Learn how to build wealth in your 20s-40s.

Wealth Building in Your Younger Years

Jul 28, 20207/28/2020

Retirement

Saving for Retirement: Wealth Building in Your 20s – 40s

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.

Start Saving Now

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:

  • A savings account at your local bank
  • Money market accounts
  • Mutual funds
  • Annuities
  • Your employer’s 401(k) plan or other retirement plan

Pay Down Debt

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:

  • Paying bills on time
  • Keeping credit card balances low or paying them off each month
  • Protecting your credit score through free credit reports

Make a Budget

Making a budget is as simple as creating a spreadsheet that includes:

  • Income from work
  • Investment income
  • Expenses (mortgage, rent, credit card payments, utilities, etc.)
  • Money spent toward debt and saving
  • Variable expenses (groceries, phone, entertainment, gas, etc.)

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.

Set Financial Goals

Simple, common financial goals include:

Buy the Right Products

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.

Think of WoodmenLife as your partner in achieving your financial goals. From protecting your family with life insurance to saving for retirement with mutual funds and annuities, we can help1.

  1. You should consider the investment objectives, risks, charges, and expenses of variable annuities and mutual funds carefully before investing. Call Woodmen Financial Services, Inc. at 1-877-664-3332 for a copy of the prospectus which contains this and other information about the annuity or mutual fund. You should read the prospectus carefully before investing. Investing in a variable product involves risk, including the possible loss of principle. Early withdrawals may be subject to surrender charges, and taxed as ordinary income, and in addition, if taken prior to age 59½, an additional 10% federal income tax penalty may apply. Withdrawals reduce annuity benefits and values.
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We’ve been helping to protect the financial future of families like yours, making a difference in hometowns across America and honoring our country since 1890. As a not-for-profit life insurance company, we put money back into the community. We’re here when you need us most.

Learn More About WoodmenLife

How to Become a Member

You become a member of the WoodmenLife family when you purchase a WoodmenLife product. Get a quote from your local Representative with a video call.

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Omaha, Nebraska

This is a solicitation of insurance and an agent may contact you.

Securities are offered through Woodmen Financial Services, Inc., 1700 Farnam Street, Omaha, NE 68102, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with Woodmen of the World Life Insurance Society.

Benefits are available to members. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product. These fraternal benefits are not contractual, are subject to change and have specific eligibility requirements.

Some fraternal benefits include additional membership requirements including length of membership, number of qualifying members in household and/or a qualifying event.

Check out the background of Woodmen Financial Services, Inc. on FINRA’s BrokerCheck.

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A+ Financial Rating

This company was issued a A+ (Superior) rating by the A.M. Best Company, click for additional details. WoodmenLife has been awarded a rating of A+ (Superior), the second highest ranking out of 15, for its financial strength and operating performance in 2018 by A.M. Best, an independent rating company that is nationally recognized for its objective reporting and rating of insurers.

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