5 Tips to Take Control of Your Financial Life

1. Determine How Much Money You Will Need to Retire

One of the first steps in retirement planning is estimating how much income you’ll need to maintain financial security in that life stage. A good rule of thumb is to aim for 70% to 80% of your pre-retirement income. Use the retirement planning calculators on your EY Navigate® website or app or work with an EY financial planner to get a more personalized estimate of how much income you’ll need to retire comfortably and how much you must save to achieve that income level.  

2. Consider Consolidating Old 401(k) Balances 

If you’ve ever changed jobs, you may have one or more old 401(k) accounts sitting idle. Consolidating accounts can simplify your financial management and ensure that your investments are working together efficiently. Consider rolling old accounts into your current employer’s plan or an IRA to maintain control and avoid losing track of valuable assets.

3. Pay Down Debt 

Debt can hold you back from achieving financial security. Start paying it down by listing all your liabilities, including their interest rates and balances. Focus on high-interest debts first, such as credit cards, to reduce the amount you will pay in interest over time. Creating a debt repayment strategy is crucial to gaining financial freedom.

4. Plan Your Spending 

Review your spending regularly to ensure that it aligns with your financial goals. You can use the Home Budget calculator on EY Navigate to set up a budget that covers essential and discretionary expenses and allocates funds toward savings and debt repayment. Tracking your expenses will help you identify areas where you can cut back and redirect funds toward your long-term financial priorities.

5. Work With a Financial Planner 

An EY financial planner can provide personalized advice and help you create a comprehensive financial strategy. They can assist in areas such as debt management, retirement planning and investment strategies, giving you peace of mind and confidence in your financial future. 

WAEPA’s Free Financial Wellness Program

WAEPA members have access to a free Financial Wellness Program through our partnership with Ernst + Young (EY). This program includes access to tools and financial advisors to help manage day-to-day finances and work towards long-term goals.