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Why it is ‘tremendous vital’ to revisit your monetary plan for 2022

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This January not only marks the beginning of a new year.

It is also the two-year anniversary of the first identified Covid-19 case in the United States

Back then, the pandemic took most people by surprise. Well, a lot of our lives don’t look like they did before Covid-19.

People are now rethinking their retirement deadlines, where and how they live, and other future goals given the new Omicron variant of Covid-19 and other unknowns.

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“This is probably the largest period I’ve seen in 30 years … [of] how many people are in a period of self-reflection, “said Ted Jenkin, CEO and founder of Oxygen Financial in Atlanta.

For 2022, it is “super important” that everyone revise their financial plan, said Jenkin.

“It’s just a great time to rethink your goals and reflect on your life priorities and ask yourself, ‘Are you ready to make this happen?” “Jenkin said.

Uncertainties about the new year have caused customers to pause their plans, said Winnie Sun, managing director of Sun Group Wealth Partners in Irvine, Calif. Her message: “Control the things that you can control,” she said.

Reconsider your retirement plan

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The Covid-19 pandemic has inspired many people to reassess their relationships with work and careers.

The question many people ask, say consultants, is “Can I retire earlier?”

People who wanted to retire at 65 now want to know if they can do it at 60, Jenkin said. And those who wanted to quit at 60 now want to see if they can move that to 55.

“I think people say to themselves, ‘I can have millions and millions of dollars in the bank, but it’s no use to me if I don’t have my health and use it to do the things I want to do. ‘”said Jenkin.

Sun said she had a client who retired very young – much earlier than his colleagues – and others can do the same.

“I tell my clients if you want to do 10 years before retirement, it means that now we really need to hurry and find other ways to generate income,” she said.

By taking on a sideline or freelance job and living on the bare minimum, you can successfully move up your retirement, Sun said. It’s also important that you are investing for the long-term growth that you need.

“If you don’t want to make this sacrifice, you have to work more years,” said Sun.

“There really is no magic formula,” she added. “It’s really just a plus and a minus.”

Include big goals in your plan

After so much time at home, many are also looking to major renovations or a complete move.

Before you start laying the groundwork or getting any shares in this new home improvement project, weigh up what it will really cost and how you will pay for it, Sun said.

Keep in mind that a large project could affect your ability to accomplish other goals, such as: B. Funding for retirement or college savings.

For example, if you are expanding your home, you may have to work a year or two before you retire. Wonder if you are ready to make that sacrifice, Sun advised.

“You really have to put what is most important to you,” said Sun. “But also look long-term and short-term.”

Also, be sure to meet with a financial advisor to discuss your decision and make sure you are on the right track, she said.

Fund future joys

Klaus Vedfelt | DigitalVision | Getty Images

With the new Covid-19 uncertainties looming, you may still be giving up on things you used to do, such as traveling or going to major events like concerts.

The upside is that this can be a great time to waste some money, Sun said.

Take the money you’re not spending and put it aside in savings accounts or mutual funds named for specific future goals, like “vacation funds,” “future entertainment,” or “new home”.

“You still have this exciting goal, but you are giving yourself a chance to grow so that the sacrifice will be bigger for later,” said Sun.

By funding Future Joys, Sun has helped its customers think positively as they watch their money grow. “That gives them hope for the future,” she said.

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