Lesson 28: Taxes and Retirement Investing
Homework:
Consider hiring a CPA if you don’t have one already. Ask around for local referrals, and interview a few.
Revisit your retirement strategy if you already have one. If you don’t, chat with a financial planner or advisor or ask your CPA to chime in if you have a simple situation. My experience was that a financial planner gave me free advice in hopes that I would invest through him, but I decided to invest using his strategy but on my own. I would have been happy to compensate him for a strategy meeting but it wasn’t part of his structure (and I didn’t realize any of this until after!). Fee based financial planners or advisors definitely exist, and one session should be plenty to get you set up with a plan.
Play around with this Personal Finance Club Retirement Calculator to see what you need to be contributing to reach your retirement goals. Hint: Use the amount of money you need to make per year right now when it asks you your annual cost of living.
Resources:
Personal Finance Clubs Investment Course - I don’t get kick backs from promoting this, it is just really good!
Seven reasons to put 100% of your portfolio in a target date index fund