Set Up An Emergency Fund..!

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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.  

© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
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The Top 5 Keys To Financial Freedom

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© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

Going After The Adventure

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Open An Account Today..! CLICK HERE

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© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.


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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

The Top 5 FEARS Heading Into Retirement

What are you afraid of heading into retirement? Now everyone is an individual and has different goals of what they want to do in retirement, but believe it or not, most people worry about the same 5 things. Join me as I walk through each of them and give you tips and strategies on how you can overcome that fear and live the retirement you always dreamed of. CLICK the picture to play the video...




© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

Can Good Health, Lead to More Wealth..?

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DOWNLOAD YOUR FREE COPY OF THE WORKBOOK TODAY..!

DOWNLOAD YOUR FREE COPY OF THE WORKBOOK TODAY..!



OPEN YOUR OWN BETTERMENT ACCOUNT TODAY..!

OPEN YOUR OWN BETTERMENT ACCOUNT TODAY..!


© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
CA Insurance License 0C76421

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

What's Your Financial Personality..?

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SET UP AN ACCOUNT TODAY..!

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DOWNLOAD YOUR FREE COPY OF OUR WORKBOOK

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© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles AdvisorS. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
CA Insurance License 0C76421

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

How to Pass on an IRA WITHOUT uncle sam taxing it to death..!

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© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
CA Insurance License 0C76421

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

What Makes the Markets Go Up and Down..?


© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
CA Insurance License 0C76421

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

What's the Number 1 Obstacle to Building Wealth?

Video Transcript:

Hi Patrick here with Retirement Lifestyles advisory group where it’s all about having the health wealth and freedom to live your dream retirement. And today’s quick tip is all about… The number one obstacle to building wealth. 

As you start to accumulate and build wealth you’re going to encounter obstacles over time. So here’s a question for you. What do you think is the number one obstacle to building wealth? The answer may surprise you.

Whenever I ask people that question, I always get answers like, the economy, or taxes, a bad stock market or the president! While all of those are obstacles sometimes, the number one obstacle getting in your way to building wealth… is you.

Sorry, sometimes the truth hurts. But without question, procrastination is the most common cause of financial failure. We’re all guilty of it in some fashion or another… oh I’ve got plenty of time, I’ll do that next year. And then one year turns to two and then to ten really quickly.

Let me illustrate with a short story.

Suppose there were two twin siblings, Jack and Jill who both invest in Individual Retirement Accounts earning 8% a year.

Jill, subscribed to my youtube channel, and faithfully listened to my radio show, and at the age of 20 she stuffs three thousand dollars a year into her IRA , and continued for the next ten years until she got married at the age thirty and she never added another penny. For a total investment of thirty thousand dollars.

Jack,  just deleted my videos and never downloaded any of my free reports and checklists from the website basically screwing around for ten years. But he finally wised up at age thirty and started socking away three thousand dollars every year for the next thirty five years. His total investments were one hundred and five thousand dollars.

So, who do you think will have more money when they retire at 65 years old? Jack or Jill?

In this case, the early bird will always be ahead. Jill reaches age 65 with more than $642,000, while her brother will have a little under $514,000.  Jill has an extra $128,000, even though she only invested for a total of ten years. It was all because of the power of compound interest and the fact that she started ten years earlier.

Of course, it's far better to start early AND keep it adding money. What if Jill had gotten married but kept adding three thousand dollars a year to her IRA until retirement, she would of ended up with nearly one point two million dollars. Twice as much.

So what’s the moral of this story? It’s simple, watch my videos, listen to my radio show and download all my cool stuff and you’ll be good to go..! Wait, rewind that.

So what’s the moral of this story? In order to put the power of compounding interest on your side, don’t wait, start saving today! Even if you start with just ten bucks a month. Make it a habit. Set it up on auto deposit, and then continue to up the amount every month until it starts to hurt. Then, when it no longer hurts…. You guessed it, up the amount some more. Get to a point where you can max out your retirement plans and you’ll be well on your way to a great retirement.

If you have any questions or feel like you want some personal help, let’s have a phone call and talk about your goals. Go ahead and click the link in your email or down in the video description that says “I would like to schedule a call with Patrick” and it will bring up my personal calendar where you can reserve a phone call with me.

There’s no charge for the call and you don’t need to worry about sending me any personal information or account statements.

Be sure to subscribe to my youtube channel Retirement Lifestyles Tv, you can click the little logo button in the lower right hand corner of this video.

You can also check us out on facebook, at retirement lifestyles advisory group, be sure to follow and like our page.

And if you’re lucky enough to live in the north state, be sure you tune in to my radio show Retirement Lifestyles every Saturday morning at 9am on news talk 1057 KQMS.

