2022 Newsletter — Volume 4

RetireOnTarget^® Newsletter

Once you learn more about your financial personality, you can work towards building good habits and preparing for the future.

Do you know your financial personality? What your money habits say about you...

Many of us are familiar with the Myers-Briggs Type Indicator test that assesses our personality. The results provide a better understanding of yourself along with the actions you exhibit helping you to be more self-aware. Based on your financial wellness program, “understanding human personality characteristics is a very broad area of study; there are smaller and more specific aspects that can be studied individually, such as your 'financial personality.' Your financial personality is an encapsulation of your attitude towards money, fiscal responsibility, and long-term strategy. There are many factors that could have contributed to the development of your financial personality. Your upbringing, your role models, your personal experiences — all these have made a mark and helped shape your relationship with money."¹

Let me guess, are you now thinking about your financial behaviors as you are reading this? Well, you have the opportunity, within your financial wellness program, to identify your natural habits by taking the ‘Your Money Personality’ assessment. Upon completion, results are provided among four main categories:

Emotions — How do you feel about money?
Outlook — What is your viewpoint of money?
Focus — Are you focused on the present or future?
Influence — Do others impact your money decisions?

In analyzing your financial personality, you will be able to recognize your strengths and weaknesses, particularly where spending and saving are concerned. Once you learn more about your financial personality, you can work towards building good habits and preparing for the future.

Get engaged and inspired! Visit ‘Your Money Personality’ in your financial wellness program to discover the ‘why’ behind your money decisions.

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Click the ‘Your Money Personality’ tile on the lower right side

Keep your retirement goals on target in the New Year

As we kick off 2023, take time to review your retirement strategy. The new year brings financial considerations that may benefit you now as well as in the future. Below are two items to consider within your retirement accounts:

Increase contributions – small amounts go a long way?

We have all heard, it's the small things in life that can make the biggest difference. Well, that is even true when it comes to saving for retirement. While 1% or 2% is a small percentage of your annual earnings today, after years of saving it can make a difference in your account balance at retirement. Take time now to evaluate increasing your retirement contribution just a small amount.

Remember, the longer you give your money a chance to grow, the better.

In 2023, challenge yourself to save a little more, even if its 1%, 2%, or 3%, it could make a big difference in helping achieve a brighter financial future.