Lincoln Financial shares the importance and impact of taking financial control of your future.
With inflation, market volatility and financial stress on the minds of many Americans, now is the time for consumers to explore options that can help make them feel more secure—and it’s all about thinking ahead.
Rather than looking at your finances from a day-to-day perspective and hoping for the best, knowing what you want and having a plan will help you immensely in the long run. According to research from Lincoln Financial, consumers who created specific financial goals in 2022 were two to three times more likely to say their personal finances improved than those who didn’t.
1. Hire a financial professional
Consumers who worked with financial professionals last year were 1.5 times more likely to meet their financial goals than consumers who did not, according to Lincoln Financial. With extensive experience managing investments, planning for retirement and more, a knowledgeable advisor can help you reach your financial goals. Lincoln Financial offers products such as life insurance, annuities and long-term care that can help protect and prepare for your financial future.
Consider your individual needs when hiring a financial professional to ensure it’s a good match. According to Lincoln Financial’s survey, respondents who were “very satisfied” with their financial professional were three times more likely to meet their financial goals.
“Your financial future is too important to leave to chance,” says David Berkowitz, president of Lincoln Financial Network, the wealth management arm of Lincoln Financial Group. “A certified financial professional can support you in growing and protecting your personal wealth by helping you set meaningful goals and carefully crafting a financial plan to help guide you to success.”
2. Set goals
“Lincoln’s research underscores the importance of taking a definitive approach,” says Ed Walters, senior vice president of Lincoln Financial Network. “While financial goals don’t need to be complicated, you should be able to easily track and monitor your progress. Consumers’ wallets are stretched thin with many competing financial priorities, so now is a great time to get back to the basics.”
Lincoln Financial outlines three simple ways to help consumers start financially planning their future: save regularly, continue investing and work with a financial professional. Remaining consistent in your saving and investing is vital to reaching your retirement goals. A financial advisor can help you determine a savings plan that’s right for you, but Lincoln Financial generally recommends putting 10 to 15 percent of your salary toward retirement.
3. Invest in what you love
Research shows that those who set specific financial goals in 2022 were twice as likely to be optimistic about their finances in 2023. The earlier you start thinking ahead, the earlier you’ll see results — and the better you’ll feel about your overall financial health.
“It’s important that you’re honest with yourself about where you are financially and what your goals are,” Walters says. “With a little discipline, knowledge and guidance, you can have a strong financial year and see long-lasting results.”
That means being able to enjoy your hobbies and passions — whether that’s collecting vintage cars or investing in real estate — for years to come. To start planning your financial future now, visit LincolnFinancial.com.
Source: Lincoln Financial, Consumer Sentiment Omnibus, November 2022
Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Please consult an independent professional as to any tax, accounting, or legal statements made herein.
Lincoln Financial Group is the marketing name for Lincoln National Corporation and insurance company affiliates, including The Lincoln National Life Insurance Company, Fort Wayne, IN, and in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. Variable products distributed by broker/dealer-affiliates. Lincoln Financial Distributors, Inc., Radnor, PA. © 2023 Lincoln National Corporation.
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