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Wednesday • December 31 • 2014
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Financial Advice Column
Consider These New Year’s Financial Resolutions BOB KRYGSHELD
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Now that 2015 is upon us, you may be thinking about making some New Year’s resolutions. Perhaps you’ll decide to take up a musica l instrument, or hit the gym more often, or even learn a new language. All these are worthy goals, of course — but you could also gain some key benefits by work i ng to ach ieve some financial resolutions. Here are a few to consider: • Fi l l “g a p s” i n y ou r i n v e s t m e nt p or t f o l i o. From time to time, you — or possibly your financial advisor, if you work with one — m ig ht ident i f y “gaps” in your investment portfolio. For example, you might find that you are making insufficient progress on a key goal, such as saving for a child’s college education. Or you might discover that you need to place additional resources in a particular a sset cla ss to ach ieve proper d iversi f icat ion, which can help reduce the impact of market volatility on your portfolio. (Keep i n m i nd, t houg h, t hat diversification, by itself, can’t g uarantee prof its or protect against loss.) So, put “filling portfolio gaps” high on your list of New Year’s financial resolutions. • B o o s t y o u r 4 01 ( k ) cont r ibut ion s. I f you r sa la r y has gone up w i t h t h e N e w Ye a r, consider boosting your c ont r ibut ion s to you r 401(k) or similar employers p on s or e d r e t i r e me nt plan. You may not be able to a f ford to contribute t he ma x i mu m a n nua l amount — which, in 2015, i s $18,0 0 0, or $ 24,0 0 0 if you’re 50 or older — but if you increase your contributions every year, you ca n g reat ly speed your progress toward your retirement savings goals. You can put this New Year’s resolution into effect by contacting your human r e s ou r c e s or b ene f it s department as soon as you get back to work in 2015. • Eliminate “unhealthy” i nve st ment habit s. A s
part of your general New Yea r’s resolut ions, you m a y h a v e de c ide d t o cut back on “carbs” and sugar-laced soft drinks, w it h t h e e x p e c t a t ion that these moves could help your overall health. But you can also make “u n he a lt hy ” f i n a nc ia l moves, such as chasing after “hot” stocks (which may already have cooled off by the time you find them) or selling quality investments just because their price has temporarily dropped. Strive to focus more intently on your longterm investment strategy, as opposed to reacting to short-term stimuli. • Re v ie w y ou r e s t a t e s t r a t e g y. D u r i n g a n y g iven yea r, you m ig ht experience major changes in your life — marriage (or remarriage), new child, new home, etc. — a nd these changes will have profound effects on your estate plans. But whether or not you encountered any of these events in 2014, it’s a good idea to look over your estate planning documents* — such as a will, living trust, power of attorney, and so forth — to make sure they are st i l l current w it h your w ishes. It’s especia lly i mpor ta nt to update beneficiary designations on your insurance policies and retirement accounts, so that they are aligned with the wishes you have expressed in your w ill. And if you haven’t drawn up you r est ate pla n s* yet, make a New Year’s resolut ion to do so i n 2015 — because it’s never too soon to take the steps necessary to protect your loved ones in the future. Unlike some New Year’s resolutions, these financial ones won’t require a big shift in your lifestyle. But if you can stick to them, they can make a big difference in your life. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor, Bob Krygsheld 501 W Exchange St, Crete, IL 60417 (708) 672-2892.