Thanks for watching today’s quick tip, be sure to click the like button, feel free to share it and post any comments or questions that you have.

And I wish you the best in retirement!

© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
CA Insurance License 0C76421

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

How to Get Tax Free Income in Retirement

Video transcript:

Hi Patrick here with Retirement Lifestyles advisory group where it’s all about having the health wealth and freedom to live your dream retirement. And today’s quick tip is all about… How to get tax free income in retirement

How would you like to get to retirement and pay no taxes on the income from your retirement plans? 

I’m not foolin… The Roth IRA is a favorite among savers who use it, and for good reason. Whether you’re 25 or 65, this retirement vehicle can offer major benefits and tax advantages.

You can still contribute the same amounts to a Roth IRA as a Traditional one, but the significant differences between the Roth and its traditional counterpart is when you pay taxes and how much money ultimately goes to Uncle Sam.

Financial planners routinely say younger people should invest in a Roth because they would benefit most from its many wonderful qualities. But the truth is, Roth IRAs are a good choice for people of all ages.

Here are three great reasons to consider the Roth IRA.

1)      You get tax-free income in retirement

With Roth IRAs, savers get a tax-free stream of income in retirement. And it's not just the contributions that come out tax-free. Uncle Sam doesn't lay a finger on any of the earnings or growth. That can make for a pretty sweet deal when you're talking about decades of your investments compounding.

The only catch is that you pay income tax on your contributions upfront.

Unlike the traditional IRA, which gives investors a tax deduction for the year the contribution is made, the Roth version lets savers contribute after-tax money today and withdraw principal and earnings tax-free later on. The roth lets you pay taxes on the seed instead of the harvest.

2)      No More RMD’s                                      

With a traditional IRA, when you turn seventy and a half years old, you’re forced to take RMD’s or required minimum distributions whether or not you need the money, and pay taxes on it. Depending on your other income amounts, you could potentially find yourself in a much higher tax bracket. Which means you pay higher taxes on all your income.

But, the Roth IRA has no required minimum distributions because you’ve already paid all the taxes. That means you can live to 120 without ever tapping your Roth IRA.

3)      Your heirs benefit

The hands-off approach the IRS takes with Roth IRAs is beneficial for your heirs as wellyou’re your plan is to leave behind an inheritance, how about leaving your beneficiaries a tax-free income that can be stretched over their entire lifetime.

**Let me give you an example. If you left a hundred thousand dollars to your 1 year old granddaughter and she only withdrew the minimum required by the IRS each year. That hundred thousand dollars would actually pay her over eight million dollars over her lifetime. And if it was a roth IRA… it would all be tax free.

Pretty cool huh? Thanks grandma!

Yes, the Roth IRA can be a really powerful planning tool.

But remember, all great Retirement Lifestyles begin with a plan. Do you have a plan, or just some ideas floating up inside your head? My dad always said, You can’t hit a target you can’t see. What you need is a written workbook that lays out all the steps to build the foundation for your successful retirement. Would you like to have a copy of that workbook?

I want to give you a FREE copy of my Retirement Lifestyle workbook to help you start laying your foundation. Click the link below or in the description to get your free copy today.

If you have any questions or feel like you want some personal help, click the link that says “I would like to schedule a call with Patrick” and it will bring up my personal calendar where you can reserve a phone call with me and we can discuss your situation and you can ask me any question you want.

There’s no charge for the call and you don’t need to worry about sending me any personal information or account statements.

Be sure to subscribe to my youtube channel Retirement Lifestyles Tv, you can click the logo button in the lower right corner of this video.

You can also check us out on facebook, at retirement lifestyles advisory group, be sure to follow and like our page.

And if you’re lucky enough to live in the north state, be sure you tune in to my radio show Retirement Lifestyles every Saturday morning at 9am on news talk 1057 KQMS.

Don’t forget to download your free copy of my retirement lifestyle workbook.

Thanks for watching today’s quick tip, be sure to click like button, feel free to share it and post any comments or questions that you have.

And I wish you the best in retirement!

** Hypothetical example, based on IRS life expectancy tables and 81.6 years of growth at 8% annual interest.

© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
CA Insurance License 0C76421

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

How To Rollover Your 401k

Video Transcript:

Hi Patrick here with Retirement Lifestyles advisory group where it’s all about having the health wealth and freedom to live your dream retirement. And today’s quick tip is all about… How to rollover your 401(k)

When you change jobs or retire, you’ve got some choices to make when it comes to your current 401k.  I always like to say, if you’re not at your last job, your retirement plan shouldn’t be either. Today, the average person changes jobs on average 12 times during his or her career. So it’s not uncommon at all to start a 401k at one job only to find yourself moving to a new job a few years later. So what do you do with your old 401k? You typically have four choices when it comes to rolling over your 401k.

