This article offers financial advice based on a recent survey, highlighting the importance of financial stability and planning for the future. It covers budgeting, retirement contributions, estate planning, insurance reviews, and required minimum distributions.
About 38% of Americans ranked financial stability as their No. 1 focus area for 2025, according to a recent Allianz Life survey. Here's the financial advice they offered. Create and stick to your budget! Max out on retirement contributions and create one personal financial goal such as paying off credit cards or investing an additional $100 a month in an investment account. It starts and ends with knowing where the money is going.
I encourage people to track their spending for a period of time, maybe going back to three months' worth of credit card and Apple Pay payments. It's incredible what behaviors will change once people just know the truth. I'm going to say estate planning. It's important for everyone to address — even for an 18-year-old heading off to college in Fall 2025. I had my daughter complete a health care and financial power of attorney before I sent her off to college. If people feel overwhelmed with the estate planning process, I remind people that it's a process. Start with a financial and health care power of attorney. You can then focus on beneficiary designations. Next, a will and trust, if the trust is appropriate for your situation. This process also helps individuals track down retirement plans from former employers. Estate planning is a wonderful opportunity to revisit life insurance as well. 1. It's not a popular subject but take the time review all your insurance coverages: Auto and home in particular have jumped significantly for many people. Don't forget about disability and life insurance. As long as you can get up and earn a living, you can replace your car or rebuild your home. What happens if you can't generate an income? Required minimum distributions: Do you 'need' them? Would making Qualified Charitable Distributions improve your overall picture
Financial Stability Budgeting Retirement Estate Planning Insurance
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