Regarding getting ready for retirement, there is always good and bad news on how individuals prepare themselves financially. In today’s society, the 21st century generation starts saving for retirement as early as they turn 22 years. However, as a result of inadequate information, these individuals are not aware of the appropriate ways to save. Below are David Giertz’s tips on how to plan efficiently as well as create a huge difference with money reserved for retirement.
Assess your financial potential
This is important as one requires balancing between saving and taking care of vital aspects such as debt. Debt clearing should be treated as a matter of urgency. Debts may have resulted from, loans, cars, home debt, college debt or credit cards. All this must be settled so as to start saving for retirement.
Investing on compound interest
Taking advantage of compound interest enables one to accumulate lots of money. According to Giertz, A Roth IRA is a great initiative as it will be tax free when accessing during retirement. This is because tax had already been paid when deposits were made unlike 401(k). Another advantage is that one can begin to build more compound interest at an early age by adding more money.
Having a side hustle activity
This enables one to earn and save more. This can be made possible by engaging oneself in money giving activities during free time such as hobbies. These extra coins can be set aside for retirement.
About David Giertz
He is a financial advisor with extensive knowledge of up to 30 years experience in the financial service industry. At the course of his career, David Giertz has worked with several organizations steering them to success. He has worked with Nationwide Financial’s sales and distribution organization as the President. Due to his excellent strategies, he managed expand the company’s profitable revenue.
He graduated with a BS from Millikin University and an MBA from the University of Miami. He also held positions in several community organizations including being the Chair of Board of Trustees with Millikin University as well as chairing the Budget and Finance committee.