During my regular review appointment I always want to know what issues are keeping my clients up at night in reference to their finances. As the last 18 months have been a bit wacky, many clients are concerned about sudden changes in their employment and the impact on their cash flow.
36% of Americans are worried they won’t do a good enough job saving for near-term goals as well as retirement. But the solution, once again, boils down to smart decisions and more judicious spending, coupled with making sure you have a larger than average emergency fund for this very uncertain time we are in. Furthermore, when you contribute to a traditional retirement savings plan, like an IRA or 401(k), that money of yours goes in tax-free. The result? An instant lowering of your tax bill, which makes saving more feasible.
How you choose to spend is often more important than what you can save.