FINRA Recommends 6 New Year's Resolutions for Investors in 2016 December 31, 2015

FINRA encouraged investors to "start 2016 on the right financial foot" by taking "stock - literally and figuratively - of their investment portfolios."

In an end of year news release, FINRA suggested that investors should focus on planning, staying on top of market changes that could impact portfolios, and investment protection. FINRA urged investors to:

• set clear, prioritized goals - each with steps to achieve the goal, a price tag and a time frame - to help guide investment approaches;
• take advantage of day-to-day opportunities to help build finances for the long term;
• keep several factors in mind to consider what action, if any, to take regarding higher interest rates;
• track and rebalance investments;
• understand what the different types of investment professionals offer to help achieve goals;; and
• know the basic techniques of scammers and strategies to deal with them, such as how to end the conversation or ask questions and turn the tables on fraudsters.

FINRA recommended that investors check their retirement safety net. Starting in 2016, new rules will close loopholes that allowed married, two-income retirees to use certain strategies to increase the amount they collect from Social Security.

FINRA Senior Vice President of Investor Education Gerri Walsh commented: "What has worked in the past is not always what's best for today and the future, particularly as the interest-rate environment is changing. Whether you are an experienced investor or just starting, it's a smart New Year's resolution to periodically review your finances."