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:

• Saving for a car or down payment on a house
• Saving for retirement or a child’s college education

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.