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You probably already have some cash stored away for the inevitable rainy day. Indeed, you should have savings for those one-time, non-recurring expenses that come up—a water heater replacement, a roof repair, the auto insurance deductible—but this savings should actually be separate from your emergency funds.

It is critical, especially when preparing for retirement, to have an additional pot of funds for the financial storms that could potentially wreak havoc on your lifestyle.

Your emergency fund is a key component to the strong foundation of your financial plan. Having this money prevents you from otherwise racking up credit card debt, tapping into your retirement accounts, or selling off assets to pay your bills.

You should have twelve months of living expenses set aside in a safe, liquid savings account. Remember, the purpose of this money is not to earn money but to be there for you in a true emergency. Don’t take risk or give away liquidity for a little bit of profit. A savings account is your best bet, just remember to stay under the FDIC insurance limits at each bank.

It is important to calculate how much you will need in your emergency fund using your actual monthly expenses, not your monthly income. Different people earning the exact same salary may have vastly different monthly obligations.

You can use the free, online financial planning tool, My Financial Plan, available from Snider Advisors, to help you determine the right number.

An emergency fund should only be used in the event of paycheck disruption or variances in portfolio income. When you are employed, this means that you should not draw your emergency funds unless you have suffered a job loss, an illness or disability that prevents you from working, the death of a spouse, leave of absence to care for an aging or sick family member, or any other circumstance that gravely affects your income.

Once you retire and begin living off your investments, the natural fluctuations in the economy and financial markets will create variations in your retirement income. Your emergency fund will make those fluctuations manageable. Cash is your most effective tool for smoothing out the effect of market volatility on your retirement income.

Planning, in almost any endeavor, is the key to success. It’s great that you have your raincoat and umbrella for the rainy day, but in the event of a flood, your emergency savings will be your ark.

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