Let Us Help You Develop the Road Map to Your Retirement Destination
Before something becomes real, you first have to imagine it — especially when it comes to your retirement. When you look out across the horizon of your life and envision the future, what kind of retirement lifestyle do you see for yourself? Where do you want to live? How do you want to spend your time? Retirement can open up space and time for you to finally work on your passion projects or enjoy fun new adventures No matter what your dreams are, we can help you realize them.
Western & Southern is here to help you develop or adjust a plan to attain your financial goals in retirement so you can live life on your own terms. With effective planning, you may be able to build the financial resources you need to enjoy the freedom you want. We are eager to collaborate with you to listen to and understand your needs, help guide you in considering the most suitable retirement strategies for you and make necessary adjustments to it along the way as your life and goals change.
Start Early & Pay Yourself First
No matter how old you are, you know saving money takes determination and discipline. Retirement may feel like a long time away, and your daily living expenses always seem to take priority. It takes planning and a certain amount of sacrifice to save, so paying yourself first is a good rule of thumb. Sometimes, the earlier you start, the smaller the amount you might need to set aside each month. But remember it's never too late to start saving either.
Let's consider an example1 to illustrate how saving early can help you in the long run. To save $100,000 in 25 years (assuming an 8 percent tax-deferred return), you'll need to save $109.31 each month if you start now. If you wait five years, you'll need $174.62 each month. If you wait 10 years, you'll need to save $294.31 each month — that's $185 more per month to accumulate $100,000. Finding a small amount to carve out of your budget now may be much easier than finding almost double that amount 10 years from now. That's why time can be your best friend in building a secure retirement.
How Much Do You Need to Save for Retirement?
Do you have enough retirement savings to support the lifestyle you envision? Our quick and easy calculator can help you determine how much of your current annual income you may need to save in order to achieve your retirement goals. Use our calculator’s retirement analysis to help you evaluate your current retirement strategies.
Know Your Facts About Retirement Planning, Strategies & Investing
Take a couple of minutes to learn some helpful facts about saving for your retirement. We can help you develop or adjust your retirement plan so you can attain your goals and live life on your own terms.
Facts on Saving for Retirement
We can help you prepare for retirement.
21% of Americans are saving none of their annual income. 20% of Americans are saving no more than 5% of their annual income. (BankRate.com, "Survey: 21% of working Americans aren't saving anything at all," Mar. 14, 2019)
43% of retirees stopped working earlier than planned. Health and job loss were the leading reasons. (Employee Benefit Research Institute, 2019 Retirement Confidence Survey, Apr. 3, 2019)
21% of married couples and 45% of single seniors get ate least 90% of their income from Social Security. (Social Security Administration, Fact Sheet, 2019)
A 65-year-old couple in good health will need $387,000 for health-care costs for the rest of their lives. (CNBC, "Retiring this year? How much you'll need for health-care costs," Jul. 18, 2019)
One year in a skilled nursing facility will cost over $134,000 by 2028 (projected average; private room). (SeniorLiving.org, Nursing Home Costs, accessed Nov. 13, 2019)
Nearly 30% of Millennials don't expect to retire and don't save for retirement because they say doing so is like saving for a stranger. (CNBC, "How to save for the future when it's uncertain," Jul. 2, 2019)
Reasons Americans don't save for retirement include I don't make enough money, I won't need retirement savings, I'm prioritizing paying down debt, my job doesn't offer a retirement plan and I'm already struggling to pay my bills. (The Atlantic, "This Is What Life Without Retirement Savings Looks Like," Feb. 22, 2018)
People who reach their mid-60s without enough savings must either dramatically cut their spending or keep working to survive. (The Atlantic, "This Is What Life Without Retirement Savings Looks Like," Feb. 22, 2018)
Even a small amount put aside each week can help build retirement savings.
We can help you prepare for retirement. Start Now.
Western & Southern Life is the marketing name for The Western and Southern Life Insurance Company and Western-Southern Life Assurance Company. Each company is financially responsible for its own products and services.
When it comes to retirement planning and your future financial security, you want to partner with a company known for its financial stability. With solid financial ratings and a heritage of more than 130 years of financial strength, Western & Southern offers you financial expertise to help determine the right insurance, retirement and investment solutions to meet your goals. A knowledgeable financial representative is available to help you with your retirement planning needs.
1 Hypothetical example used for illustrative purposes only. It is not indicative of any specific investment product or strategy. Investments will fluctuate with changes in market conditions so that, when redeemed, shares may be worth more or less than their original cost. Example does not take into consideration the consequence of expenses and fees. Withdrawals on tax-deferred accounts are subject to income tax and may be subject to a penalty if taken prior to age 59½.
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