Broker Check

FRS Tip of the Month

August 01, 2022

          Before the school year kicks off, this is a great time to get your financial house in order before the chaos erupts. Here are a few tips to make sure you don't let another year slip by without gaining more control over your personal financial planning. 

  1. Set a budget - by having a thought-out spending plan, you can more accurately identify where money may be slipping through the cracks. 
  2. Update your payroll deduction to save into a 403b. The maximum contribution for 2022 is $20,500 and for those that are 50 or over, in this tax year, you have an additional $6,500 catch up. If you find that your cash flow is running short, you can always reduce it later. 
  3. Understand your pension options in advance. If you're married, the survivor option could reduce your pension by as much as 20%. By incorporating life insurance early, you may set yourself up to maximize your pension, when your retirement day finally comes. 
  4. Rebalance your Investments. The markets have seen a decline this year, due to rising inflation and interest rates. This presents an opportunity to rebalance your accounts, by selling assets that have held up and adding to those assets that have experienced the largest drops. Over time, we should see things recover and those investments that have seen the largest decline may be your best performers next year.

          These are just a few housekeeping tips that you can do before you're too busy with school to focus on your own personal planning. If we can answer any questions, give us a call at 386-299-2893 or check out one of our upcoming FRS Workshops at