Retirement Planning Sioux Falls SD

Like the pre-bandit me, many singles save little because they have only themselves to worry about when in fact, planning is even more crucial for singles because they must face every financial challenge independently. During my disaster recovery, I learned some money management tips (and other safety tips) that I think every single should consider.

Daniel Lynn Freese, CFP®
(605) 339-8729
141 N Main Ave Ste 601
Sioux Falls, SD
Firm
USBancorp
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues

Data Provided by:
Mr. Thomas E. Pruner Jr., CFP®
(605) 339-1999
200 E 10th Street
Sioux Falls, SD
Firm
Eide Bailly, LLP

Data Provided by:
Mr. Neil H. Graff, CFP®
(605) 977-2801
200 E 10th Street, Ste 500
Sioux Falls, SD
Firm
Eide Bailly Financial Services

Data Provided by:
Mr. Thaddeus M. Barnes, CFP®
(605) 338-6500
300 Cherapa Place
Sioux Falls, SD
Firm
Morgan Stanley
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000



Data Provided by:
Mr. Douglas E. Amen, CFP®
(605) 335-7949
310 S Conklin Ave
Sioux Falls, SD
Firm
Douglas E. Amen, P.C.

Data Provided by:
Mr. John D. Wenande, CFP®
(605) 977-2709
200 E 10th St Ste 500
Sioux Falls, SD
Firm
Eide Bailly LLP

Data Provided by:
Mr. David D. Brandt, CFP®
(605) 336-0935
622 S Minnesota Ave
Sioux Falls, SD
Firm
Brandt Solomon & Anderson LLP
Areas of Specialization
Accounting, Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning

Data Provided by:
Ms. Barb J. Vavruska, CFP®
(605) 274-9156
3901 E 10th St
Sioux Falls, SD
Firm
Securities America, Inc.

Data Provided by:
Verlyn Earl Hahn, CFP®
(605) 275-3600
3101 S Phillips Ave.
Sioux Falls, SD
Firm
Hahn Financial Group, Inc.

Data Provided by:
Nicholas Volin, CFP®
(605) 335-1693
1509 S Minnesota Ave Ste 6
Sioux Falls, SD
Firm
Ameriprise Financial

Data Provided by:
Data Provided by:

Start Saving Strategies to Secure Your Finances

My first five years in New York, I led a good single life. Working as a technology and business consultant, I earned a nice salary which allowed me to enjoy nice dinners with friends, spend frivolously and not think twice about large purchases.

I was spoiled by a solid job market within a bullish industry and did not max out my 401k let alone contribute to it nor did I set up a savings account despite the consistent pleading of my parents.

Then a move uptown came when the movers politely drove away with every last item I owned, never to be seen again. It may be hard to comprehend but a robbery was one of the most valuable life lessons I ever received.

Like the pre-bandit me, many singles save little because they have only themselves to worry about when in fact, planning is even more crucial for singles because they must face every financial challenge independently. During my disaster recovery, I learned some money management tips (and other safety tips) that I think every single should consider:

1. Learn to live within your means:
Whether it is expensive purses or the latest must have electronic gadget, many singles tend to spend beyond their means. To live with a moderate mindset, learn to make conscious and realistic purchasing decisions. Keep track of spending in a journal and make smart adjustments on a regular basis. Your new found awareness will allow you to differentiate must-have purchases from those which are indulgences, keeping expenses at bay.

2. Set up an emergency fund: No one should ever have to deal with a robbery but face it, bad things happen all the time. Better to be on the safe side by stashing away some cash (at three to six months' income) in a high-yield savings account. Remember these monies are a safety net, so do not spend them on "shoegasms" no matter how good it might feel. The best way to avoid temptation? Leave those credit cards at home!

3. Be on top of bills: Timely payment is important but you must also be sure to review monthly statements from services and credit card providers. These days, you never know who has tapped into your accounts! So look out for cash discrepancies based on your monthly deposits and withdrawals as well as faulty expenses that may be charged to your account.

4. Keep Records Straight: Invest in a file folder and keep a copy of every receipt, warrantee, invoice or financial and medical statement you receive. This way you will be able to return items that have gone faulty, dispute fraud charges and be on top of deductions when it comes time to pay taxes. And though we don?t wish it upon anyone, be able to prove insurance claims should the time come.

5. Max Out on Your 401k: Start investing for retirement! Maximizing use of your employer's retirement plan or starting a simplified employee pension plan (SEP) if you're self-employed is important for singles as a way to save for their future while getting a valuable tax break in the bargain.

 

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