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Saving for the future is a critical component of financial wellness.
Fifty-six percent of Americans have less than $10,000 saved for retirement. And one in three have nothing saved at all.1 But with reduced debt and affordable life insurance, you can free up funds to start saving and investing for your future.
1 “1 in 3 Americans Has Saved $0 for Retirement” Money, March 14, 2016The Rule of 72.
The Rule of 72 is a quick way to estimate the number of years required to double your invested funds at any given rate of return. It works by dividing the rate into 72. For example, money invested at a 3% rate of return, should double in 24 years. And money invested with a 7% rate should double in 10 years.
Rule of 72
The Magic of Compounding
The Magic of Compounding.
When the interest on your investments earns interest, it allows you to save more in the long run. If you start with $1,000 with an interest rate of 4%, simple interest will provide you with an extra $40 at the end of the year. When you compound, you’ll continue to gain interest on your original investment, but also on the interest you already earned.Ways you can save and invest for the future include:
Annuities & Mutual Funds
Both annuities and mutual funds are types of products that allow you to spread your savings across different investment mediums (i.e., stocks, bonds, etc.). The biggest difference between the two is that annuities are often considered a less-risky option—because there is a guarantee* on the money you invest.
There are two main types of annuities: variable and fixed—and we offer both. The rate of return for variable annuities is based on the performance of underlying investment sub-accounts that you choose based on your preferred level of risk and investment objectives. The rate of return for fixed annuities is based on a guarantee that gains will not drop below a certain percentage of the invested amount.
Like annuities, mutual funds pool money from individual and institutional investors, and then use that money to invest in a selection of investment mediums. There are no guarantees on mutual funds, so the value of your funds relies completely on the performance of the mediums.
* All guarantees are subject to the claims-paying ability of the insurer.Managed Money Accounts
Managed money accounts allow you to place your invested funds in the hands of a professional for a predetermined annual fee — rather than buying and selling the securities yourself. This professional will help you determine an actionable strategy and investment portfolio tailored to help you meet your goals.
Retirement Accounts
There are two primary types of retirement accounts to consider: IRAs and 401Ks. Both are popular tax-advantaged investment options. A 401K is a plan sponsored by an employer that allows employees to invest a piece of their paycheck, pre-tax, and offers opportunities for employer-matched contributions. Taxes are paid when money is withdrawn from the account.**
Conversely, an Individual Retirement Account (IRA) is an individual account not sponsored by an employer, and offers more freedom for choosing investments since they are not limited to an employer’s plan. There are two different types of IRAs: Traditional and Roth. Contributions are made to a Traditional IRA with un-taxed money and is only taxed upon withdrawal. For Roth IRAs, contributions are made with previously-taxed money, but you’re not taxed when withdrawing funds.**
** Early withdrawal penalties and excise taxes may apply. Please consult a tax professional for information specific to your financial situation.
CoreCap Investments, Inc is Capital Choice's broker-dealer for mutual funds and investments. As a strategic partner, we work with CoreCap to develop custom and unique products and services for our clients.
Capital Choice provides the resources I need to educate and support clients on their journey to financial wellness.
The flexibility of our approach, combined with our partner products, allows me to help clients achieve their financial goals — regardless of their situation.
We give clients the knowledge they need to get out of debt, stay out of debt, and save for the future of their dreams.
At Capital Choice, we help free everyday families from the stress of debt, so they can focus on what matters most to them.
With Capital Choice, I can help families in my community save and plan for the future — to help them reach their goals and dreams.
Insuring your income is the most important thing you can do for your family. We help our clients do just that with affordable term life insurance.
Doing what's right and best for our clients is the Capital Choice way, enabled by and executed every day through the freedom of choice.
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Interested in learning more? Contact Capital Choice today.
