Ringing in the New Year in Your Golden Years
Whether you are just entering your golden years or are already several years in, setting goals to stay on track and maintain your health, happiness, and finances is essential. So why not use the New Year's holiday to turn these goals into resolutions you will work on for the upcoming year? Ready to get started tackling some new goals to help improve your mind, body, and finances? Below are a few resolutions worth considering.
Create a Budget
Creating a new budget each year is an excellent idea as it will allow you to review your expenses and income, see areas where you may need to cut back and determine if your current budget is working or is time for a little revamp. If you have not created a budget before, you will need to write down all of your monthly expenses and your monthly income. It may be beneficial to list your monthly costs in order of importance if you need to find places to trim some excess. Ensure to include everything, including the money you put away in monthly savings and money allocated for clothing and entertainment.1
Get Active
Staying active is vital to physical and mental health, but as you age, you may become less active than before. Even if you have physical limitations, you will still be able to find some way to stay physically active. Enjoy daily walks or go swimming when you have the chance. You may also want to consider physical hobbies and sports that interest you, such as golf or tennis. Sports are a great way to stay physically active, get social interaction, and stay mentally sharp.2
Review Your Insurance Policies
Your insurance needs will change over time, so giving them the once-over each year is an excellent practice to make sure you have the coverage you need for each stage of life you are at. Ensure you have enough coverage and the correct coverage so you don't have a significant financial burden after a loss.1
Stimulate Your Mind
A healthy mind leads to a healthy body, and for many, as they age, mental stimulation is less common in their day-to-day life. Consider joining a group such as a book club or gaming club where you will be able to enjoy activities that stimulate your mind and also provide you with social interaction.2
Review Your Estate Plan
Estate planning is an important piece of retirement planning. Without a plan, you may find that your final wishes are not fulfilled or that an undue burden has been placed on your family, who may have to make medical and financial decisions without knowing what you would want. If you don't have one in place, now is the time to have one created. If you currently have one, ensure it still aligns with your current situation and wishes.2
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
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Footnotes
1 “12 Financial New Year's Resolutions for 2023,” US News Money, https://money.usnews.com/money/personal-finance/saving-and-budgeting/slideshows/financial-new-years-resolutions
2“Tip Sheet: Top 10 Healthy New Year’s Resolutions For Older Adults, Healthy Aging.org, https://www.healthinaging.org/tools-and-tips/tip-sheet-top-10-healthy-new-years-resolutions-older-adults