What’s so scary about planning?

Jay L Gershman |

What’s so scary about planning? 

You plan dinners, weddings, baby showers, vacations but do you plan your finances. While surveys show 86% of all employees feel increasingly financially stressed and most people don’t have any emergency savings, most people don’t take the time to plan. Here’s what planning can do for the average employee; 

  1. See if there are any pennies being spent that can turn into dollars. You’ve seen the commercial for Rocket Money that analyzes your credit cards to see if your have a duplication of memberships and expenses, that’s just one way.
  2. Ensures that you are insured. Many young people have no idea how cheap term life insurance is. Instead, they only have a small coverage at work that will not support those young children you now have.
  3. Helps you create an emergency savings account by using the old adage, “save first spend second”.
  4. Verify you’re getting all of the employer match. Let’s not throw money down the drain.
  5. Review your tax return to see if you’re passing up tax breaks such as funding Health Savings accounts to pay for medical expenses or using ROTH IRAs to pay for college.
  6. Planning for a vacation. Not all planning is painful, some of it can be to create memories.
  7. Checking to see if your investments are performing well and you are on track for retirement. Slight adjustments now can save you from large and painful adjustments later. Doing it now, can help you avoid working longer.
  8. Assisting you with your next car purchase. Should you buy new or used? Gasoline, EV or Hybrid? Should you buy or lease? It’s complicated. We can Help.
  9. There’s so much more and too much to detail.

  10. It’s free for all employees of our plans

Jay Gershman is the Owner and Founder of Retirement Visions LLC, a West Hartford-based financial planning firm that focuses on comprehensive life planning and financial management. For more information, visit www.allset2retire.com. Information and advice are for guidance only and opinions expressed belong solely to the author. Securities offered through Silver Oak Securities Inc. member FINRA/ SIPC. Investment Advisory Services offered through Redhawk Wealth Advisors, Inc., an SEC Registered Investment Advisor. Silver Oak Securities, Inc., Redhawk Wealth Advisors, Inc. and Retirement Visions LLC are not affiliated.