David Giertz: Why Come Up Short?

If there is one thing none of us want to face once we retire, it’s coming up far short of our financial needs. With products and services costing more each year, it’s more important than ever to plan well for one’s golden years. But with so many types of retirement accounts offered by employers, many millennials don’t know where to begin when trying to decide how to put their money to its best use. Because of this, 30-year veteran financial services analyst David Giertz has devoted much of his career to helping younger workers plan for retirement. While there are many strategies workers can utilize, here are the ones David most often recommends.

Grow Your 401(K)

Of all the retirement plans employers offer their workers, a 401(K) offers numerous advantages and is easy to contribute to each pay period. An easy retirement account to set up contributions after each paycheck, these accounts also offer the tremendous advantage of having your contributions matched dollar-for-dollar by your employer. Due to this aspect, a 401(K) can accumulate a large amount of retirement income over your working life, setting the stage for a financially secure life.

Pay Attention to Your Tax Deductions

Along with making regular contributions to your 401(K) and leaving them in there until retirement, David also recommends paying close attention to the tax deductions you’re taking each year. Since these often change yearly, knowing what’s best for your particular situation can let you save hundreds or thousands of dollars, all of which can be saved for retirement. To understand what changes may benefit you, speak to your company’s Human Resource Officer, or discuss your situation and goals with an accountant. And remember, if you’ve had a new life event such as a marriage or birth of a new baby, chances are your tax situation will need to be reevaluated.

To ensure your retirement goes off just as you hoped it would financially, pay attention to the advice of seasoned and knowledgeable financial services experts such as David Giertz. By doing so, peace of mind will be yours.