A new year brings the perfect opportunity to reexamine finances and plan for the future. Financial Wellness Month is observed annually in January, providing a reminder to pay attention to our financial health. With economic challenges from the pandemic still ongoing, several Monroe resources are ready to help customers improve their financial well-being.
Forbes recently listed reviewing investments as one of the top steps to improving financial health in 2022. Investments will differ depending on a person’s age, willingness towards risk, and overall assets. Forbes also recommends:
Examining unnecessary expenses and maintaining a budget spreadsheet each month
● Automating money to savings and investments, especially for things like retirement funds
● Strengthening emergency funds
● And reviewing debt, reworking budget if needed
Luckily, there are several local resources ready to help community members address these action steps and improve their financial state in 2022.
Putting together the puzzle — without the box
Erik Haworth works with clients daily to ensure they are on the right financial track, often helping the prepare for retirement. Haworth, a Certified Public Accountant (CPA), has worked with Thrivent as a financial advisor since 2013. He is based in the Monroe office.
Though Thrivent helps clients in all financial stages with financial advice on topics such as investments and insurance, Haworth said the team feels best suited to assist people prepare for and move through retirement.
“Have you ever put together a 1,000-piece puzzle? Imagine doing that without the picture on the box,” said Haworth. “We encourage our clients to dream about the picture and then we make sure they have all the right pieces in place to put that puzzle together.”
He described a variety of decisions individuals are faced with when transitioning to retirement, including how to collect social security, what pension option to choose and how to handle healthcare. One of the biggest questions Haworth has heard clients ask themselves recently is, “Will I run out of money?”
“That’s a big concern for many and we commonly see people spending 20-30 years in retirement, so that concern is very real,” he said.
Haworth’s first suggestion for individuals preparing to retire is to meet with an advisor early and get an overview of your situation.
“It’s much easier to coarse correct now if you need to than a few months or years before retirement,” he said.
He also suggests starting the process early — three to five years before you plan to retire, if possible. If possible, search for someone with specific expertise in retirement strategies, often denoted by a RICP or CFP designation.
Thrivent — with several locations, including one in Monroe — assists clients in three main ways:
● Solutions-Based Strategies — including investments and insurance products for people who already have a financial plan but want to meet a recently uncovered need
● Managed Accounts Program — to help you get on track to reach your investment goals, with ongoing professional management of those investments
● Financial Planning Services — covering topics including goal planning, risk management, investment planning, income tax planning, retirement planning and estate planning.
The Monroe office currently has three advisors: Haworth, Paul Bloedorn, and Nikki Matley-Austin. Celia Kline supports the office by handling membership benefits and scheduling.
Haworth has noticed a lot of financial frustration caused by the pandemic as well as employment losses and changes, both factors that may lead some employees to consider early retirement. Thrivent has continued to support customers during the past two years by offering virtual appointments in addition to normal in-office visits, depending on client preferences.
Beyond preparing for retirement, Haworth also suggests sitting down with a professional to discuss life insurance needs, in a time when many have been “underprepared for the financial consequences” resulting from unexpected deaths.
“Now more than ever it’s a good time to evaluate your finances,” he said. “It’s also brought the fragility of life into full view.”
A Family Affair
To Shane Figi, financial health is key to living an overall healthy lifestyle.
Figi is the principal agent and registered representative at Figi Insurance and Financial Services in Monroe. His parents, Ralph and Neva, founded the agency in 1991 after working as dairy farmers for 30 years.
“When they founded the Agency, they always said their main focus was not just ‘selling’ products, but rather helping clients find the best solution to their need,” said Shane Figi.
Finances, he said, can be one of the largest sources of stress.
“It has been shown time and again how finances can increase or decrease stress,” he said. “If we take our finances seriously and plan for our retirement future, it can give a lot of relief which in turn takes a lot of worry off of our shoulders. Unfortunately, I hear all too often from individuals that they wish they had started investing earlier.”
Figi joined the family team in 1995. Ralph Figi passed away in 1999, leaving Shane as the principal licensed agent for the agency. He focuses primarily on health, life and Medicare insurance, along with investments such as mutual funds and fixed/indexed annuities. He worked to assemble an “extremely good team” of agents and CSR’s [what does this stand for] to help him move the agency forward.
Today, the team at Figi Insurance and Financial Services includes Becky Coppes, a licensed personal and commercial lines agent; Shelly Jordan, who also works with personal and commercial clients; Jeanne Meier, who handles policy changes, claims and billing questions; Mike Figi, a Certified Public Accountant (CPA) working primarily on the agency’s finances and marketing; and Beth Figi, who works with customer service and billing.
The agency offers full-service insurance and financial services, working with the following:
● personal lines of insurance including auto, home, umbrella and life insurance
● commercial insurance including business and farm insurance
● health insurance including Medicare and disability insurance
● financial services such as mutual fund and annuities
“We have been very blessed to have a lot of referrals — this is something we don’t take lightly,” said Figi. “We’re certainly not perfect, but we always try to treat people with respect and listen to what they need. We are continually taking classes to learn about products and potential changes that could affect them.”
Figi’s advice is to start saving as early as possible, no matter how small the amount. Even saving $20 or $50 each month is better than nothing, as the savings will accumulate over time. He stresses that savings are your investment.
“They can start, stop or change the amount any time they want or need to,” said Figi. “My clients that have followed this strategy have seen the growth in their accounts and how worth it is to just do something.”
He also encourages everyone, but especially younger individuals, to not wait to start saving for retirement. Though retirement age may seem far off, “it comes quickly!”
“Even just putting away a very small amount each month will make a difference,” said Figi. “The years that the money has to grow and compound will amaze you.”