1)      Leave it at your old employer

2)      Move it to your new employer

3)      Cash it in… or

4)      Move it to your own IRA.

Let’s talk about the advantages and disadvantages of each one.

1)      Leaving it at your old employer. This is an option, only if the current plan will allow it, so assuming they do, the advantage is, you don’t have to do anything, just leave it alone. Here are a few disadvantages though…

·         You can’t make any additional contributions to the plan anymore. If you have other retirement accounts it may become difficult to manage all of them together. And any future changes to the plan may affect your returns.

2)      You can move it to your new employers plan. The advantage is that your retirement account continues to grow tax deferred and you can now start making contributions again. The downside is that your new plan may have limited investment options available to it. Maybe even less choices than your last one, so you may not be able to get the returns that you want.

3)      You can cash it in…. Let me say that again, you can cash in your retirement account..! First, Lets talk about the advantages

Now… Lets talk about the disadvantages. You’re going to set off a tax bomb of epic proportions. Not only are you going to be taxed at normal income tax rates, to may be subject to an early withdrawal penalty if you’re under the age of 59 and a half. Sometimes I don’t know why I even mention this option… but you need to know them all.

4)      Roll your 401k to your own IRA. This is typically the best option because it gives you the most access to the world of investments. It’s also a lot easier to consolidate multiple accounts, you know, like the five other 401ks you left at other jobs? Well, you can now pull them all into one account. There’s no taxes due, if the rollovers done correctly, so you can still continue to defer the account and also contribute to it.

The disadvantages… loans are generally not available against your IRA and you won’t get any employer matches.

So there’s the four main options you typically have when it comes time to rollover your 401k. Now, if your getting ready to retire, you pretty much only need one option… number four, roll it into your own IRA account, and then it’s time to do some income planning.

Be sure to download your free copy of my 401k Rollover checklist. There’s a link in the email you received and also in the youtube video description below.

A lot of times when it comes to rolling over a 401k, people feel really intimidated, because they don’t want to accidentally trigger a tax problem, which unfortunately happens more often than not.

So, if you feel like you want some additional help or have some more questions, I’d like to invite you to schedule a free strategy session phone call with me. Simply click the link below or in the youtube description that says “I would like to schedule a call with Patrick” and it will magically bring up my personal calendar where you can reserve a phone call with me and we can discuss your situation and you can ask me any question you want.

There’s no charge for the call and you don’t need to worry about sending me any personal information or account statements.

Be sure to subscribe to my youtube channel Retirement Lifestyles Tv, you can click the subscribe button below.

You can also check us out on facebook, at retirement lifestyles advisory group, be sure to follow and like our page.

And if you’re lucky enough to live in the north state, be sure you tune in to my radio show Retirement Lifestyles every Saturday morning at 9am on news talk 1057 KQMS.

Don’t forget to download your free copy of my 401k Rollover checklist

Thanks for watching today’s quick tip, like it, share it and post any comments that you’d like.

And I wish you the best in retirement!

© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
CA Insurance License 0C76421

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

What's Your Retirement Lifestyle Plan..?

© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
CA Insurance License 0C76421

 

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

 

Know Your Numbers

© 2017 McNally Patrick Daniel CRD #154642 is a Registered Investment Advisor in the State of CA, DBA Retirement Lifestyles Advisory Group. Advisory Services provided by Betterment LLC, an SEC Registered Investment Advisor, member FINRA/SIPC. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance never guarantees future results.
 
CA Insurance License 0C76421

 

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

Controlling Personal Debt

Retirement Lifestyles Weekly Quick Tip



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Subscribe to my YouTube Channel


Video Transcript:

Hi I’m Patrick McNally with today’s quick tip from Retirement Lifestyles.

This week I’m talking about controlling personal debt

Let’s start with the cold hard stats… 7 out of 10 Americans live paycheck to paycheck and are loaded with credit-card debt.

In fact, according to NerdWallet.com, the average American household has $134,643 in debt with credit card balances of $16,748. The average interest rate runs in the mid- to high teens at any given time.

Let me ask you a question, have you ever felt like you wanted to start saving and investing more, but just don’t have the extra cash to do it?

Once you learn how to control your personal debt, you’ll be able to get on track and accomplish your financial goals.  Here are 5 tips to get you started.

First, you need to understand that some debt is good.                

For example, borrowing for a home usually makes good sense. Especially because you can write off the mortgage interest on your taxes, thereby reducing your overall tax bill.

