While the thought of no longer having to slog through the daily grind is appealing, many workers worry about whether or not they’ll be financially secure enough to retire. Without savings to fall back on, retirement can be difficult, so begin saving now if you haven’t yet. Working with a CPA will help you gain control over your finances and prepare you for retirement.

How a CPA Can Help You Save for Retirement

Your accountant has a clear understanding of your financial situation, whether you’re still advancing along a career path or are nearing retirement. They’re familiar with your salary, your investments, your tax bracket, and even the types of retirement plan you already have in place. This means they’ll be able to offer advice to help you grow your savings and prepare yourself financially for retirement. Remember, your accountant’s goal is to help you get the most out of your money, whether it’s establishing a budget or implementing a savings plan to bolster your existing retirement account.

What They’ll Do

The number one concern for individuals nearing retirement age is running out of money, and with an estimated 1 in 3 individuals failing to save for retirement at all, the risk is especially high.

Here are a few ways your CPA will help you get your finances in line:

• Establish a Savings Plan: The more you can save throughout the year, the more prepared you’ll be for surprise expenses during retirement.
• Get a Larger Refund: Accountants understand tax law and can help you get the largest refund possible every year. This gives you more money to invest, save, or otherwise grow your retirement savings without costing you money out of pocket.
• Set Up a Debt Repayment Plan: Outstanding debts and credit payments can quickly deplete your retirement savings, especially if you continue acquiring new debt. Your certified public accountant can help you set up a debt repayment plan as part of your budget, making it easier to pay down those balances before you retire.

No matter where you are in your retirement planning process, working with a dedicated accountant and tax preparation specialist will set you up for a successful and more financially secure retirement. Donna J Troutman, CPA, PC in Lewisburg, PA, is proud to offer high-quality tax preparation and accounting services to individuals and businesses. Whether you’re looking to save more for retirement or need help understanding your current financial situation, our team is ready to help. Call (570) 523-7337 to schedule a consultation today.