Lincoln Financial Group offers salient advice to help you reach your goals in 2024 and beyond.
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Entering a new year presents the opportunity to look ahead, set goals and make a plan to accomplish them—making it an ideal time to take stock of your finances. We all want to feel financially secure about our future, but with factors like market volatility, inflation, retirement and more to consider, it can be daunting to look that far ahead.
To help you coast into the new year with confidence and clarity, Lincoln Financial Group recommends creating a detailed and personalized financial plan to reach your economic targets. Here’s how.
Set and Prioritize Goals
In order to achieve your ideal financial future, you must first decide what it looks like. Lincoln Financial recommends creating specific short-, mid- and long-term goals—think of it more like a to-do list or a long-term strategy instead of aspirations. We all have those unattainable New Year’s resolutions that don’t stick, so it’s important your financial goals are clear and realistic. Finding the intentions behind your goals, listing them out and consciously prioritizing them will help you be more accountable, increasing the likelihood of achieving them. According to Lincoln Financial research, those who create specific goals are three times more likely to report that they did a great job on their overall financial wellness at the end of a year.
Create a Budget
Yes, even high-income earners need to follow the basic rules of budgeting if they want to reach their financial goals. When creating a budget, Lincoln Financial recommends starting with fixed expenses like mortgage and rent, then moving on to the more flexible expenses like groceries and entertainment. Using a budget calculator can help you better see how your money is allocated, and working with a financial professional can help you create a budget that works for you and stick to it.
Cover Your Bases
Achieving your financial goals starts at ground zero—like planning for retirement and setting yourself up for future success by investing in products that protect and grow your wealth. According to Lincoln Financial research, more than 60 percent of retirees would go back and plan differently for their retirement if they could. “There aren’t many opportunities for a do-over when it comes to retirement planning. Yet, two of the major concerns that retirees voiced in our study—guaranteed income and protection from loss—can be addressed with annuities,” said Tim Seifert, senior vice president and head of Retirement Solutions Distribution at Lincoln Financial.
With diverse options to ensure a continued income stream after retirement, annuities are investments issued by insurance companies that can help protect and capture growth in up, flat, and down markets. This will help you to continue receiving income after retirement.
Diversify Investments
According to Lincoln Financial research, 43 percent of responders say that stock market volatility is a concern. Along with a diversified portfolio, life insurance can also help reduce the risk and impact of market volatility. Some policies offer access to cash value* for needs such as funding a child's college tuition or supplementing retirement income. Certain policies may also offer indexed investment options to pursue market upside with downside protection and features to protect against cost-of-living increases.
By outlining clear goals, creating a solid financial foundation and actively preparing for the future, you can head into the new year with confidence.
To start planning your financial future now, visit lincolnfinancial.com.
Lincoln Financial Group is the marketing name for Lincoln National Corporation and insurance company affiliates, including The Lincoln National Life Insurance Company, Fort Wayne, IN, and in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. Variable products distributed by broker/dealer-affiliates. Lincoln Financial Distributors, Inc., Radnor, PA. © 2023 Lincoln National Corporation.
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