It’s tax time! If you haven’t already opened an Traditional IRA, Roth IRA, or a 401k to save pre-tax dollars. If you already have a retirement account increase your contributions to reduce your taxable income for next year. Remember to receive a employer match you must contribute a certain amount to receive the match. For example, if your employer provides a match for up to 5 percent. You must contribute at least 5 percent, otherwise you are giving away free money.
Remember to SAVE for emergencies, SAVE for retirement, just SAVE!
Compounding interest works best the longer you are able to save. If an amount of $5,000 is deposited into a savings account at an annual interest rate of 5%, compound monthly, the value of the investment after 10 years can be calculated to be $8,235.05.
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.