By Delta Jones-Walker
May I be candid? If you died today, would your money outlive you? To put it in simpler terms, would you have funds and assets in place to leave a financial legacy for your spouse, partner, children or other designated beneficiaries? So many times we promise ourselves that we will get around to planning for our demise, and then life happens. You start a career, get married, buy a home/car, start a family, and the list goes on and on. The next thing you know, it’s time for retirement!
I am writing this article especially for those of you who are just starting your careers, up to those who may be about 20 years into the workforce. This puts you in the age group of roughly 21 – 45. Now this doesn’t mean that everyone else should stop reading because there is some useful information in this piece for everyone.
Here are a few tips that will get the ball rolling toward leaving a sound financial legacy:
- Participate in your company’s Retirement plan IMMEDIATELY!
For all of those millennials out there who are about to graduate college and have snagged those high-paying jobs, the first thing you should consider is signing up for your employer’s retirement plan. Make sure you contribute enough to qualify for the company match. If you start this practice right away, you won’t even miss the money, and it will be working for you as long as you are with the company and in many cases, after you move on.
For those who have been in the workplace for 10 – 20 years, it’s not too late to contribute to your retirement plan, but you need to contribute significantly more dollars to play catch-up. Talk to a financial advisor to map out what this number may look like.
- Inquire about stock options at your place of employment.
Find out if stocks are a part of your benefits package or if you can purchase some stock in the company. Just think about the people who purchased stock in companies like Apple, UPS or Google back in the day. They’re probably financially set now!
- Explore and purchase life insurance.
At age 25, most people aren’t even thinking about life insurance, but it is in fact the best time in life to make this investment. The older you get, the greater the risk you are considered by insurance companies. Buying a policy(ies) at a younger age allows you to lock in higher coverage amounts at lower rates, and funds will be there in case the unexpected happens.
Want to talk more about setting your money up to outlive you? Then take time to research a few financial advisors and make appointments with them to get started. Most don’t charge for an initial conversation, and it’s a great way to determine who you will ultimately trust with your financial future. Now, let’s get moving!
Connect with Delta Jones-Walker and Atled Financial on Facebook, Twitter: @Atled Financial and LinkedIn! To schedule a complimentary consultation or a presentation to your group or organization, call 219-513-3710 or email [email protected] and mention this column. Topic ideas for this column are welcome!
*Securities and advisory services offered through Woodbury Financial Services, Inc., member FINRA/SIPC. Insurance services offered through Atled Financial Group 717 B Main Street Schererville, IN 46375 which is not affiliated with Woodbury Financial.
* Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future results.