David Lerner Associates: Financial March Madness

David Lerner Associates: Financial March Madness

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March is a great time to take stock of your financial situation, and get your fiscal affairs in order. March 15th marks the due date for corporate tax returns, and it also marks exactly one month before personal tax returns are due. By now you should have all your 1099s, W2s, and tax documents collected and ready to go. 

An interesting exercise is to dig up old W2s and tax returns and compare your salary over the years to see if your income has gone up. Wage growth has averaged 6.33% increase over the years. 

Taking a look over your information will also give you good fodder to think with in terms of how much have you saved, and how much more you can put aside in the budget for savings and retirement. According to the Federal Reserve, the average savings for Americans aged 35-44 is about $40,000, and that number rises to about $100,000 for those aged 55-64. 

You shouldn’t necessarily be trying to keep up with the national averages, though. A sounder plan is to have a financial strategy that will provide for you in your retirement years. Every individual has their own unique needs and lifestyle that their retirement accounts will need to pay for. 

Following are some ways to save extra cash, and then apply that money to your savings and retirement plans:


Contribute to an IRA, if you're eligible. Taxpayers younger than 50 can still put in up to $5,500 for 2015; those 50 and older can sock away $6,500. 

Health Savings Account (HSA)

An individual can allocate up to $3,350 for 2015; families can fund their account up to $6,650. You can draw on the account to pay for out-of-pocket healthcare costs. You can make contributions to your HSA for 2015 until April 18.


This is an excellent time to take look over your various accounts, and consolidate high interest accounts or accounts with multiple fees to save money and further reduce your paperwork and inbox clutter.



Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. 

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.




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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Jake Mendlinger
Account Manager
516.829.8374 X 232

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