By starting a retirement account early and putting a little bit of money away each month, you will be able to set yourself up for financial security later on in life. A good time to start this is in your 20â€™s when you can set up retirement accounts and begin to pay off student loans and credit card debt. When you reach your 30â€™s, it is smart to have a goal of having 1.5 to 2 times as much as your annual salary put away into a savings account by the time you reach age 40. To do this, open and deposit money into a retirement-focused account that will not allow you to withdraw funds until you hit a certain age. Avoid tapping into savings by having a separate emergency fund that will cover 6 to 12 months of expenses. You can learn more sound financial tips that will help you reach your retirement goals by reading through the infographic below.
Written by KDK Accountancy Corporation, an Orlando CPA offering comprehensive accounting services to Orlando businesses and individuals.