Financial Planning for Success

Investment Planning

Having a plan affects your likelihood of achieving financial goals in retirement.

Last week, we covered Pro Tip #1: Retirement Savings Planning and the CARES Act. This week, we dive into Pro Tip #2: Retirement Planning for Success.

Personal circumstances impact your financial decision-making: career choice, family situation, risk tolerance, health, and general financial knowledge are the most common factors. Having a plan affects the likelihood of your success. Here are a few tips to help you get started on your journey to reach your financial goals:

1. The first bill you pay each month should be to yourself. To pay yourself first means simply this: Before you start buying ‘stuff’, setting aside a realistic percent of your income to save, 10-20% is a good rule of thumb. Put that money into your savings account or retirement account. What’s left becomes the amount you should be living off of each month for bills, eating out and Netflix.

2. Maximize Your Employment Benefits.Employment benefits like a 403(b) or 457(b) plan, flexible spending accounts, medical or dental insurance, financial planning, discounts to partner organizations, childcare and tuition reimbursement, are worth big bucks. Make sure you're maximizing your district perks and taking advantage of the ones that can save you money by reducing taxes or out-of-pocket expenses. Don’t pass up on free benefits!

3. Have a positive attitude about your budget.You can’t go into financial planning thinking, “I’ll never reach this goal!” Start with an open mind and positive thinking. Even if things don’t look so great right now, know that every positive thing you do to pay off debt, save, and invest today will have a positive impact in the near and distant future. Our experts are available to help you plan for your future.

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