Financial Resolutions a Common Theme for 2014

Financial Resolutions a Common Theme for 2014

It’s almost time to ring in 2014! And when the champagne has run dry and the crowds in Times Square have gone home, it will be resolution time again. People are ready to get everything on the right track, from fitness to finance.

Fidelity Investments® fifth annual New Year Financial Resolutions Study found a record number of Americans (54 percent) are ringing in the New Year by considering a financial resolution. A key reason for this strong resolve: 26 percent of survey participants say they are in a better financial situation than they were this time last year, up from 19 percent in the previous year. Another indication of a new commitment to improved financial standing is that the U.S. personal savings rate grew to 4.9 percent in September 2013, from 2.9 percent in September 2007.

While personal finance is on the radar of many heading into 2014, only 8 percent of people will stay on track with their New Year’s resolutions. To be part of that elite group, look for assistance in meeting your specific goals.

If you are on track, a review can help you stay on track. If you got off course from where you wanted to be, then this is an opportunity to take action and get back to where you want to be. Setting aside a few minutes with your advisor can answer the following question: Do your current investments still support your plans, your lifestyle and maybe even your legacy?

Contact your advisor today for a review of your current financial situation and an evaluation of your goals. They can help make sure you have the right balance of saving and spending to keep you feeling confident about your finances in this New Year and beyond.

FINANCIAL FACTS

Better Than 2012 – The most recently recorded unemployment rate for the U.S. was 7.0 percent for November 2013, down 0.8 percentage points from November 2012 (source: Bureau of Labor Statistics).

Nearly One-Eighth – According to 2012 Census data, 13.7 percent of the United States population is 65 years old or older (source: U.S. Census Bureau).

Relying On Social Security? – The number of people receiving Social Security benefits as of November 2013 is 57,917,000. This translates to a total monthly payout of $67,425,813,060, or an average monthly benefit of $1,164.18 (source: Social Security Administration).