LAS VEGAS (KLAS) — With the ever-changing economic outlook in the world, starting fresh in the New Year is definite for many.
Whether it is purchasing life insurance, setting up, or contributing more to a 401k or retirement plan, there are many things people can do to prepare for the years ahead.
We caught up with the CEO of Brokers International, Mark Williams who has a great many suggestions for people looking to make some positive changes.
Consumer financial planning tips include:
- Contribute to your 401K, at least up to the company match because that is free money.
- On payday, treat your savings account like a bill and pay yourself first by putting money into it
- Interest rates are really low, it’s the cheapest money people have seen in years, refinancing right now is a huge deal.
Refinancing right now is a huge deal. Many refinance opportunities on a traditional 30-year loan are below three percent.
Williams says you should also consider the following, “There is a likelihood we might have some tax increasees, simply because the old administration reduced tax rates, the new administration is talking about increasing tax rates, sit down with financial planner or HR department, or do some math.. .. what could that potentially mean to you because you will have less take home.”
As far as life insurance, Williams says the number one question to ask yourself is, if you rely on someone else’s income to meet your needs, that person should have life insurance and you should be beneficiary.
There are two main types of life insurance, term life which is basically renting life insurance for a certain number of years, and permanent life insurance which lasts for a lifetime.