Craig and Kayla HendonCity:
On the way!Occupation:
Teacher (Craig) and registered nurse (Kayla)Modern Woodmen representative:
Why is saving money important to you?
With us starting a new family and expecting our first child, we realize setting money aside for our future is a necessity.
What are you saving for?
One goal for savings, of course, is retirement. We want to set aside a sufficient amount to be able to enjoy our retirement years. Also, we’d like to help our newborn save for college. We’re both college graduates; we understand the high cost of a college education.
How is Modern Woodmen helping you save?
Cameron has helped us get the right coverage for our life insurance needs and has been very informative about the future saving needs of our family. We’re looking into opening annuities and a college savings plan in the near future.
Cameron’s advice: After taking care of their protection needs with life insurance, I helped the Hendons identify their savings needs for the present and future. With a baby on the way, I think it’s important they start a 529 college savings plan soon after their child’s birth. To supplement the retirement plans they currently have through their jobs, I suggested they also each open a qualified annuity. This would help further build their retirement savings for the future.
Personal savings strategies
Whether you’re saving for emergencies, opportunities or other specific goals, remembering these basics can add to your success.
- Pay yourself first. (Modern Woodmen recommends putting aside 10 percent or more of your income to save for the future.)
- Save regularly and consistently.
- Develop - and stick to - a plan you're comfortable with.
- Set reasonable and achievable goals.
- Determine your time horizon - the number of years until you'll need access to your money.
- Understand your tolerance for risk.
- Allocate your assets appropriately for your risk tolerance and time horizon.
Savings is one of several key areas of financial planning to address throughout your life. Talk to your representative to learn more.