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Publish Date January 4, 2021
As we have entered 2021, talk naturally turns to the notion of New Year’s resolutions. Often times, these take the form of making lifestyle changes such as losing weight or increasing physical fitness. Have you considered your fiscal fitness in 2021?
“Generally speaking, your fiscal fitness includes all things related to your financial health,” says Mark Platte, Trust Officer in Fidelity Bank & Trust’s Hometown Wealth Management department. “It can include understanding your income sources, having a handle on expenses, employing all applicable tax reduction techniques, understanding your employer-provided benefits, and maximizing your retirement plan contributions just to name a few,” added Platte.
Platte recommends making these considerations toward your fiscal fitness as you plan your New Year’s resolutions and goals for 2021:
FULLY UNDERSTAND YOUR EMPLOYER PROVIDED RETIREMENT PLAN(S).
Maximize your contribution if an employer match is available. If tax law allows, make additional contributions to individual retirement accounts to boost your retirement savings.
MAKE A BUDGET TO BETTER RECOGNIZE YOUR INCOME AND SPENDING HABITS.
Take it one step further and review purchases over the last year and define them as a ‘need’ or ‘want.’ This will help you determine if your budget is where it needs to be.
REVIEW YOUR CURRENT LIFE INSURANCE PROGRAM.
This includes employer-provided benefits and amounts you own personally. This is especially important if you have a young family with children.
Platte reminds you, “There are many more items you could add to the list of fiscal fitness, though these recommendations are a great start.” If you have questions or would like to discuss further, the Hometown Wealth Management department at Fidelity Bank & Trust stands ready to assist you. Wishing you a prosperous New Year!
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