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What You Need to Know About Saving for Retirement

Retirement Planning
mature businessman consults with lafayette life representative to learn about saving for retirement
You’ve worked hard to build your wealth. Preparing for retirement is an important step to making sure you have enough money to retire comfortably, your family is taken care of and the cause or passion that’s near and dear to your heart has a solid financial future. No matter the reason, your financial health and well-being is Lafayette Life’s first priority. See how we can put our products to work for you.  

Employer Sponsored Retirement Plans

There are a wide variety of savings vehicles to choose form in order to build your wealth as you move toward retirement. Your employer may be able to help you cut your tax bill by directing your pre-tax contributions to an employer sponsored qualified retirement plan, also known as a 401(k) plan. The money you put into the account before taxes, as well as any interest earned, isn’t taxable until withdrawn. This means you are able to put more of your money to work for you. And some employers offer to match a percentage of your 401(k) contributions – making free money work for you. These plans help enhance any regular retirement plan you may already have, such as an Individual Retirement Account (IRA). 

Life Insurance

Our complete line of life insurance products – from term life to whole life – is designed to meet most every need. Specialized riders can be added to a life insurance policy from Lafayette Life to provide a customized solution best suited to meet your personal objectives.

Whole Life Insurance

Whole life insurance provides protection for your loved ones that is guaranteed1 for your entire life, while building cash value that grows tax deferred2. Your unique financial needs call for a custom solution — one that is crafted to give you flexibility. Lafayette Life’s whole life insurance policies can be designed to help you meet a variety of needs, including mortgage protection, retirement funding, education funding, estate planning and charitable giving.


When it comes to retirement, you need income from a company you can count on. A Lafayette Life annuity can help deliver peace of mind whether you want to travel the world, vacation with family and friends, take up a new hobby or simply make sure your everyday living expenses are covered. 

The longer you keep your money in an annuity, the more valuable it becomes. And you can still get to your money through withdrawals or other payout options so you are covered when life happens. 

With Lafayette Life annuities, there are lots of features and riders that can truly make your annuity work for you. Our fixed and immediate annuities will help you address your income needs, now and in the future. Annuities earn interest that grows tax-deferred3 until withdrawn so you can build your wealth while waiting to pay income taxes. Fixed indexed annuities provide the opportunity for higher interest rates than traditional fixed annuities with interest options tied to positive changes in market indexes.

1 Life insurance policy guarantees are subject to the timely payment of premiums. Loans and withdrawals will reduce the death benefit.
2 Loans, withdrawals, and advances will reduce the Death Benefit and Cash Surrender Value and may cause the policy to lapse. The lapse or surrender of a policy with an outstanding loan may result in taxable income.
3 Interest earnings grow tax deferred until received. Distributions from non-qualified annuities and IRAs are subject to ordinary income tax. Distributions from a Roth IRA are tax free after age 59½ if the plan has been established for at least five years. Withdrawals prior to age 59½ may incur a 10% IRS penalty tax in both Traditional IRA and Roth IRA plans and in non-qualified annuities.

Information provided is general and educational in nature. It is not intended to be, and should not be construed as, legal or tax advice. Western & Southern Financial Group and its member companies (“the Company”) does not provide legal or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. The Company makes no warranties with regard to the information or results obtained by its use. The Company disclaims any liability arising out of your use of, or reliance on, the information. Consult an attorney or tax advisor regarding your specific legal or tax situation.