Retirement Planning: Navigating Your Financial Journey

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 — like building a gazebo in the backyard or experiencing the thrill of white-water rafting. 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 can build the financial resources you need to attain the freedom you want. We are eager to collaborate with you to listen and understand your needs, help guide you in considering the most suitable retirement strategies for you, manage your investment portfolio and make necessary adjustments to it along the way as your life and goals change.

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. The earlier you start, the smaller the amount you'll need to set aside each month. But remember it's never too late to start saving either.

Let's consider an example* 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.

Services to Help Support & Guide You

Western & Southern provides a comprehensive suite of retirement planning and investment services:

Insurance — Knowing your family has a financial cushion at such an uncertain and challenging time is a way to help guard their dreams and peace of mind. We offer different types of life insurance with options in each one so you get a solution that fits your needs.
Retirement — One way to obtain access to a steady stream of retirement income is to purchase an annuity. Annuities help you save today and can provide you with income for as long as you live. There are several types of annuities from which to choose and options within each type.
Investments — Whether you are just starting to build your financial security or you want to build upon your success, we can give you clear, straightforward answers to help you reach your financial goals.

As you plan for your retirement, talk with one of our Financial Representatives to learn more about a personalized needs analysis, guided strategies and investment solutions to help you achieve your goals.

Retirement Planning, Strategies & Investing

You can develop or adjust your retirement plan with help from Western & Southern. Attain your financial goals so you can live life on your own terms.

Facts on Saving for Retirement

We can help you prepare for retirement.

45% of Americans have saved nothing for retirement. (The Motley Fool, 20 Retirement Stats That Will Blow You Away, Jan. 26, 2016.)

56% of Americans have less than $10,000 saved for retirement. (GoBankingRates, March 2016, https://www.gobankingrates.com/press-releases/1-3-americans-0-saved-retirement/)

Overall, Americans are losing an estimated $24 billion every year in matching employer 401(k) contributions. (CheatSheet, 10 Retirement Statistics That Will Scare the Crap Out of You, Dec. 25, 2016.)

55% of retirees stopped working earlier than expected. Health was the number one reason, followed by job loss. (CheatSheet, 10 Retirement Statistics That Will Scare the Crap Out of You, Dec. 25, 2016.)

36% of American adults over 65 are completely dependent on Social Security. (The Motley Fool, 20 Retirement Stats That Will Blow You Away, Jan. 26, 2016.)

The average out of pocket medical costs for a 65-year-old couple will be $218,000 over the next 20 years. (The Motley Fool, 20 Retirement Stats That Will Blow You Away, Jan. 26, 2016.)

1 year in a skilled nursing facility can cost more than $200,000. (The Motley Fool, 20 Retirement Stats That Will Blow You Away, Jan. 26, 2016.)

Many adults don’t save for retirement because they say saving for retirement is like saving for a stranger. (MarketWatch, “This is why most people don’t save for retirement,” Oct. 22, 2016)

Other reasons include

I don’t make enough money
My employer doesn’t offer a 401(k)
My employer doesn’t offer a 401(k) match so it’s not worth it
I don’t know how
Retirement is decades away
I’m saving for a house, car, or vacation

(The (Mostly) Simple Life: Practical Ways to Simplify Your Home, Life & Finances, Nov. 4, 2016, http://www.themostlysimplelife.com/simple-money/saving-for-retirement/)

But being unprepared can drastically impact an individual’s retirement in many ways.

Even a small amount put aside each week can help build retirement savings.

We can help you prepare for retirement. Start Now.

Western & Southern Financial Group

Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation. The information provided is for educational purposes only.

©The Western and Southern Life Insurance Company, Cincinnati, Ohio, operates in DC and all states except AK, CT, ME, MA, NH, NY and VT. Western-Southern Life Assurance Company, Cincinnati, Ohio, operates in DC and all states except AK, ME, NH, NY and RI.

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Why Western & Southern?

Backed by 130 years of financial strength, Western & Southern has been providing life insurance, annuities and a wide range of other financial solutions to people just like you since 1888. With our industry reputation as one of the strongest life insurance groups in the world that delivers exceptional personalized service, we know how to help protect your future.

Take the Next Step to Help Ensure Your Peace of Mind

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IMPORTANT DISCLOSURES

*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.