Successful planning is fundamental for a happy retirement. According to expert Terrance Selb, it's never too early to start making arrangements, including optimizing your savings with tax-advantaged accounts. It's an area of particular expertise for Selb. A University of Minnesota graduate, he owns one of America's fastest-growing tax resolution companies.
For over 20 years, the American Tax Solutions owner and founder has consulted thousands of individuals and businesses on countless tax-related and other matters. Among these other matters is retirement planning. With that, a closer look at just a handful of the expert's many tips for a successful future retirement follows.
The first of Terrance Selb's handful of tips for successful retirement planning involves all-important savings. Well ahead of retirement, it's vital to start putting money aside and continuing to do so. Increasing that amount wherever possible is an excellent idea if you're already saving. According to the expert, when it comes to saving, it's never too early or too late to begin.
Next, Selb turns to the process of optimizing savings with tax-advantaged accounts. The expert recommends opening tax-advantaged accounts like 401(k)s and IRAs. Once retired, you can continue to work with your accountant or a specialist tax advisor to manage your already-optimized accounts. Among the most common tax-advantaged accounts are the following:
Another crucial tip for successful retirement planning revolves around building your net worth. In addition to any cash savings and investments, this means acquiring property, increasing your salary, spending less, and paying down any current debt. All of these can contribute significantly to your financial well-being after you retire.
Paying down any current debt isn't just good for building your net worth. Addressed ahead of time, it also prevents you from worrying about paying interest on any money you may otherwise owe once retired. Examples range from credit cards to mortgages. You should ideally pay these and any other debts off before retiring.
Last but by no means least, always remember to ask for advice if you need it. While tips like these will set you on the correct path to a successful and happy retirement, there's always more that you can do. As such, speak to your bank, employer, union, or specialist financial advisor if you have any questions.
California-based Terrance Selb has decades of hands-on professional expertise guiding thousands of individual clients. He is a go-to consultant among those seeking advice on various matters, including tax and retirement planning. His team at American Tax Solutions also specializes in estate and trust tax preparation, financial statements, and notary services.
Away from his work, Selb enjoys numerous hobbies, including listening to music, watching movies, and attending the theater. A long-standing supporter of many good causes, he also delights in spending time outdoors with his family and friends.
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