Sexton Advisory Group shares goals to consider for your 2024 retirement plan checklist.
Making financial goals for the new year? Here are some goals to consider for your2024 retirement plan checklist.
Reduce & eliminate debt. Addressing high debt levels is crucial for secure retirement. Consistent habits, budgeting, and debt consolidation are key. If you’re struggling with debt, negotiate with creditors to come up with a feasible payment plan or secure lower interest rates.
Save & invest money you didn’t expect to receive. Whether it’s through an inheritance, a tax refund, or Social Security payments, save and invest the money you didn’t expect to receive. Doing so will come in handy when big expenses arise.
Contribute to your retirement accounts consistently. Aim to max out your contributions every year if you can. If you work for an employer that offers401(k) contribution matching, take advantage of this to boost your retirement savings in the long run.
Make sure your emergency fund is fully funded & inflation-adjusted. This helps lower your chances of racking up debt in the event of an accident, medical emergency, or job loss. If your emergency fund is fully funded, make sure it has been inflation adjusted as the rising cost of living will likely shift your projected expenses.
Warmly,
Steve Sexton, CEO of Sexton Advisory Group