Five simple actions can help you make progress toward important long-term goals this year. The Citizens Trust Bank professionals and the online Learning Center have the tools, tips, and guidance you need to make these key financial moves:
1. Review your goals to keep up with life changes
Confirm that your financial plan is still aligned with your life goals. Answer these two key questions: What brings you and your family the most joy? What kind of lifestyle do you want now and in retirement? Take stock of life changes in the last year — a new job, a different family situation, a new goal — and adjust your plan accordingly.
2. Are you a homeowner?
Complete a Mortgage Check-up. Your home’s value could help unlock extra cash potential. Watch the video for helpful insights from Yulanda Munford, Citizens Trust Bank Mortgage Operations Manager.
3. Protect your family
Make sure your assets are distributed the way you want if something happens to you. Review your will so it’s up to date with any life changes, such as a new baby, relocation, or change in marital status. But don’t stop there. Learn helpful insights on updating beneficiaries for your will, as well as retirement plans, insurance policies, and other accounts.
4. Manage your debt and credit
Debt can be a positive tool in your financial arsenal, helping you reach important goals such as buying your next home. And a good credit score is key to qualifying for lower rates that can lead to better financing options.
5. Bolster your retirement savings
Review your progress toward your retirement plan goals and the strategy you’re using to reach them. In 2022, the annual 401(k) contribution limit increases from $19,500 to $20,500. If you’re not quite at the max, consider raising your contribution 1 percent every year, starting now.