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


  • Safety tips to follow when using gas or charcoal grills

    Following safety procedures when grilling can reduce injury and save lives

    Memorial Day marks the beginning of summer for many New Yorkers, and with it, the start of the grilling season. As New Yorkers get ready to fire up their grills this Memorial Day weekend, the New York State Division of Consumer Protection (DCP) reminds consumers to consider some important safety tips for safe summer barbecues. read more »
  • Tips to help avoid moving scams

    Be aware of deceptive business practices

    For this week’s “Tuesday’s Tips,” the New York Department of State’s Division of Consumer Protection provides consumers with important tips to avoid scams when moving. Moving your belongings can be a stressful process, and unfortunately scammers use these situations to defraud consumers out of thousands of dollars by using deceptive business practices. read more »
  • 4 things parents and youth athletes should know about concussions

    Every person and every concussion is different

    Despite the attention drawn to the topic of concussions over the past decade, it can be difficult to find readily available answers about what parents and young athletes should do after sustaining a concussion. read more »
  • How to keep feet and ankles in tip top shape this summer

    Experts offer tips for you and your family

    Summer fun and chores alike come with potential hazards to feet. According to the American College of Foot and Ankle Surgeons, here’s how to protect feet and ankles from the most common seasonal hazards. read more »
  • Confused by nutrition labels? You’re not alone

    How to read the packaging on your groceries

    Shopping for groceries can be like navigating a maze: so many choices in every aisle, food packages covered in marketing claims, and little direction on what is truly healthy and what isn’t. People want to make healthy choices for themselves and their families, but how can they when the information available to them can be so overwhelming? read more »
  • Thoughtful gift ideas for Mother's Day

    Make your mom smile on her special day

    To show your mom just how much she means to you, choose a Mother’s Day gift that reflects her interests and passions. As you’re looking for the perfect gift, consider these thoughtful ideas that will touch her heart. read more »
  • How high-speed internet can help spark community vitality

    Let's get internet everywhere

    Most Americans consider high-speed internet an essential household service. Yet in rural America, an estimated 25% of the population doesn’t have broadband access, limiting their economic growth and access to career opportunities and resources such as education and health care. read more »
  • Girls on the Run launches new curriculum

    Meeting the needs of today's girls

    Girls on the Run International (GOTRI), a nationally recognized nonprofit that empowers young girls, has launched its new research-based curriculum intentionally designed to meet the needs of today's girls. Entitled Hello, Superstar!, the innovative curriculum helps girls build the confidence to be themselves through meaningful and engaging lessons and activities that keep them moving. read more »
  • From awareness to action: Learning.com's commitment to supporting healthy relationships with technology for kids

    Learning.com shares resources aimed at creating positive digital experiences for children

    As the world observes Mental Health Awareness Month this May, Learning.com, a leading provider of digital literacy solutions, is taking proactive steps to address a pressing issue: the need for young learners to develop healthy relationships with technology. Recognizing that banning technology isn't the solution, Learning.com is engaging educators and parents in the conversation and providing free tools and resources during the month of May aimed at supporting the creation of positive digital experiences for children. Through an informative webinar with experts in the field on May 21, Learning.com will foster discussions that aim to help students build healthy relationships with technology. read more »
  • 4 trends showing mental health is a continued challenge for Americans

    People with outward appearances of success, productivity and happiness often still deal with internal struggles. Mental health challenges continue to affect Americans, with nearly 3 of 4 (73%) U.S. adults reporting struggles with mental health in 2023. read more »