Make financial fitness a 2022 goal
With each new year comes familiar buzz words: health, wellness, fitness. Why not apply these words — and the actions below — to improve your financial well-being, as well, in 2022?
Start with 3 steps
- Empty your FSA. If you still have funds in your 2021 Health Care and/or Dependent Care Flexible Spending Account(s), use them by March 15, 2022 or you’ll lose them. PayFlex resources for health care and dependent care detail goods and services approved for reimbursement.
- Assess your situation. If your income increased or your expenses are less, consider investing more in your U-M Retirement Savings Plans. To view or change your elections, go to Wolverine Access > Employee Self Service > Benefits > Retirement Savings Plans Elections.
- Put it on paper. Many don’t realize that a few bucks here and there for daily lattes or streaming services can add up to significant costs. A good way to create a solid budget is to write it all down. This simple tool makes it easy and effective — and it’s one page.
Because financial anxiety can affect all aspects of your life, the sooner you get a grip on your money, the better. MHealthy offers several resources to help with budgeting, saving for emergencies and more.
Invest in your investments
Are you checking your retirement investments regularly? This simple, “touch-base” money move can help you get more comfortable with investing and alleviate some anxiety.
Regular check-ins with Fidelity Investments and TIAA, the companies that administer U-M’s retirement plans, are available at no charge. Your appointment can be virtual or by phone. Evolving technology allows you to share the Fidelity or TIAA rep’s screen so you see what they see when discussing your accounts.
Visit Fidelity’s scheduling page or call 800-642-7131, weekdays from 8 a.m. to midnight.
Visit TIAA’s website or call 800-732-8353, weekdays from 8 a.m. to 10 p.m.
Knowledge for your noggin
Webinars also are a great way to learn about investing or hone your skills on a particular aspect of saving. Free webinars in January include:
- Wednesday, Jan. 12 – noon
A Look into 2022 with Asbury Research
- Wednesday, Jan. 12 – 2 p.m.
Women Talk Money: Getting More from Your Compensation
- Thursday, Jan. 20 – 1 p.m.
Finding the Path to Opportunity in 2022
- Tuesday, Jan. 11 – 1 p.m.
Paying Yourself: Income Options in Retirement
- Thursday, Jan. 20 – noon
Social Security Considerations
- Wednesday, Jan. 26 – 2 p.m.
The Starting Line: Beginning to Save for Your Retirement
This story first appeared in UHR News. Click here to subscribe!