How to Get Started
Step 1 – Establish Your Financial Routine
Begin by envisioning your future:
• Are you planning to purchase a home in the next five years?
• Do you dream of owning a vacation property?
• When and how do you envision retirement?
Write down your goals to create a clear financial roadmap.
Step 2 – Calculate the Cost of Your Vision
Use online calculators to determine how much you need to save to achieve your goals, accounting for factors like inflation. This will help you set realistic savings targets and timelines.
Step 3 – Identify Opportunities to Save
Finding extra funds to save can be challenging, but consider the following strategies:
- Tax-Deferred Savings: Explore tax-deferred accounts to allow your savings to grow without immediate tax implications.
- Employer Retirement Plans: If your employer offers a retirement plan with matching contributions, ensure you’re contributing enough to receive the full match—it’s essentially free money.
- Adjust Tax Withholdings: If you receive a large tax refund annually, consider adjusting your withholdings to increase your take-home pay and direct the extra funds into savings.
- Insurance Deductibles: Evaluate whether you can raise your insurance deductibles. Higher deductibles often lead to lower premiums, and the savings can be redirected to your emergency fund.
- Mortgage Payments: Assess whether making extra mortgage payments is the best use of your funds. In some cases, investing that money elsewhere might yield better financial returns.
Step 4 – Consult Financial Professionals
Once you’ve drafted your financial plan, seek advice from professionals:
- Tax Advisors: They can provide insights into tax-efficient saving strategies.
- Financial Planners: They have tools to help you model different financial scenarios and can offer personalized advice to optimize your savings plan.
- National Life Group Agents: Agents in your local area can help you find and understand the best annuity products for your needs and help you customize options to help you meet your retirement goals.
Step 5 – Implement and Regularly Review Your Plan
Starting your financial routine is a significant step. However, life circumstances change, so it’s crucial to review and adjust your plan regularly to stay on track and address new challenges.
Visit Retirement Homeroom for more information and to connect with one of your local National Life Group agents who can help you take control of your financial future.