It’s that wonderful season that only comes every two years - the Olympics.

We get to watch in awe as records are broken and superhuman feats are accomplished. Our thoughts turn to greatness and our hearts swell with pride in our fellow countrymen.

However, these athletes didn’t get to the top of their games by not being prepared. So, it’s also a great time to think about making our own futures great by ensuring we are prepared. 

How do we do that? By ensuring we are saving by Olympic standards.

Gold Medal savings

• Six months’ worth of expenses in a liquid, readily accessible account (savings, money market, etc.)
• Maximum contribution to 401(k) plan and/or IRAs
• Maximum contribution to Health Spending Account (HSA) or Flexible Spending Account (FSA)
• Maximum contribution to 529 plans for children’s or grandchildren’s education (even if you think they won’t need it; you can use it later)
• Maximum participation in any company stock option plan

• Four months’ worth of expenses in a liquid, readily accessible account
• Maximum contribution to 401(k) plan
• Some contribution to IRAs
• Maximum contribution to HSA or FSA
• Some contribution to 529 plans
• Some participation in any company stock option plan

• Four months’ worth of expenses in a liquid, readily accessible account
• Maximum contribution to 401(k) plan
• Some contribution to IRAs
• Maximum contribution to HSA or FSA
• Some contribution to 529 plans
• Some participation in any company stock option plan