Ways to Help Stay Financially Fit

January 5, 2018 Financial Wellness

You probably know how important it is to keep your body healthy. Habits like eating right, exercising and taking vitamins will help you maintain your health. Similarly, adopting healthy financial habits can help you stay on track with your retirement goals. If you’re worried that you won’t be able to accumulate enough money for a comfortable lifestyle during retirement, you may need to start making some changes. Here are four healthy financial habits you can adopt to prepare for a financially fit future.

1. Measure performance regularly

Take a look at how your investments have performed. It may be a good idea to conduct this review at least annually. Check both recent and long-term performance. If an investment’s return is consistently much lower than that index, it may be time to consider making a change.

2. Consider rebalancing your portfolio

Has your asset allocation shifted? You may need to rebalance your portfolio if one investment type represents a higher — or lower — percentage of your portfolio than you had intended.

3. Plan for life changes

Changes in your personal circumstances, such as marriage, divorce, the birth of a child, job loss, the death of a spouse, or even retirement, may have an impact on your finances and financial goals. You may need to make changes to your strategy to accommodate new goals.

4. The health factor

If you or your spouse were to become ill or disabled and unable to work, or need special care, where would the money come from to pay expenses? Your financial review should include a plan to protect from loss of income as a result of disability or illness.

Visit the One Day is Today!® online toolbox to learn more about ways to improve your financial life.

NOTE: Before investing, understand that annuities and/or retirement plan products are not insured by the FDIC, NCUA, or any other Federal government agency, and are not deposits or obligations of, guaranteed by, or insured by the depository institution where offered or any of its affiliates.

Investing involves risk including potential loss of principal.

The use of asset allocation and diversification does not ensure a profit or protect against loss.


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