Whether you’re a recent college graduate or a seasoned, corporate employee, personal financial planning for retirement may seem like a daunting task. If you’re overwhelmed by the thought of putting away enough for your future, here are a few easy ways an accountant can help you get started.
• Create an Emergency Fund. You should keep enough money in a liquid savings account to cover your expenses for a six-month period. If you don’t have any money put away for retirement or any savings whatsoever, this emergency fund should be your main priority. This will ensure you are financially prepared in case you were to lose your job or encounter a financial crisis.
• Get Rid of Debt. Debt can keep you back from accomplishing your personal financial planning and saving goals. An accountant can help you identify debts that should be paid, as well as provide advice about avoiding more debt in the process.
• Don’t Put Off Saving. It is also important to remember that you shouldn’t put off saving for your retirement while you’re working on paying off your debts. An accountant can help you calculate how much of your income you should contribute each month to savings or your employer’s 401(k) plan if you haven’t signed up for it already.
• Maximize Your Capital. When it comes to personal financial planning, it’s important to not just let your money sit in savings. An accountant can introduce you to strategies to help you maximize your retirement savings.
Make your next call to us at Gecinger Tax & Accounting to schedule an appointment to discuss your personal financial planning goals. We look forward to working with you.