1. Get Your Retirement Plans Back on Track
Review & Revise your portfolio based upon your risk tolerance
Take advantage of employer retirement programs, such as 401(k)s and SIMPLE IRAs, WITH EMPLOYER MATCHES ~ FREE MONEY!
Save as much as you can
New Law for Retirees ~ No Required Minimum Distributions in 2009!
2. Create an Emergency Fund - 3 to 6 Months of Expenses
· Set up automatic payroll deduction into Savings
· Reduces pressure to use credit cards
· Could save you a fortune in late fees and finance charges!
3. Review and Refinance Your Mortgage Today!
· Mortgage rate have dropped to 40-year lows due to recession
· Watch fees and shop around
4. Eliminate Credit Card Debt
Main Obstacle to Financial Security
· Use cash as much as possible
· Switch & Consolidate to a Lower Interest Rate Credit Card
· Lower Rate Home Equity Line of credit
5. Work on Improving Your Credit Score
· Higher scores equal lower finance charges for loans:
Auto and Home Mortgages
· How to raise your score:
Pay bills on time
Keep old credit cards open
Pay down balances
· Get free credit report and score from major credit bureaus online!!
6. Reduce Life and Disability Insurance Costs
· Take advantage of employer sponsored group insurance plans
· Term Insurance costs have declined over last few years by over 40%
· Check if you have enough life insurance