Why is retirement planning important to you? I want to be able to live comfortably after I retire and have saved enough to enjoy the hobbies I love.
What's something you've learned about your retirement planning needs? The main thing I've learned from speaking with Jason is that starting early is always a great thing. Even if I'm not putting a large amount into my retirement plans, it still adds up in the long run.
How is Modern Woodmen helping you plan? I have a Modern Woodmen Roth IRA, Traditional IRA and life insurance plan. Jason also helped me set up a mutual fund. I place a small amount in that each month for an emergency fund. All these things were new to me when we first started planning two years ago. Now, with Jason's help, I have a better understanding of where my money is going and how we are growing it.
Didn't start at age 22?
Not everyone has Austin's forethought and dedication when it comes to retirement planning. It's true -- the earlier you start, the better. However, it's never too late to save. The key is to set goals and get started. Today.
Annual limits apply to the amount of money you can save in qualified retirement plans, like IRAs and 401(k) plans. If you are age 50 or older (or will turn 50 by year-end), you can contribute the maximum allowed. You may also be able to make additional contributions, called "catch-up" contributions. These contributions have all the advantages of others, such as tax deferment, and help you make up for lost time.
Retirement planning is one of several key areas of financial planning to address throughout your life. Talk to your representative to learn more.