Chances are if you have started to plan for your retirement and you have seen a financial advisor, you have an investment portfolio set up and you are monitoring that portfolio constantly to see if you can improve your investments. As with any investment portfolio, you have to make sure that your retirement portfolio is diverse with assets in as many different areas as possible. This makes it more difficult to lose any significant portion of it in market crashes or amidst price dips.
When considering where to put your assets, think about your age, your risk tolerance, and whether or not you need your investments to produce income to live upon. Your age matters because if you’re close to retirement age, you will invest differently than if you’re still twenty or thirty years away. Generally, financial planners tell people to invest aggressively and take on risk when they’re young and play it more safely when they are older. Assess your risk tolerance at all points of time. Make sure that, if you do take more risks, possible losses can be recuperated soon afterward. If you need your investments for your income, you will probably take fewer risks and allow for slower returns on investment.
As a professional accountant for the company Moeller Manufacturing in Wixom, Michigan, Gary Kapanowski knows the benefits of creating a diverse portfolio and monitoring that portfolio as much as possible. Kapanowski tries to provide expertise to those struggling with retirement as much as he can.
Saving for retirement can seem like a daunting task. As with any long process, the better prepared you are before you need it to be completed, the better off you will be in the long run, and the easier it will be. Preparation is the key to saving for retirement. Know what you have to do when and you will reap the benefits of your preparation when you actually retire. Here are some tips to get you started:
- Start early. Financial planners can’t emphasize this point enough. Young people don’t think that they need to start thinking about retirement until they are approaching sixty. The truth is, the earlier you start, the more prepared you will be when the real planning starts as you reach the end of your career.
- Think of your savings as another expense. We all have daily, weekly, and monthly expenses, from laundry to gas to food. If you treat your retirement savings as another expense, it will be easier to put away money for retirement on a regular basis.
- Set aside as much as you can in a tax-deferred account. The more money you have in tax-deferred accounts, the less likely you are to spend the money in those accounts before your retirement age. This is because of the tax penalties that apply when you spend the account before you turn sixty.
These three tips are good ways to get started putting away money for your retirement. They come highly recommended by the experienced and talented accountant Gary Kapanowski, based in Michigan.
Saving for retirement is a long and complicated process for most of us that takes many hours of planning and requires your follow through on those plans. In order to create a comfortable retirement for yourself after your career is over, you will need to create a comprehensive plan long before you plan to retire and stick to it. Here are a few tips to get you started on saving for that house on the beach:
•Start as soon as possible. Many young people make the mistake of thinking that retirement planning is a waste of time. The truth is, the sooner you start thinking about it, the easier it will be to put money aside for when you really need it and you stop working.
•Think of your savings as an expense. With all of the regular expenses we face in everyday life, such as rent, food, and utilities, it’s very difficult to put anything into savings on a regular basis. The best way to avoid spending your retirement money is to think of your regular additions to your savings accounts as another expense, similar to paying your car loan or rent.
•Use tax-deferred accounts. Putting your retirement savings in a tax-deferred account acts as a mental block from spending that money on an impulse. Money in tax-deferred accounts cannot be spent without tax consequences and penalties. All assets in tax-deferred accounts cannot be spent before the age of 60 without incurring an early distribution penalty.
Gary Kapanowski, a professional accountant with years of experience, stands by these pieces of advice.
Gary Kapanowski has studied Lean Six Sigma thoroughly and holds a Master Black Belt certification issued by Lawrence Technological University. He believes that using this technique in life can help improve a person’s overall function. Gary Kapanowski’s goal is to educate as many people as possible on the benefits of using the method in everyday situations. Lean Six Sigma is best described as a collection of methods that use a team approach to improve overall performance.
Gary Kapanowski credits his ability to fully utilize and understand the method to his mentor Dr. Robert Kaplan. He credits him with helping him to win the Financial Executive of the Year Award in 2006. “I was trained in a seminar by Dr. Kaplan, the guru of the Balance Scorecard, which is how I won the 2006 FEYA award,” said Kapanowski.
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Besides being an accomplished Accountant who has worked for some of the top government agencies in the country, Gary Kapanowski is a champion of equal rights, especially for women making the same pay within the workplace as men. He was excited to see one giant step forward occurring while attending the 2015 CES trade show in Las Vegas. Intel announced the start of a new $300 million diversity program at the recent CES.
This program includes more than just money; the company will incorporate many diversity processes to insure transparency throughout the organization. Gary Kapanowski believes that programs, such as an all-female gaming team and a 14% increase in minority employment, are positive signs of change.
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Gary Kapanowski’s may be a professional accountant during the day, but during is free time he exercises his dare-devil personality. He is an avid fan of racing and trains in his personal sports car at the Michigan International Speedway in Brooklyn, Michigan. The MIS holds primarily NASCAR events throughout the year.
Another important endeavor to Gary Kapanowski is offering his free time to help those who have a problem reading and writing. Adult illiteracy is a serious problem both within Macomb County, and throughout the country. Even with all of the programs out there aimed at helping to change the illiteracy climate here in the U.S., more than fourteen percent of all adults are unable to read.
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Gary Kapanowski is skilled accountant, with years of experience in the financial field. He is a graduate of the University of Michigan, and served as the president of the Detroit Chapter of the University of Michigan Alumni Association, and was on its Board of Governors from 2006 to 2008.
Gary Kapanowski was also awarded Financial Executive of the Year by theRobert Half International and Institute of Management Accountants in 2006.
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