Washington County Weekend Post

Brandpoint Did you know nearly 1 in 3 people think they're more likely to learn Bigfoot is real than to save enough to retire comfortably? That's accord- ing to a recent survey from AARP and the Ad Council. But successfully saving for retirement doesn't have to be a fantasy — or scary. Chances are you're better at saving than you think. Have you put kids through col- lege? Bought a house? Purchased a car or two? You're probably better at achieving financial goals than you give yourself cred- it for. The careful planning and savings skills you've already used can help you reach your next big finan- cial goal: a secure retire- ment. The right tools make it easier. You can get started today with a free online resource from AARP where you can create your person- al action plan in just a few minutes. Meet your friendly digital retirement coach, Avo, at AceYourRetirement.org. "In just three minutes you can get answers to a few sim- ple questions, plus personal- ized tips and saving strate- gies," said Debra Whitman, AARP executive vice presi- dent and chief public policy officer. "The to-do list format is effective and works for any age." The sooner you start, the sooner you'll have peace of mind, and a concrete plan. While everyone's situation is unique, here are steps you can take today. 1. Take advantage of your employer's retire- ment benefits. If your workplace offers a 401(k) or another savings plan, make sure you're getting the most bang for your buck. If your employer matches part of your contribution, aim to contribute at least enough to get the full match. "It's basically free money for your future, and it can be a huge way to amplify the amount you're able to save for yourself," said Whitman. If possible, consider boost- ing your contribution past that employer match by a percentage or two, to increase your savings even more. A long-term goal might be to set aside 10-15% of your income as a contri- bution to your 401(k). 2. Try to pay down debt. No matter your situation, reducing debt is always smart, as debt you carry eats away at savings you're try- ing to set aside. Check inter- est rates on your current mortgages, car loans, home equity loans, parent loans or credit cards. Consider work- ing toward paying down loans or cards with the high- est interest rates first. Call your credit card companies and ask for a lower interest rate. Some debt may be eligi- ble for refinancing, so con- sider that option to lower interest rates. 3. Have a family conver- sation. When it comes to any big financial decision, it helps if everyone is on the same page. You and your spouse could create a budget and incremental goals to work on together. Talk to your adult children about how paying down your debt and saving for retirement is a priority, and that helping them with their education, housing or other responsi- bilities is a secondary goal. 4. Plan your retirement timing. "As soon as possi- ble" isn't the best way to decide when to retire. If your health and work situa- tion allow, delaying retire- ment until your late 60s or even early 70s can make a big difference to your long- term financial security. "Earning a few more years of income can really help you grow your nest egg and waiting to claim Social Security increases your annual benefit for the rest of your life," said Whitman. Calculate your Social Security benefits to deter- mine your best strategy at s s a . g o v / b e n e f i t s / r e t i r e - ment/estimator.html. 5. Live within your means. Spending only what you can afford is key to financial security. The soon- er you develop a budget and track your spending, the more cash you'll save in the short term, helping you make more accurate projec- tions for the long term. Enjoy life now, but don't let that enjoyment come at the cost of your future. Saving money consistently every month can help make a secure retirement a reality. These goals are within your control, and you can make progress if you start small, start today and plan. For more information, visit AceYourRetirement.org. 2A • WASHINGTON COUNTY POST • SUNDAY, SEPTEMBER 1, 2019 GMTODAY.COM Financial News 5 steps you can take today to get closer to a secure retirement ICC17 27769 R4-17 Rev. 3-18 You may think you'll never need extended care. But what would happen if you took the chance and weren't prepared for the consequences? Extended care may affect your family members: • Emotionally, as they juggle time between you and their families. • Physically, especially if they are your caregivers. • Financially, by potentially depleting your savings and their inheritance. A strategy for your care could be the best gift you've ever given your family. Contact me today to learn more. Insurance products issued or offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Thrivent Financial representatives are licensed insurance agents/producers of Thrivent. For additional important information, visit Thrivent.com/disclosures. This is a solicitation for insurance. A Thrivent Financial representative may contact you. The contract has exclusions, limitations, reductions in benefits and terms under which the contract may be continued in force or discontinued. For costs and complete details of the coverage, contact your Thrivent Financial representative. EXTENDED CARE … WHAT'S YOUR STRATEGY? Appleton, Wisconsin • Minneapolis, Minnesota Thrivent.com • 800-847-4836 Lisa K Senkbeil FIC, CLTC® Financial Associate 262-338-8601 lisa.senkbeil@thrivent.com Thrivent was named one of the "World's Most Ethical Companies" by Ethisphere Institute 2012–2019. "World's Most Ethical Companies" and "Ethisphere" names and marks are registered trademarks of Ethisphere LLC. For details, visit Ethisphere.com. *Securities and investment advisory services offered through Woodbury Financial Services, Inc. (WFS), member FINRA/SIPC. WFS is separately owned and other entities and/or marketing names, products or services referenced here are independent of WFS. 4524 Dollar Drive, West Bend, WI 262-338-0018 www.reisfs.com 263208004 Let us design and implement your plan today. Do you have a f inancial plan? Timothy M. 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