Now that you have filed your taxes, you are probably keenly aware of how important it is to have all your papers organized. Not only is this important for tax time, but for your lifetime as well.
Valerie RumboughFor example, almost everyone saves for retirement in one form or another, but do you know if you are saving enough? Or are you just hoping that when the day comes to retire you’ll have enough? If something were to happen to you today, would your family be secure financially through either your savings or life insurance? If you were to be out of work either through a layoff or an injury, would you be able to support your family?
These and many other questions are necessary to consider for every person. If you are not organized, however, you probably don’t know the answers.
How do you get started? First of all, get your financial and other important documents in order. Obtain copies of your latest retirement statement, bank statement, life insurance policies, etc. Review these documents to determine where you stand financially, both today and if you should pass away. Make a list of all your assets and liabilities. Subtract your liabilities from your assets to determine what your net worth is.
From this information, you can begin to plan for your future and build a “track” to follow. It is very important to know where you are, where you want to be, and how to get there.
Need help? Contact a financial planner or a CPA with financial planning credentials. They can help you build that track. Remember that the Lord expects us to plan adequately for the future.
– Rumbough, CPA, CFP, is chief operations officer with the Baptist Foundation of South Carolina. Contact her at 800-723-7242. In accordance with IRS Circular 230, any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.