Hot Topics     Home and Family    

Resolve to protect your finances and your family in the new year



Now is the perfect time to reevaluate your saving and spending

Resolve to protect your finances and your family in the new year

After a holiday season spent racking up credit card bills, many Americans consider making financial resolutions in the New Year. However, now is the perfect time to not only reevaluate your saving and spending, but also commit to creating a more holistic financial plan designed to protect your finances and your family.

Consumers are seeking stability and preparedness in today’s uncertain economic environment, according to a recent Consumer Sentiment Tracker study by Lincoln Financial Group. With ongoing inflation and market volatility, 56% of respondents cited protection from risk as being most important to them. When it comes to thinking about their finances, people said they have the greatest interest in protecting their family (39%) followed by their income (26%).

“Our research reinforced the importance of financial solutions that can help consumers navigate through market cycles and protect their loved ones,” said David Berkowitz, president, Lincoln Financial Network, Lincoln Financial’s wealth management business. “People are not only concerned about having enough to pay their bills, but also saving for retirement and preparing for the unexpected. It’s important to have a well-rounded financial plan that can address those risks, protect assets and create positive outcomes for today’s families.”


To achieve a stronger financial future, don’t neglect your finances in 2023 — instead, add a little TLC (Talk, Learn, Commit). Resolve to create a robust financial plan using these three tips from Lincoln Financial:

1. Talk about it. Financial conversations play a crucial role. Be transparent with your loved ones about financial priorities so you can set expectations and work toward your shared financial goals. Initiate ongoing discussions to stay on track with everything from saving for retirement to paying for a long-term healthcare event, which can happen suddenly and be very costly. Also, consider talking to a financial professional who can help identify solutions that best meet your individual needs, as well as drive better outcomes. Lincoln’s research found those who work with financial professionals are more likely to prioritize retirement savings (26% vs. 10%).

2. Learn more about tax-deferred investments. Life insurance can be more than just a death benefit, with some types of policies offering income replacement for unforeseen events. It can also protect your financial security from the impact of taxes, market volatility and longevity. It’s not just for individuals and families either, but businesses too. Also, consider diversifying your portfolio with an annuity, which can provide protected growth and monthly lifetime income to help cover expenses in retirement and ensure you have a stream of income.

3. Commit to maximizing your workplace benefits. Look into supplemental coverages like disability, accident and life insurance that may be available through your employer. Solutions like these protect against unexpected events that can disrupt your ability to provide for your family or drive you into additional debt. If you have an employer-sponsored retirement plan, make sure you are contributing and getting a match, if offered. Tap into any financial wellness tools offered at work to help provide you with an accurate picture of your holistic financial situation and lower stress.

Visit www.lfg.com for more tools and resources.

With a robust plan, you can help ensure a solid financial future for you and your family.

(StatePoint) 
PHOTO SOURCE: (c) g-stockstudio / iStock via Getty Images Plus


Other articles by HVP News Reporters


  • 4 ways to promote positive maternal mental health

    It's important to take good care of yourself

    The joys of raising and nurturing a baby are practically endless for new parents, yet there remain challenges to overcome. While it may be natural to focus attention and energy on caring for a new baby, it’s equally important for mothers to maintain their own mental health. read more »
  • Foot and ankle safety tips for the summer months

    7 facts you need to know

    From the beach to the backyard, taking care of your feet and ankles in summer is essential. read more »
  • Donate plasma to save lives this summer

    It's a meaningful way to give back to your community

    Plasma donation is an impactful, meaningful way to give back to your community this summer. By donating plasma, you can help people like Machelle Pecoraro. read more »
  • Reinvigorate your plant collection

    Annual Master Gardener Program Great Plant Swap and Sale

    The Annual Cornell Cooperative Extension of Ulster County’s (CCEUC) Master Gardener “Great Plant Swap & Sale” Returns on Saturday, June 10, 2023 at the Forsyth Park Pavilion, 157 Lucas Avenue in Kingston. The proceeds benefit the Dominic Parise Master Gardener Scholarship. read more »
  • 5 garage safety tips

    Make sure everything is secure and functioning properly

    When you throw open the windows, you’ll likely be spending more time with the garage door open, too. Make access to your outdoor equipment safer with these tips to get your garage ready for the warmer months. read more »
  • 7 vegetables to grow easily in your home garden

    All you need is a little time and effort

    Growing fresh, healthy vegetables at home may not be as hard as it sounds. Novice gardeners just need good dirt, easy plants to grow, lots of sunshine and the right amount of water. read more »
  • 7 budget-friendly gardening hacks

    Tricks to help you create a cost-effective garden

    Gardening can be a simple way to beautify your yard, relieve stress and save money on your grocery bill, but like any hobby, you can get carried away buying necessary equipment. read more »
  • 2023 I Love My Parks Day Events

    Volunteer with your family to clean up a local state park

    I Love My Park Day is an annual event that brings together thousands of volunteers to enhance and celebrate New York's amazing parkland. read more »
  • Spinach and artichoke stuffed mushroom caps

    Simple, easy and delicious

    Bringing an element of elegance to your holiday celebration is easy when you start with party-pleasing ingredients, and great tasting food often starts with dairy. read more »
  • Parmesan crusted chicken

    Super easy to make

    Not only is this Parmesan Crusted Chicken dish delicious, it is super simple to make. read more »