As a new year begins, it’s an ideal time to take stock of your financial situation and set resolutions that will guide you toward a more secure, fulfilling future. For individuals nearing retirement, this process is especially important—laying the groundwork now can significantly impact the quality of your retirement years. By creating a thoughtful financial roadmap, you can reduce stress, gain confidence in your money management, and work toward meaningful long-term goals.

Reflect on the Past to Chart Your Future

Before diving into new resolutions, pause to consider the financial decisions you made last year. Did you successfully maintain a budget? Pay down debt? Increase your retirement savings? On the other hand, where did you face setbacks or experience stress? Understanding these patterns will help you identify strengths to build on and areas that need attention. This reflection ensures that the resolutions you set for the coming year are targeted, relevant, and achievable.

Set Clear, Measurable Goals

Vague goals like “save more” or “spend less” rarely produce meaningful change. Instead, create specific, measurable objectives tied to a timeline. For instance, decide to save an extra $5,000 in your retirement account by year’s end, or commit to paying off a particular credit card balance within six months. Breaking large goals into smaller monthly or quarterly targets can help you track progress, maintain momentum, and feel a sense of accomplishment as you reach each milestone.

Bolster Your Emergency Fund

Unexpected expenses—car repairs, medical bills, home maintenance—can quickly derail even the most well-crafted financial plan. If you don’t have an emergency fund, make building one a top resolution. Start with a modest goal, such as $1,000, and work steadily toward three to six months’ worth of essential expenses. Automating your contributions into a separate savings account ensures that you remain consistent, ultimately providing you with a financial cushion that protects your other goals.

Take Control of Your Debt

For many individuals nearing retirement, paying down debt—especially high-interest balances—is critical to paving the way for a more comfortable future. Identify which debts are causing the most strain, whether due to interest rates or monthly payments. Consider two popular strategies:

• Debt Snowball: Pay off your smallest balance first for an immediate psychological boost.

• Debt Avalanche: Focus on high-interest debts first to save more money in the long run.

Whichever method you choose, commit to making extra payments whenever possible. Reducing or eliminating debt now can free up funds to bolster your retirement savings later.

Increase Your Retirement Contributions

As you approach retirement, it’s vital to ensure that your savings are on track. Consider boosting your retirement plan contributions by even 1% this year. Over time, small increases can make a substantial impact on your nest egg. Evaluate your existing accounts—401(k)s, IRAs, or other investment vehicles—and consider seeking guidance from a trusted financial planning firm. A professional financial advisor can help you determine the optimal contribution levels and investment strategies that align with your timeline and goals.

Allocate Savings for Specific Goals

Beyond retirement, you may have other aspirations: a long-awaited vacation, home renovations, or even supporting grandchildren’s education. Set up dedicated savings accounts for these goals to keep your funds organized and avoid dipping into retirement savings or emergency funds. By earmarking money for particular purposes, you create clearer boundaries that help you stay disciplined and motivated.

Reassess and Adjust Your Budget

Life evolves, and so do your financial priorities. The start of a new year is an ideal moment to revisit your monthly budget. Look for expenses that no longer serve you or could be trimmed back—such as unused subscriptions or frequent takeout meals—and redirect these funds toward your key goals. Making small, regular adjustments can have a powerful cumulative effect on your financial well-being over time.

Track Progress and Celebrate Wins

Change doesn’t happen overnight. As you move through the year, check in with your budget, savings, and debt repayment plans. Celebrate each achievement—whether that’s paying off a credit card, consistently contributing to your retirement account, or staying within your monthly spending limits. Recognizing your progress, no matter how incremental, helps maintain motivation and builds confidence in your ability to achieve long-term objectives.

Seek Professional Guidance When Needed

As someone nearing retirement, your financial situation may be more complex than it was a decade ago. Consider partnering with a reputable financial planning firm for personalized advice. A professional can help you navigate investment decisions, tax strategies, insurance considerations, and estate planning. Working closely with a local financial advisor ensures that your plan is tailored to the unique market conditions and lifestyle factors.

Start the New Year on the Right Foot

Setting financial resolutions is about more than just numbers—it’s about creating a roadmap to a more secure, confident future. With clear goals, a realistic plan, and the right guidance, you can transform your financial aspirations into tangible achievements. Whether it’s reducing debt, building savings, or preparing for a comfortable retirement, the steps you take today will set the foundation for the years ahead.

Here’s to a prosperous, fulfilling new year—your future self will thank you.

Disclosures
Fortress Financial Group LLC (“FFG") is a registered investment advisor. Advisory services are only offered to clients or prospective clients where FFG and its representatives are properly licensed or exempt from licensure. For current FFG information, please visit the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with FFG’s CRD# 315329

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.