When you're young, saving for retirement is easy to put off. But saving young can mean retiring sooner, so it's wise to start building your wealth today.
Think of saving as an investment in your future. The longer your money has to grow, the bigger it could potentially get. Savings vehicles include:
Unmanaged debt adds stress to life now, and endangers your future by reducing the amount of money you can put towards saving and investments, threatening your creditworthiness and increasing the likelihood of taking on additional debt. Take control of your debt by:
Making a budget is as simple as creating a spreadsheet that includes:
Setting a budget and sticking to it can bring financial freedom. Regular adjustments will keep your budget relevant and will help you reach your financial goals.
Simple, common financial goals include:
It might seem odd to spend money in order to make it, but it's true when it comes to saving for your retirement. Putting money under your mattress won't get it done, but with the proper balance of life insurance, annuities and mutual funds, you can achieve your financial goals.
Life insurance – While not necessary in planning for retirement, life insurance helps you prepare for the future by replacing income when your beneficiaries need it most: to pay off a mortgage, fund funeral costs, and put food on the table. Have a WoodmenLife Representative contact you to get the type and amount of life insurance you need.
Annuities – Annuities provide future sources of income and possibly offer certain guarantees. Settlement options allow you to create an income stream that you can't outlive.
Mutual funds – Mutual funds expose you to the stock market by letting you invest in a group of stocks or bonds tailored to your risk preferences. Contact a WoodmenLife Financial Representative today to find out which mutual funds are right for you.
WEB76 - 2/1/2017
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