FORT MYERS, Fla. — With a new year comes new goals, and a financial expert says your money should be at the top of the resolutions list.
Adam Bruno with Evolution Retirement Services says it may be tricky in 2023 because the economy is functioning like a heartbeat – going up and down.
“Save as much money as you can this year,” Bruno said. “We’re in this environment now where things are shifting, changing constantly.”
There are things we can and can’t control. Financially there are things that can be done on your end to start off 2023 strong. Bruno says keeping an eye on your investments, like a 401k or stocks, is his top financial goal for people next year.
“Might not hurt to take a look at them and see how we’ve done and see if maybe we want to be a little more aggressive now,” he said.
Bruno says don’t lower what you put into your retirement fund if you’re trying to pinch pennies.
“There’s a lot of money to still be made,” he said.
Another top goal he suggests: figure out your personal financial goals and try to put more money away on top of your retirement fund because of the unstable market.
“You should also try to be saving 10% of your personal money for maybe a vacation or for an emergency,” Bruno said.
An emergency such as repairs to your home damaged by Hurricane Ian. If you can’t afford to pay for the damages, Bruno says do not take money from your retirement. You could face penalties that can’t be waived, plus the taxes you may have to pay.
There is another option, Bruno said.
“That’s a situation where you might have to stop contributing to retirement accounts just for that period of time,” he explained.
Bruno says you can also take out equity on your home to pay for things like a deductible or damages to your house.
It’s a time that’s hard for so many of us right now, but Bruno says these financial goals can be done.
“I think it’s going to be harder for people to accomplish financial goals without advanced planning,” he said.
To cut back, Bruno says the best way is through your entertainment. See if you can do without cable or some streaming services you don’t use often.
For the young crowd, Bruno suggests investing money in a 401k or Roth IRA to set yourself up for the future. Seniors should check on their required minimum distributions, Bruno said.
