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You and your partner may want to change your joint financial situation to accommodate future medical expenses, insurancecoverage, or purchasing a home. In any case, it’s worthwhile to evaluate your retirement savings strategy and optimize according to your risktolerance and lower tax burden.
As another year draws to a close and a new one begins, it is time to start thinking about what New Year’s resolutions you want to set for 2023. This article discusses 6 New Year financial resolutions that you can consider adopting to help you build a safer and more secure financial strategy for 2023.
In 2023, healthcare spending in the U.S. It is also wise to assess your risktolerance and whether you might need more intensive care down the line. An advisor can help you understand the different retirement health savings plan rules, long-term care insurancecoverages, and reimbursement arrangements.
For instance, in 2024, the contribution limit for 401(k) accounts has increased to $23,000 from $22,500 in 2023. You must focus on developing an investment plan that aligns with your financial goals, income, age, risktolerance, and time horizon. You must stay informed about annual contribution limits, as they may change.
Investment strategy: Determine asset allocation and investment vehicles aligned with risktolerance and financial goals. Insurancecoverage: Evaluate insurance needs for health, life, disability, long-term care and property, ensuring adequate coverage. 2 USA Today, “Think you’ll work past 70?
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