Financially Fit

As we begin 2018, we challenge ourselves going into the New Year and set one or more resolutions. We always want to get into the gym, become healthy, and get organized, but do we ever include financial fitness in our resolution?

Getting your finances in shape is important and there’s no better time to build smart habits than now. As with the gym, once you get in the habit of saving and have a good plan in place, you are on your way towards a financially strong future.

It’s easy to get started with your plan. Simply get a pen and paper, and make notes as to what is most important to you. By jotting down your goals, you will stand a better chance of staying on course. Having a plan can have a large impact on your financial success.

What should your plan include?

Short-term Savings Goals

In 2018, you may want to buy a house, take that dream vacation, or pay off student debt. It’s good to include short-term goals in your plan to see how they fit with your finances.

Long-term Savings Goals

For the long term, your plan might include college planning for your child or grandchildren or getting life insurance to ensure you and your loved ones are protected. You may also want to consider long-term care planning as well as saving money for retirement.

College Planning

To help ensure the best future for your child, start saving in his or her life as early as possible. It can potentially save you and your child a huge debt in later years. A college plan can require a combination of strategies and working with a professional financial planner can help you identify the right options for you. You can start planning today with as little as $250 and adding about $50 a month.

Life Insurance

When considering your legacy, a life insurance policy can ensure your loved ones are protected and maintain the same lifestyle they have today. It can help pay off debt and burial expenses as well as ensure your goals and dreams continue in the future. You may want to consider a policy in addition to the one you may have through your employer. Think of life insurance as a gift that keeps giving.

Long-term Care Planning

Long-term care expenses are uncertain and could derail an otherwise well-built retirement plan. This problem is growing as people are living longer, since it becomes more likely that care will be needed for longer as well. Planning for how to manage these potential expenses is an important part of a financial plan. Lack of planning can create strains as long-term care depletes household assets, bankrupt a surviving spouse, or add burdens for other family members who may have to make large sacrifices to provide care.

Retirement Planning

It’s never too early to save for retirement. You can start small. The key to a successful retirement plan is to evaluate your needs, set a goal, start early, and stick to the plan. With the uncertain future of pension plans, tax rates, and government programs like Medicare and Social Security, it is critical to personally take control of your finances and set aside money for your future. A financial professional can help you establish and review your retirement plans including any pension plans, 401K plans, and individual retirement accounts.

Tax Planning

You have worked hard, built up a nest egg, and want to leave a legacy to your spouse, children, grandchildren, church, or charity. There are ways to leave your legacy tax-free while growing funds safely and securely backed by an insurance company.

Business Owners

Do you have a business that you plan to leave to your family? Talk with a financial professional about business succession planning ideas. A Key Man Insurance may be a good solution for you to ensure the business keeps running after you are gone.

If you have already established goals and have a plan, you are well on your way to building a strong future. Please be sure to review your financial plan as you go through life and experience its many joys and challenges that may be due to marriage, new baby, death, or possibly a divorce. Look at your life insurance, retirement, college planning, and investment accounts to ensure they continue to meet your goals and are working as smart as they can for you and your family.

Make a New Year’s resolution to get financially fit! Much like working with a trainer at the gym, you may want to partner with a personal financial coach. He or she may be able to provide that extra push and strategy to help guide you on what you could be doing differently in order for you to meet goals like saving for retirement, getting the right life insurance policy or finally being able to afford your first home.

No matter what your financial plan entails, creating one is a good way to stay accountable and get in shape for a strong future. Wishing you a safe

and prosperous New Year!

Written By: Gena J. Wolbrecht

Program Manager

BTN Wealth Services* at BankTennessee

1125 West Poplar in Collierville

email gena.wolbrecht@ceterais.com

phone 901-628-6389

* BTN Wealth Services is a marketing name for Cetera Investment Services. Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFGIS Insurance Agency), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Investments are: • Not FDIC/NCUSIF insured • May lose value • Not financial institution guaranteed • Not a deposit • Not insured by any federal government agency. BTN Wealth Services is located at 1125 West Poplar Ave, Collierville, TN 38017 (901) 854-0854. You are under no obligation to do business with BTN Wealth Services. For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Investment Services, nor any of its representatives may give legal or tax advice.