Maria Caton, CFP®, ChSNC®, AAMS®
Senior Vice President - Manager of Financial Planning Services, Team Leader
[email protected]941.366.7222 x50666
Whether you are early in your career
or have started a family, as a member
of the next generation of investors you
face your own set of unique needs.
Below are key tips to ensure you are off
to a financially healthy 2022!
Spending Budgets: Review your 2021
spending and create your 2022 spending
budget. The past two years have been
full of change for many working in
different ways or facing unemployment
challenges. Now is an ideal time to reevaluate
needs and create a realistic,
maintainable budget.
Insurance: Review your current
insurance portfolio to make sure it
meets your coverage needs. This applies
to health, life, disability, and property
and casualty insurance. If you have had
a major life event occur this year, such
as marriage, a new baby, change in job,
or home purchase, this takes on even
greater importance.
Healthcare: Many early-career workers
have high-deductible health insurance
plans combined with some type of tax-advantaged
health savings account,
such as a flexible spending account
(FSA). Check your balance and see how
much you have left to spend because
these balances are “use it or lose it.”
Many employers offer a grace period,
and some allow you to roll over a
portion, if not all of the balance into the
new year. If not, you will need to exhaust
the funds by December 31 to avoid any
forfeiture.
Retirement Savings: The maximum
contribution limit for 401(k)s increases
by $1,000 in 2022 to $20,500. If you have
a plan through your employer, aim to
increase your contributions, if possible.
Many do not take advantage of increasing
contributions when they receive a salary
increase or bonus. These are easy ways
to help boost retirement savings, and
more importantly, benefit from the gift
of time.
Credit: Many young investors are still
building or establishing credit. Getting
a credit card is an important step if
you are able to manage spending and
confident in using one responsibly. It is
vital to pay bills on time, limit the use
of credit, and pay off debts. Additionally,
you should be sure to check your credit
score. Federal law gives you the right to
access a free copy of your credit report
every 12 months.
These are just a few important steps
you can take to ensure you are on
track for financial success. Recognizing
everyone’s situation is different, we
welcome you to speak with our team. We
can help tailor your strategies to your
personal financial goals.
This material is provided for general information purposes only. Canandaigua National Trust Company of Florida is an affiliate of Canandaigua National Bank & Trust. Investments are not FDIC insured, not bank deposits, not obligations of, or guaranteed by, Canandaigua National Bank & Trust or any of its affiliates, including Canandaigua National Trust Company of Florida. Investments are subject to investment risks, including possible loss of principal amount invested. Past performance is not indicative of future investment results. Before making any investment decision, please contact your legal, tax or financial advisor. Investments and services may be offered through affiliate companies.