Hierarchy of Savings Vehicles

By: Clayton Johnson

What savings account should I use? How much should I be saving? Do I have enough in emergency savings? I regularly hear these questions from clients and the answer depends on a variety of factors. Every situation is different, and it often takes professional help to understand what type of savings account deserves your next available dollar. With 2022 just around the corner, now is the perfect time to update your savings plan. After all, how effectively you save can be a significant factor in the success of your financial life plan.

You can use this simple infographic to learn what savings vehicle – from company retirement plans to IRAs and 529 plans – should receive your next available dollar. This infographic can provide a good starting point for your emergency savings needs.

This article is for general information only and is not intended to serve as specific financial, accounting or tax advice. Individuals should speak with qualified professionals based upon their individual circumstances. The analysis contained in this article may be based upon third-party information and may become outdated or otherwise superseded without notice. Third-party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, confirmed the accuracy or determined the adequacy of this information. R-21-2909