For young workers just starting out in their careers, retiring seems far, far off. However, many employees find the years go by fast, and before they know it retirement is fast approaching. But for those who have not planned well along the way, the lack of retirement income can suddenly become a major problem, thwarting many plans they may have had for their later years. To keep this from happening, financial services experts such as David Giertz suggest young workers start thinking about retirement planning from their first day on the job. But to maximize the planning process, David suggests workers use a variety of financial tools.
For example, David always suggests workers make the maximum contributions possible to their Roth IRAs. In doing so, they can set up their accounts so that a certain amount of money from each paycheck be automatically deposited into these accounts. With this option, workers won’t forget to contribute to these accounts, nor will they get into a bad habit of contributing less than they should.
Along with taking advantage of their Roth IRA, David Giertz also suggests younger workers maximize contributions to their 401(K) accounts. The most popular retirement account offered by employers, the biggest advantage of a 401(K) is the employer contributes to these accounts as well. As a result, these accounts can accumulate large amounts of money in a relatively short period of time.
And finally, David also strongly feels younger workers should take advantage of Health Savings Accounts. With single workers being able to contribute almost $3,500 per year, the money in these accounts can be used to purchase various types of over-the-counter medications, as well as many other health supplies and products.
By encouraging others to start planning for retirement as soon as possible, David Giertz hopes to help others start on the path to financial success. By using the skills he has gained from more than 30 years in the financial industry, many of which have been as the President of Nationwide Financial Distributors, David has the knowledge needed to help workers realize their financial goals.