Take the QUIZ Now - Finance Health Assessment

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1. Assess Your Current Financial Position

• Calculate net worth (assets minus liabilities)

• List all income sources (job, side gigs, rental income, etc.)

• Inventory all debts (mortgage, credit cards, loans)

• Track monthly expenses to see where your money goes

2. Maximize Retirement Savings

• Contribute to retirement accounts (401(k), IRA, local government pension scheme, NHS pension scheme and other private pension schemes)

• Take advantage of catch-up contributions (extra allowed at age 50+)

• 401(k): +$7,500

• IRA: +$1,000

• Contribute to an HSA if eligible, for tax-free health spending

3. Reduce Debt Strategically

• Pay off high-interest debt (credit cards, personal loans)

• Aim to be mortgage-free by retirement

• Avoid co-signing new loans unless financially secure

4. Review Insurance and Health Planning

• Evaluate health insurance options (especially if retiring early)

• Look into long-term care insurance

• Update life insurance needs (if dependents or debts exist)

5. Plan for Retirement Income

• Estimate Social Security benefits (use SSA.gov calculator)

• Consider when to claim (waiting until 70 increases benefits)

• Diversify income sources (rental, dividends, part-time work)

• Create a withdrawal strategy for savings and pensions

6. Estate Planning

• Make or update your will

• Create a healthcare proxy and power of attorney

• Check beneficiaries on insurance and retirement accounts

• Consider creating a living trust if appropriate

7. Simplify and Protect

• Consolidate accounts if managing many investments

• Enable fraud protection and monitor credit

• Digitize important documents and store securely