Daily Money - 22 Money Moves for 2022

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January 11, 2022

I didn’t make any New Year’s resolutions this year. In the midst of a pandemic, that felt like tempting fate. Intentions seem better suited to the moment. They’re more about guiding principles than specific goals. For example, you might say, this is the year when I face my finances head-on. You’re not resolving to have X amount saved by the end of the year — you’re simply saying that you’ll work on paying down debt while bolstering your savings and credit. If that’s you, Money’s got plenty of inspiration in our January cover package, with 22 ways to have the best money year of your life, including my story on how to get started saving for retirement. Please forward it to any family or friends who might have set money intentions for 2022. As for me, I intend to be more deliberate with my asset allocation across my accounts.

Best wishes,
 
 
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Timely Retirement News, Insights and Advice

In these uncertain times, control what you can.

Hang onto yours for tax time.

Prices have risen considerably, but here are some places where it’s a little easier for first-timers to get their foot in the door.

Reader of the Week

What are you up to these days?

From mid-October through mid-May, we live in our Fort Myers coach home, where we enjoy our snowbird friends, biking, walking and happy hours. We’re the "retired with money" folks who are now trying to spend more money than we’re used to. We saved so hard and long that we have more money than is needed to live on. We’re taking more cruises, short trips and going to restaurants that are a bit more expensive than those we've frequented in the past. We joke about our lifelong spending habits: me saying how cheap we are and he saying we are thrifty with our money.
 
Ha! What’s your saving philosophy?
 
During the years, we always saved hard and lived below our means. Paying off debt was also a priority. We always pay the credit card balance each month and always put extra money towards our mortgage. Refinancing our house and a boat a couple of times at our credit union at very low interest rates afforded us to pay the balance off very early in life. When Rich retired 14 years ago, we had no debt. I continued to work until I retired at the age of 59, so that helped build up our savings even more.
 
Nice! What’s your investing philosophy?
 
I’ve managed our assets since we were married. I learned what I could over the years about stocks and bonds from money/finance magazines and webcasts that Vanguard offered. I tend to take on more risk with stocks/stock funds to gain better returns over the long term, and Rich is very conservative. He would just as soon pull all the money out of his IRA, pay the taxes and then bury the money to maintain its value. He doesn't consider inflation or other consequences of doing that. So we both compromise to keep the harmony between us.
 
Combined assets are held as 30% stock/60% bonds/10% cash. Rich wants his IRA to be in less risky investments, and even though I don’t agree with that, I do honor it (it’s his money after all); and he respects what I do with mine, which includes “playing” with some money to buy and sell individual stocks.

Retirement News From Around The Web

How Well Did the Bucket Portfolios Perform in 2021?
It’s no surprise that portfolios with the biggest stock allocation outperformed last year. MORNINGSTAR

Government May Scale Back Medicare Part B Premium Increases
About half of the larger-than-expected increase was attributed to the potential cost of covering Aduhelm, a drug that battles Alzheimer’s disease. CNBC

Ways Family Mediation Can Help Resolve Elder Care Conflicts
A neutral mediator can help family members voice their opinions and set action items. NEXT AVENUE

Becoming a Beginner in Retirement
An early retirement blogger reflects on activities that have fulfilled him in retirement, and the importance of a beginner’s mindset. CAN I RETIRE YET?

Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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