Second, you also need to understand that some debt is bad.

It’s usually not a good idea to use a credit card to pay for things you consume quickly, such as meals, it doesn’t make sense to finance your hamburger… the same goes for vacations, unless you can pay off your bill in full every month. Using a card for these items is the easiest way to fall into debt, so try putting aside some cash each month for these things so you can pay the bill in full.

Now, I can hear a lot of you saying, but Patrick I want to get the airline miles on my card… ok, look, if you want to use that card, fine, but at least save the cash for it first over a period of weeks or months, then charge it, and then pay it all off!

Number three… Get a handle on your spending.

Most people spend thousands of dollars without much thought to what they're buying. Write down everything you spend for a month, cut back on things you don't need, and start saving the money left over or better yet, use it to pay down your debt more quickly.

Number four…Pay off your lowest balance credit cards first.

If you have multiple credit cards, add up the monthly minimum payments from each one. Whatever that number is, imagine of you could be investing that amount, instead of sending it to a credit card company.

The key to getting out of credit card debt efficiently is to pay down the lowest balance first. That way you get a small win each time you pay something off and your confidence grows. Now, whatever the minimum payment was on the last card… add it to the next one and you’ll snowball your way out of debt.

I’ve included a link below and in the youtube description for a free debt snowball worksheet. It will help you list out your credit cards and the balances. Go ahead and download it, put it to work and watch the debt melt away.

And finally number five, expect the unexpected.

Set up an emergency fund with a thousand dollars in it. You always need a cash cushion in case of an emergency. If you don't have an emergency fund, a broken air conditioner or damaged car can seriously upset your finances.

Thanks for watching today’s quick tip, like it, share it and post any comments that you’d like.

If you would like to learn more about how we help clients with retirement planning, click the link below that says “I would like to schedule a call with Patrick” and it will magically bring up my personal calendar where you can reserve a phone call with me and we can discuss your situation and you can ask me any question you want.

There’s no charge for the call and you don’t need to worry about sending me any personal information or account statements.

Be sure to subscribe to my youtube channel Retirement Lifestyles Tv, you can click the subscribe button below.

You can also check us out on facebook, at retirement lifestyles advisory group, be sure to follow and like our page.

And if you live in the north state, be sure you tune in to my radio show Retirement Lifestyles every Saturday morning at 9am on news talk 1057 KQMS.

Thanks again for joining me today, and I wish you the best in retirement!

Retirement Lifestyles Weekly Quick Tips

Weekly Update May 30th, 2017

This Week's Update is all about Asset Allocation..!

Retirement Lifestyles Weekly Update May 22nd, 2017

Gain Insight into the New World of Retirement

This is not your father's retirement; it won't be your children's either. Retirement – what it means and how we get there – is constantly changing. Understanding today's world gets your retirement journey off to a good start, and keeps you ready for changes on the way.

Whether you're fresh out of college or ten years into the workforce, your first thought about retirement is probably...that it's very far off. That's understandable. Right now you're thinking about your career, perhaps starting a family or buying a house. It's not easy to imagine what your life may be like in your 70s.

But here's the thing: the retirement savings habits you establish now will serve you throughout your career, and putting time on your side by starting early will give you much greater freedom and flexibility later.

The Cost of Waiting

Retirement is a great place to be, but it's a long road to get there. Take the first step today! Take Action!

  • Start saving today - don't count on tomorrow.
  • Use as much time as possible to save and invest for retirement.

Every day is an opportunity to build your savings so you can live your retirement dreams.

If you haven't started saving – or if you aren't saving enough - here are some important things to consider:

  • People are living longer – Your earning years may not be much longer than your retirement years.
  • The level of income you'll need to afford the lifestyle you desire during retirement may well exceed your current living expenses.
  • Time is money – The sooner you start saving, the more time your investments will have to grow.

Investing just $300 per month will grow to $787,444 in forty years, assuming an average annual growth rate of 7%. If you put off saving for retirement for even just five years, that number shrinks to $540,316. So that $300 a month that you didn't save for retirement may have afforded you $18,000 worth of small luxuries over those five years, but it leaves you with $247,128 less when you retire. There is no doubt that the cost of waiting is very high.

These investment returns are not the only missed opportunity if you don't start saving now. If you work for a company that matches a portion of your retirement account contributions, waiting also costs you that company contribution and the investment returns on that amount.

And don't forget about the tax advantage of saving for retirement. When you make retirement account contributions on a pre-tax basis, a smaller percentage of each paycheck goes to the IRS. More importantly, your retirement funds won't be subject to taxes until you begin making withdrawals after your retirement party. 

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