Healthy Financial Future

The Basics

  1. Capture the full employer match on your 401(k)

  2. Name or update beneficiaries on all accounts

  3. Diversify your portfolio to match your goals and risk tolerance

  4. Create an emergency fund

  5. Prepare a will

Getting Ahead:

  1. Pay a little extra on your mortgage each month
  2. Improve your investing knowledge through an online workshop
  3. Pay off your credit cards in full each month
  4. Contribute to a 529 plan
  5. Track your spending and cut back where possible to boost savings

Building Wealth

  1. Max out your 401(k)
  2. Contribute to a health savings account, if eligible
  3. Contribute to an IRA
  4. Transfer some funds to roth IRA for better tax management during retirement.
  5. Create a financial plan

Optimizing retirement

  1. Pay off your mortgage before retirement
  2. Create a budget based on your ideal retirement, including location and lifestyle
  3. Review your social security statement for missing income information
  4. Make a plan for long-term care
  5. Create a tax-smart income-withdrawal strategy

Extra Credit

  1. Research investment options for your health savings account, if eligible
  2. Save even more towards your goals with a taxable brokerage account
  3. Educate the young people in your life about investing
  4. Gift any individual up to $15,000 annually without triggering the federal gift tax
  5. Make a tax-smart charitable gift of appreciated assets