GRAND ISLAND, Neb. (KSNB) – Inflation has caused people to become more aware of the security of their money. Everyday living and frequent purchases add up a little more than they use to, with the rise of gas and groceries prices. With the current inflation, many people are looking for ways to better their budget.
“A financial plan is when you set a goal to get where you want to be, and shows how you get there,” said Mark Perry, Financial Advisor of Ameriprise Financial Service. “How much do I need to save a month? How much do I need to put in my 401k? It’s a lot of questions.”
Perry urges people to get their financial answers sooner than later, as the continued rise of cost leads to more uncertainty. People worries differ throughout their life, but ‘if they have enough money’ is the question on everyone’s mind.
“Spending down your assets, that has been a big worry for a lot of people,” Perry said. “Older people have asked, Is my money going to last the rest of my life? For younger people inflation is I can’t add as much to my 401k any more.”
Inflation has caused retirement fund to dry up quicker and has slowed down people’s ability to save money. Perry indicated some ways to make sure money can be a little less of a worry if you plan ahead.
“As soon as you get a job. I think sitting down with someone, anyone that is knowledgeable on 401k and taxes” Perry said. “When you first start a job and get offered a 401k or something along the lines start saving as soon as possible.”
Perry encourages people to saving when they’re young, that way when they get older, they won’t have to be as radical with their savings effort.
“Managing your budget, look your incomes and outflows and manage that. When it comes to the retirement aspect just start putting into your 401k.”
Perry also noted that people should start with getting the company they’re working for to match the amount you are putting in, because that’s free money.
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