Every financial success story starts with a good plan.
Managing your money takes intention.
Creating a personal financial strategy takes planning. Our agents have dedicated their careers to helping people from all walks of life meet their goals.If you feel overwhelmed, please know you aren’t alone—and it’s never too late to start.
Whatever your situation, we’re here to help you reconcile your current finances with your future goals—beginning with how you operate day to day. For example, we know that fewer than 40 percent of adult Americans say they have a budget and keep track of their spending, and 29 percent have been unable to set aside any money for retirement. Nearly a quarter (24.8 percent) have less than $100 in their checking and savings accounts combined.**
For those and other issues, we’re here to help. Whether you’re struggling to save for retirement, or ready to take your plans to the next level, we’ve developed and honed some general best practices that are easy to understand, and wise to follow.
Establish an emergency fund.
It’s ideal to save six to eight months of living expenses, set aside someplace safe and accessible. Don’t trust yourself with cash? Set up automatic transfers from your checking account to a savings account. Even $25 a month can pile up into a helpful amount during an emergency.
Protect your future income.
Even in the second half of your career, your income potential is probably your greatest asset, so it’s smart to protect it with life, health, and disability insurance.*** That way, if something unfortunate happens during your prime earning years, you or your loved ones will still have income.
Maximize an employer’s money match.
At the age of fifty, you are allowed to invest additional “catch-up” contributions into your retirement plans. This rule effectively raises the contribution limit on your 401(k) and IRA, so you can make up for years of under-investment. It’s a way to grow your retirement savings quickly before taking that money out or rolling it over into an annuity, which guarantees you income during retirement.****
Prioritize and eliminate debt.
Look at any debt you’ve accumulated—credit cards, car loans, mortgages, and student loans—and start systematically paying them down. Since credit card interest rates can run as high as 24%, you might want to start there first.
Take advantage of tax-efficient tools.*
There are many tax-advantageous ways to save money. Talk with us about getting the most out of your IRAs (traditional or Roth), 401(k)s, and tax-deferred annuities to save for retirement. If you have children with college expenses, you may be able to get a bit more out of a 529 savings plan.† Or, capitalize on a Whole Life Insurance policy that accumulates tax-deferred cash value, if loans and partial withdrawals are structured properly.
When it comes to financial strategies, there are no set paths. It all depends on your individual situation.
Our tax calculator can help illustrate the value of a tax-deferred savings strategy.
Talk it through with an expert.
We're here to help.