Life can change quickly. Emergencies and unexpected costs can happen at any time. You could lose your job and suffer through a stretch of unemployment. You could suffer an injury or illness that results in substantial medical costs. You may experience home damage or costly car repairs. These things and more are all common challenges for many households. That’s why an emergency fund is such a critical component of any financial plan.
Unfortunately, many Americans have little or no savings. A new study found that 66 million Americans have zero emergency savings. Another study found that 47 percent of Americans wouldn’t be able to cover a $400 emergency expense without borrowing money or selling something.1
Why do so many Americans lack savings? They may struggle with debt and be unable to meet their standards. They may have a standard of living that’s well beyond their means. Or they may simply think that an emergency won’t happen to them.
Is retirement quickly approaching? If so, you may be in the final stages of wrapping up your career and planning your income strategy. You might be assessing your investments, considering when to file for Social Security or even reviewing your Medicare options.
One critical step is the creation of your retirement budget. A budget is always helpful, but it’s especially important in retirement. You can use it to analyze your spending and make informed buying decisions. It can also help you stay on track so you meet your long-term saving and spending goals.
Are you determined to make 2018 the year you get your retirement planning back on track? If you feel like you’re behind on your retirement savings efforts, don’t worry. You have company. A 2017 Gallup study found that more than half of Americans are worried that they won’t be able to afford retirement.1
The good news is it’s never too late to course-correct if you feel like you’re behind or off-track on your planning. A few simple changes may be all that’s necessary to get you back on track to live the retirement you’ve always imagined.
The new year is here. It’s the perfect time to analyze your financial situation and develop a list of action items. A regular annual financial checkup can help you stay on top of potential risks and on track to meet your biggest financial goals.
Ready to start your year with a financial review? Below are three questions to ask yourself as you perform your annual financial review. A financial professional can help you conduct a detailed, comprehensive analysis.
For many, New Year’s is a time to look to the future and start fresh. It’s a time to set goals and chart a new course. You may be looking at your family’s finances as one area where you can implement new habits and strategies. Perhaps you’ve fallen behind on your savings or feel that you may be too exposed to risk. The new year might be the right time to analyze your current situation and make changes.
Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.