Retirement planning is something you hear about every day, but many people avoid starting because it seems complicated. It’s actually much simpler than may seem, and you can start saving at any age. The staff at Burch & Associates, Inc. in Lincoln, NE, advise that making the smallest changes, as well as working with an accountant, can lead to significant savings over the years, ensuring you get to enjoy yourself when the time comes.

3 Tips for Retirement Planning 

1. Set Goals

Before beginning, you need to gauge how much money you’ll need when you retire to live comfortably. Consider your monthly expenses. If you require $2000 per month now for mortgage payments, bills, health insurance, and other recurring expenses, expect to need that much when you retire. Then, adjust for inflation, Social Security, and other financial changes. You should land on a monthly allotment that allows you to live comfortably.

2. Invest

Whether through the stock market or in a savings account, begin putting money aside so that it can grow. There are many savings account options where you can gain interest, and investments in safe blue-chip stocks will give you dividends, security, and growth over the years. If you’re not sure where to begin, speak with an accountant so they can point you in the right direction.

3. Open a Retirement Account

401(k)s, IRAs, and Roth IRAs are crucial to retirement. 401(k)s and IRAs let you put money away without having it taxed over the years so that when you retire, you can begin withdrawing. Company-provided 401(k)s are even better, since they’ll match your contributions. If you need assistance setting one up and managing it, turn to an accountant.

Starting to save now will provide comfort and security for years to come, so don’t wait. If you need financial assistance, turn to an accountant at Burch & Associates, Inc. They offer a variety of services for both individuals and business owners, including tax return preparation and payroll services. They understand how important accurate financials are and will work with you to ensure everything is in order. Call (402) 483-4791 today to schedule a consultation and visit their website and Facebook page to learn more.