastically your level three expenses. For example, that $70 cable bill is a great candidate for your first cut. Try less expensive streaming services. 2. Clear the Decks and Put Your Savings on Autopilot That 50 bucks a month you recouped by disconnecting your cable service can now be redirected automatically to your emergency fund. If you don’t have an emergency fund to cover at least six months' expenses, you could literally be one or two paychecks away from disaster. 3. Review Your Tax Withholding You’re looking forward to that big tax refund this year. However, what you have actually done is given the U.S. Government a 12-month interest-free loan. Give it to yourself as a monthly upfront paycheck increase. Adjust your withholding for a better balance and slide that extra money into savings or another investment plan. 4. Inventory Your Material Wealth Dedicate an hour or two to photographing and cataloging your household possessions. Concentrate on the big-ticket items like your furniture and expensive electronics. Write out the approximate amount you paid and when you purchased the piece. As you bring new items into your home, save the receipts and update your inventory. 5. Check Into Your Renter or Home-Owner Insurance Your spring cleaning should include a complete insurance check-up. Go to your insurance files and this time really read the fine print. Is your coverage adequate to replace everything you inventoried after you followed suggestion #4 above? If you own your home, you probably know that replacement costs have risen everywhere. Make sure you're covered. Also, it wouldn’t hurt to check and possibly upgrade your life insurance, especially if your family has grown or your income has gone up. 6. Plug Into Technology Let the free and secure technology of your online banking platform keep you on the straight and narrow. Most banking sites have the settings you need to do what you wouldn’t do for yourself. Want to receive a warning when your account balance gets too low or your credit card spending is over a set amount? Your bank can do that via email or text message. 7. Get Your Paper Files in Order For the financial papers you must keep, devise an orderly filing system. If you’re after a more simplistic method, head to your office supply store and buy an expandable folder with month separator tabs. Stash the papers you usually throw away each month in the appropriate month of the folder. Finally, remember that bad financial habits come from neglect and passive spending decisions. Spring is the ideal time to get back in the driver’s seat and reacquire the big picture. Clear out the clutter and do away with what is not working for you. https://www.investopedia.com/articles/personal-finance/040915/how-much-cash-should-i-keep-bank.asp https://www.bhg.com/decorating/storage/organization-basics/how-to-organize-files/

Reaching retirement can feel like crossing the finish line at the end of a 30-, 40- or even 50-year-long marathon. Therefore, many of us look forward to the endless vacation days and the rest and relaxation of retirement. Although a life with no alarm clock is something we dream about, the truth is that retirement really throws a wrench in how we view our money, and the switch from receiving structured, employment-driven income to drawing down investment accounts can be harder than we realize. If you’re retired (or nearing retirement), you’ve worked long enough to see a vastly transformed economy. Factors like offshored workforces and manufacturing, corporate acquisitions, and the transition from a manufacturing-based economy to one of service, information and technology-based has fundamentally changed employment dynamics. With some public-sector and rare private business exceptions, defined benefit plans like pensions have gone the way of the dinosaur. This means the burden of saving for retirement has shifted to you. And just as your money mentality has changed over the course of your career, so too should it change when you retire. Changing Your Money Mentality in Retirement You used to ask yourself if you were saving enough money for retirement. Now you’ll have to ask yourself how long you need that money to last for both you and your partner. You used to set retirement savings goals. Now you look at your money in an entirely different way, and your goal is to set budget goals that make sense for your lifestyle. You used to optimize your portfolio to reflect your growth needs and risk capacity. Now that you’re retired, you may look at dips in the market and other risks in an entirely different way. You (probably) used to work full-time for your primary source of income. Now, luckily, you have a lot more flexibility. Do you want to work part-time? Consult? Or do you want to pursue a retirement career that reflects one of your passions? Retirement Mindset Means More Than Just Money When you think about it, suddenly moving from working 40 hours a week to zero can be a real shock to your system. Although it may sound great in theory, the truth is that we’re creatures of habit—and we don’t always react well to quick and dramatic changes. Some employers will allow you to ease into retirement by gradually shortening your workweek over a year or a couple of years. This can be a great way to get your toes wet before diving right into full retirement. Use your days off to discover new hobbies, start volunteering, meet with friends and begin developing a new routine you can expand on throughout retirement. If your current place of employment does not offer a gradual retirement option, you could search for a part-time job, perhaps something that’s more laid back or of interest to you. Easing into retirement not only helps reduce the shock but also can be a great way to continue earning income without committing to a full workweek. Everybody Needs a Helping Hand Sometimes If you’re struggling with your money mentality, there are things you can do to help. For many, this starts with making sure they’re aligned with their passions—friends, family, travel, hobbies, volunteering and so much more. Some look for role models, people like them who are wonderful examples of thriving in retirement. Others get help from their financial professionals to set and meet their retirement goals.