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Resolutions for Every Stage of Your Financial Life

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With each new year come a lot of resolutions. In addition to vowing to lose 10 pounds or organize your photo drawer, perhaps 2012 should be the year to focus on your finances.

Twenty-Somethings:

If you are fortunate enough to have school behind you and have landed a job in this challenging job market, congratulations!

Now it’s time start preparing for your financial future. Once you have a plan to repay your student loans, perhaps the most important step you can take in 2012 is to start creating a cash reserve for emergencies.

Thirty-Somethings:

With all the current demands for your time and money, it’s hard to think about saving for retirement. An employer-sponsored plan like a 401(k) or a 403(b)is an easy way to invest for the future.

If you haven’t started doing so already, resolve to make 2012 the year you start maximizing contributions to your company’s retirement savings plan.

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• Forty-Somethings:

Now that you have more at stake financially, make 2012 the year to review your life and disability insurance coverage to ensure that it reflects your current situation and your future goals.

• Fifty-Somethings:

Are you feeling behindon your retirement savings? Resolving to take advantage of retirement plan catch-up contributions in 2012 can help make you feel more on track. People age 50 and older can make special contributions to their qualified and non-qualified plans over and above the regular contribution limits.

• Sixty Plus-Somethings:

If you are retiredand enjoying the fruits of your financial planning, it’s time to start thinking about your legacy and estate plan. If you’ve procrastinated doing so, 2012 can be the year to give yourself peace of mind knowing that you’ve secured your family’s future, and are ready to help the causes close to your heart.



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Suzanna de Baca is Vice President of Wealth Strategies at Ameriprise Financial, where she is responsible for overseeing initiatives to serve the affluent, women, small business and LGBT markets. She earned her M.B.A. from Harvard Business School and her B.A. from Iowa State University. An active member of the community, de Baca has also served on numerous not-for-profit boards. Read More: http://newsroom.ameriprise.com/article_display.cfm?article_id=1399

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