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5 smart financial actions for the new year

The new year is a great time to reflect, revisit priorities and take actions—big and small—to help you stay on track to reach your financial goals.

Here are five smart financial actions to consider:

1. Evaluate any changes to your financial situation

Your financial situation can change a lot in a year. Maybe you are pursuing an exciting new financial goal, such as renovating a home or early retirement. Or perhaps you are dealing with more subtle lifestyle shifts that affect your cash flow, such as workplace benefit changes, the phasing out of childcare expenses or new car loan payments.

Whatever changes you are experiencing—positive or negative—your Ameriprise financial advisor can offer personalized recommendations to help you stay on track to achieve your financial goals considering your current situation.

Conduct an annual financial review


2. Review your investment portfolio

2022 was a year marked by many market swings, both upward and downward. As such, your investment portfolio may have evolved to a different risk profile. Depending on your goals, this may mean you have too many stocks and too few bonds (or vice versa).

“Rising interest rates, tighter monetary policies, slowing global growth, heightened geopolitical tensions, and growing recession odds sapped investor sentiment in 2022 and weighed on stock and bond prices. With higher interest rates expected to hold in 2023 and volatility likely to persist, now may be an opportune time to meet with your financial advisor to discuss ways to boost portfolio income and rebalance your portfolio.”

Anthony Saglimbene | Chief Market Strategist, Ameriprise Financial


3. Confirm your beneficiary designations

A beneficiary is a person or entity, such as a trust or nonprofit, that you have designated to receive the assets in your financial accounts when you die. The named beneficiaries override the will you may have set up.

All financial accounts (regardless of size) should have beneficiaries named—and updated over time, as needed. Major life changes such as a birth, divorce or marriage are also good times to review your beneficiaries. Learn more about designating a beneficiary and special considerations.

An advisor will help you with beneficiary designation

Choosing the appropriate beneficiaries for your retirement and other financial accounts is important. Ask an Ameriprise financial advisor to review your accounts and beneficiaries so you can feel more confident about the legacy you’re leaving.

4. Assess your cash reserve

When a financial emergency arises, a cash reserve can help you pay for it and stay on track with your financial goals. Strive to keep three to six months of living expenses in a safe, liquid cash account. A savings account, money market deposit account or short-term certificate of deposit are good options to consider.

Because your cash reserve is the first line of protection against a financial setback, consider reviewing it annually to make sure that it fits your current needs. If you used some of your cash reserve recently or your circumstances have changed—higher expenses with a new child or a new job, for example—it’s worthwhile to replenish it.


5. Jump-start organizing your tax records

It's important to maintain quality records to support your income and expenses each tax season. As the April 18 deadline for filing 2022 federal tax returns draws closer, you will begin receiving tax documents from employers and other institutions.

Whether you file yourself or work with a tax professional, consider organizing this material earlier in the season to help minimize stress and stay on track for tax day.


Feel more confident about the year ahead

We’re committed to helping you stay on track to achieve your financial goals. Contact us to review your progress and investment portfolio. You can also track your goals and progress online—any time, from any device.

Our advisors know that trust is a matter of work, not words.

Or, provide us with some information and our Ameriprise Advisor Center will follow up with you.


At Ameriprise, the financial advice we give each of our clients is personalized, based on your goals and no one else's. 

If you know someone who could benefit from a conversation, please refer me.

Background and qualification information is available at FINRA's BrokerCheck website.

This information is being provided only as a general source of information and is not a solicitation to buy or sell any securities, accounts or strategies mentioned.  The information is not intended to be used as the sole basis for investment decisions, nor should it be construed as a recommendation or advice designed to meet the particular needs of an individual investor. Please seek the advice of a financial advisor regarding your particular financial situation.
Investing involves risk including the risk of loss of principal.
The views expressed are as of the date given, may change as market or other conditions change, and may differ from views expressed by other Ameriprise Financial associates or affiliates. Actual investments or investment decisions made by Ameriprise Financial and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances.
Ameriprise Financial cannot guarantee future financial results.
Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.
Ameriprise Financial Services, LLC. Member FINRA and SIPC.

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