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Tuesday, January 31, 2017

Helping Others

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About Shanna

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Monday, December 12, 2016

Wednesday, October 12, 2016

5 Steps You Can Take Today to Improve Your Retirement

Best Retirement Planner in Gilbert AZ When you plan for retirement, you’re taking a long distance approach that measures success in very large numbers somewhere decades in the future. But working towards something so distant can be discouraging for those plodding along in the present.

Fortunately, there are immediate steps you can take today to significantly improve your retirement in very real ways. Steps such as:

1. Open an IRA if you Don’t Already Have One

Consider establishing an individual retirement account (IRA) if you haven’t already. Contrary to what many people assume, there is no rule against saving in both a workplace savings plan (401k) and a Traditional IRA—and you can get started with an IRA with a fairly small investment.

You have two IRA options to choose from, as well as a wealth of providers. A Traditional IRA may be right for you if you and/or your spouse has a workplace retirement plan, and contributions to a Traditional IRA are generally tax deductible while the account’s earnings grow tax-deferred until you tap them in retirement. On the other hand, if you make below a certain amount of money and don’t have access to an employer retirement plan, Roth IRAs may be a better choice. In a Roth IRA you pay taxes up front, and then access the account TAX FREE during retirement. Both options are easy to set up, give you access to a wide variety of funds, but have an annual contribution limit of $5,500.

2. Automate your Contributions

Log in to your retirement accounts and set up automatic contributions to grow your nest egg on a predictable schedule without having to think about it. This way you’ll never forget to make a payment or be tempted to take a month off and divert those funds to something else.

3. Double-Check Your Employer Benefits—and Take Them All!

If your employer offers to match your 401(k) plan, make sure you contribute at least enough to take full advantage of the opportunity. This is essentially extra income sitting on the table, ready for you to use. Don’t take the short term approach—put your money AND your employer’s money into retirement! Look up the details today.

4. Make a Weekly Goal

Yearly goals for retirement savings can be abstract and distant, so try to set a smaller monthly savings target. By breaking big goals into smaller monthly or weekly goals spread out over time, your goals seem more achievable and immediate. For instance, maxing your IRA at $5,500 by the end of the year seems a lot more insurmountable than putting away an extra $458 per month or $114 per week.

6. Make an appointment

One of the biggest obstacles to successful retirement planning is the sheer knowledge gap many people run into when it comes to getting started. Retirement is a big question, and there are countless different products, investments, schemes, plans, regulations, and more to consider. If you don’t have a background in finance already, understanding what is actually important and what you have to do to get started can seem impossible.

That’s where we come in. At Heritage Financial Strategies we work with individuals just like you to understand your present finances and your future goals, and give you the guidance and information you need to save, invest, celebrate, and live with financial confidence. Call us today at 480-397- 1184 to make an appointment and get the advice and guidance you need to make the most of your money.

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Wednesday, October 5, 2016

3 Things Women Need to Know About Retirement Planning

Best Retirement Planner in Gilbert AZ The vast majority of financial planning advice isn’t gender specific, but there are still a few important things women in particular need to know to help build a safe, secure, and well-deserved retirement fund.

1. Women Live Longer

There are no guarantees, of course, but the average American woman has a significantly longer life expectancy than the average American man. For girls born today that life expectancy is 81.2 years, while boys born today are expected to live only 76.4 years. Factor in that most women tend to marry men who are somewhat older than themselves, and it paints a picture of most women outliving their husbands by 5 years or more.

In fact, according to the Federal Interagency Forum on Aging Related Statistics, more than half the women over 65 are widows, and they outnumber widowers by three to one. This means that women should plan ahead and should take an active role in retirement planning given that they are expected to live years longer and will likely be the sole beneficiaries of their family retirement savings at some point.

2. Investing Potential VS. Savings Potential

On the whole, most financial professionals recognize that women tend to be better than men about saving money and building up a healthy financial reserve. These savings can be tremendously important when it comes to making big purchases or rolling with unexpected expenses or work interruptions, but they aren’t good for long term goals like retirement.

Right now interest rates for money in the bank are so low that funds in checking or savings accounts are probably losing value over time from inflation, instead of growing from interest. Investing in an IRA or other retirement account, however, results in steady gains over time. Even figuring in big market swings like we experienced within the last decade, the stock market (specifically the S&P 500) historically provides a healthy average annual return of 10%, which translates into around 7% for most retirement investors. And, with women living longer than men while earning less on average, women also have more flexibility and more to gain by investing with a bit less conservatism than men.

3. Work History Gaps Work Against You

Women usually play the larger role when it comes to caring for and raising children, and that means that women are more likely than men to step out of the job market for years at a time. However, leaving the workforce is easier than getting back in, and work history gaps—no matter the cause—can weigh against you.

Employers generally don’t consider childrearing experience the same as work experience, and a few years off the job can be hard on important job skills and experience—especially in highly competitive fields. This can make finding a new position difficult, resulting in longer income gaps, lower salaries, and slower retirement account growth.

This problem is often even worse for women who quit work in their later years in order to care for their elderly parents. Not only do these women have to deal with age discrimination if and when they attempt to reenter the work force, but time out of the workforce in the 30 years before retirement can diminish Social Security benefit calculations.

If you need help developing a sound financial plan for your retirement, or have other financial questions that you need answered, call Heritage Financial today at 480-397-1184 to make an appointment. We specialize in helping in individuals just like you make the most of your money and live the life you want to live!

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