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Tips for an easier and happier retirement.

In this day and age saving for retirement seems to get harder and harder and is increasingly becoming a goal that is put on the back burner for many Americans. Tips for an easier and happier retirement.With lower wages and higher housing cost, much of the middle class are struggling just to get by. Even with these obstacles in life, there are still ways to save for a prosperous retirement.

Start today. Many people make the mistake of thinking it's either too early or too late to start saving for retirement. The truth is you can start saving at any time, of course, the earlier you start, the more money you will have when the time comes. Compounding interest is a beautiful thing. On the other hand, it is better late than never, because even later in life those savings will add up.

Put into your 401K. If you are lucky enough to work for an employer who offers a 401K, do it! The money you invest is pre-taxed so that you won't feel it in your pocketbook as much. If you your employer matches it, make sure to contribute and take full advantage of the money they are just handing you. Even if you leave your job, your 401K is yours to take with you to invest how you please.

Open an IRA. An individual retirement account (IRA) will help you build a stack of cash for later in life. There are two different options when it comes to IRAs. If you and your spouse have a retirement plan through your employment, a Traditional IRA may be right for you. The contributions would be tax-deductible, and your earning will have a chance to grow tax-deferred until your retirement. A Roth IRA would be a choice if you can meet certain income requirements. When you turn 59 and a half, you would be able to make qualified withdrawals that are federal tax-free as long as you have had the account for at least five years.

Play catch up. If you started funding for retirement early and then turn 50, you can contribute to your IRAs and 401K beyond what you were typically allowed. This means you can put more into it to make up for lost times when you weren't able to pay into retirement the way you had wanted.

Set Goals. By setting goals for your retirement you not only have something to look forward to but you also have an idea of how much to save along the way. Setting benchmarks over the years will give you satisfaction that you are meeting your retirement goals.

There are many ways to save for retirement and knowing the ins and outs can be tricky. That's why it is always a good idea to contact a professional financial advisor like West Financial Group to help guide you to a path to success for retirement.

Make the REST of your life
the BEST of your life.

For more than 14 years our mission at West Financial Group has been to guide our valued clients to financial security. We strive to address all of your concerns, ensure you understand the products we recommend and take pride in knowing you’re comfortable with the direction and strategy we provide you.

Our goal is to provide a “WOW” experience at every client interaction! We want every meeting, phone call and event to be an interaction worth talking about. We want our clients to be able to say, “WOW, what an experience! I can't wait to tell my friends about our financial professional.”

Whether it’s financial, retirement, legacy planning or optimizing your future wealth, our approach includes understanding your unique situation, exploring your goals and discovering the best way to make the REST of your life, the BEST of your life. By getting to know you and your family, we serve as financial guides who keep your best interests in mind throughout the entire process.

Skip West | Financial Planner | West Financial Group

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The SECURE ACT Encourages Annuities.

Monday, July 15, 2019

The political world seems to be turned on its head every other day, but thankfully there is plenty good that comes from our House of Representatives.  One of those good things is an act that benefits retirees and protects them after they've done their part in the working world. The SECURE Act, otherwise known as the Setting Every Community Up for Retirement Enhancement Act, has just recently passed with a massive wave of support. In general, this bill gives retirees more access to workplace pensions and makes it, so they don't have to jump through hoops to get annuities they're deserved.

Back when 401(k) plans were introduced during the Revenue Act in 1978, it let employees invest and save for their future from their paychecks. Great, right? Well, yes but most retirees don't know exactly how much to save for the rest of their days. Will they live comfortably? Or will the money run out because of unexpected medical expenses or other things? The SECURE Act rights that wrong and even promotes the use of annuities by companies! This is fantastic news since it's not an easy or cheap thing to get an annuity.

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