Experts answer burning questions about personal financial security

How can I reduce my taxes now and in retirement?

Do I have enough money to retire and will it last?

As a part of National Financial Literacy Month, the AICPA and Finseca answered some of the common questions individuals and families ask as they seek clarity and confidence in their financial lives.

“National Financial Literacy Month represents reinforcing that financial knowledge is a critical life skill. When people understand the ‘why’ behind their decisions, they are far more likely to act with confidence and purpose,” Cary Sinnett, senior manager–Personal Financial Planning at the AICPA, said in a news release. “Because CPAs have a unique vantage point when it comes to financial planning, they possess the drive to help the community at large not only grasp what to do, but why it matters.”

The Q&A starts, fittingly, with this question:

Where do I start?

Talk through your current financial situation, including income, expenses, debts, and savings. Be honest and transparent with yourself and as a family about your financial values, goals, and priorities — this builds trust and sets the stage for effective planning. Next, share your financial values and priorities. Understanding each other’s perspectives helps align your financial goals.

And remember, life is unpredictable — be prepared. Always start with an emergency fund to cover three to six months of living expenses in case of unexpected events like job loss or medical emergencies. A trusted financial professional can ensure you fully understand all your options.

The news release answers five additional questions and ends with advice for finding a trusted professional to help.

“Financial literacy isn’t a once-a-year conversation — it’s the foundation of every great financial plan, and it’s what separates a good one from a great one,” said Marc Cadin, CEO of Finseca, an advocacy organization for the financial security profession. “Our members are on the front lines every day, helping clients cut through all the noise and helping real people build real plans that protect their families, secure their futures, and deliver real peace of mind, no matter what life brings — and that is what this month is all about.”

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.