Time to catch your breath – The new year offers a chance to sit down and reassess your financial standing

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Abstract: The last two years were an especially slippery slope for individual finances, thanks to a volatile stock market, record unemployment and tight credit markets. These circumstances make the new year an ideal time to assess personal financial status. Any such assessment should begin with determining net worth. Another key area to reconsider is homeowners insurance, which might be affected by recent declines in the housing market, and life insurance. It’s also important to determine whether W-4 withholding status, 401(k) beneficiaries and deferral amounts are up to date.