New Year's Resolutions: Are You Fiscally Fit?; Allstate Shares Tips for Getting Your Finances in Shape

Business Wire, Dec 27, 2004

IRVING, Texas -- New Year's resolutions often revolve around losing weight and getting in shape, but this is also a great time of year to take stock of your fiscal fitness. Whether you're worried about paying off debt, saving for college or planning for retirement, the New Year is a new chance to get your financial house in order.

Allstate Financial Services Consultant Steve Troy says fiscal fitness involves thinking about your saving and spending habits, analyzing health and life insurance coverage and organizing financial records.

"The start of a new year is a great time to help make sure that you're on the way to meeting your financial goals," says Troy. "An annual review of your finances can set you on the right track not only for the coming year, but for many years to come."

Here are a few things to consider:

--Re-evaluate health and life insurance. Are there gaps in your coverage? Do you have or have enough disability insurance? Could you take your life insurance policy with you if you were to leave your job? If you discover you have group life coverage, and not individual life insurance coverage, perhaps you should look into purchasing an individual life insurance policy outside of your place of employment. (A recent Allstate survey showed that 47 percent of Americans surveyed do not have an individual life insurance policy - which means some may not be covered by a life insurance policy should they quit or leave their job).

--Locate financial records. Now is the time to track down and find all of your home and auto insurance policies and financial information and organize that important paperwork for easy access.

--Review your savings plan. Do you have a savings account that you can tap in case of emergencies? Did you get a year-end or holiday bonus or pay increase that you can use to pay off holiday debts or save for the future?

--Plan for retirement. Make a pledge to review all your retirement savings and see if they'll meet your needs for retirement. If your current savings efforts are falling short of your future goals, consider increasing your retirement savings.

"A recent Allstate survey found that most Americans have not saved enough for retirement," says Troy. "Only eight percent of survey respondents had completed 10 basic retirement preparedness steps."

To make help sure you're on the right track financially, Troy says, consider meeting with a professional to review your current insurance and financial coverage and see if you have what you need to protect what you have today and prepare you for tomorrow.

The Allstate Corporation (NYSE:ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate(R)" slogan, Allstate helps individuals in more than 16 million households protect what they have today and better prepare for tomorrow through more than 12,900 exclusive agencies and financial specialists in the U.S. and Canada. Customers can access Allstate products and services through Allstate agencies, or in select states at allstate.com and 1-800 Allstate(R). Encompass(SM) and Deerbrook(R) Insurance brand property and casualty products are sold exclusively through independent agents. Allstate Financial Group provides life insurance, annuity, retirement, banking and investment products through distribution channels that include Allstate agencies, independent agencies, financial institutions and broker-dealers.

Securities offered through Allstate Financial Services, LLC (LSA Securities in LA and PA). Registered Broker-Dealer. Member NASD, SIPC. Main Office: 2920 South 84th Street, Lincoln, NE 68506. 877-525-5727.