: 6 New Year’s resolutions for retirement: back to basics

by | Dec 28, 2022 | Stock Market

As we approach the end of 2022 — a year marked by high inflation and turbulent markets — it’s a good time for a retirement-planning reset. This year, many experts recommend getting back to basics. “The same old song and dance is exactly what needs to be done right now,” says Daniel Hawley, president and chief investment officer at Hawley Advisers Wealth Planning. “Be a smarter shopper. Be a better saver. Watch your budget and pay off unsecured debts like credit cards and student loans.”

There are a few other things Hawley recommends, too. “Not panicking is a smart strategy right now,” he says. Also: “Don’t invest in things you don’t understand.” Here are six things you can do to get 2023 off to a good start. 1. Create — or replenish — your emergency fund While experts differ on how many months’ worth of expenses you should have on hand in case of need, their basic philosophy is the same: Make sure you have an emergency fund to get you through any unexpected hard times. Some experts suggest setting aside three months’ worth of expenses, while others advocate having enough in reserve to cover your expenses for up to 18 months.  “You want six months or more saved and readily accessible,” says …

Article Attribution | Read More at Article Source

Share This