Financial solutions and guidance

If you’re just starting your career, retirement can seem like the concern of an older generation but the earlier you start to plan, the more likely you are to reach your retirement goals. The good news – if you begin early time is on your side!

Begin by answering some basic questions:

• When would you like to retire and what do you plan to do then? Work part-time? Start a new career? Engage in volunteer work?
• Do you see yourself on a yacht in the Caribbean, puttering in a rural garden, or both?
• How much money will you need to ensure the kind of retirement that you dream of and what steps can you take today to work towards it?

A Foresters Financial representative can help you answer these questions and help you plan for your future. Our solutions can help provide an ongoing income stream throughout your retirement. As you move through each of life’s stages and milestones, we will help you reassess and change course as needed.

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• The three-step approach

If you’re between 35 and 55, you may be juggling multiple responsibilities such as making mortgage payments, caring for aging parents and raising your children.

If you already have a retirement plan, this may be a good time to revisit your goals and to consider diversifying or adjusting your portfolio. If you don’t have anything saved for your future yet, there is still a lot you can do to ensure your retirement is as comfortable as possible.

As children leave home and complete their education, there may be ways you can reduce costs. Regardless of your situation, Foresters Financial has representatives who can work with you to complete a retirement needs calculation help you and develop a plan for the future.

• Learn more about life insurance in retirement planning  
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• Your child graduated from college
• You’ve gotten a late start 
• The benefits of working with a financial professional

You’ve heard about the importance of saving and growing your assets for retirement, but as retirement approaches, you face a new challenge: How to generate an ongoing income stream to help sustain you during your retirement, which could last 30 years or more. That’s where it can help to have a retirement income strategy to help provide a stream of income, some protection from inflation and market volatility, and potential for growth. While this may sound overwhelming, it doesn't have to be. 

Generating dependable income throughout retirement involves asking key questions, such as how Social Security, personal savings and investments fit together to build your plan, what your income needs will be, and how your plan can manage risks. By asking such questions, you can make informed decisions toward realizing the retirement you want.

A Foresters Financial representative can work with you to structure a retirement income strategy based on your needs and risk tolerance.

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Conversations about money are not romantic but taking the time to discuss finances with your partner can help you avoid major disagreements down the road. When merging money, both partners need to be honest about their current financial situation, their financial style (e.g. saver or splurger) and their future plans for children, home ownership and retirement.

If you rely on two salaries to cover daily expenses, you’ll need at least six months of emergency savings in case one of you loses a job. If you have a mortgage together, you might want to consider life insurance so you’ll be able to stay in your home should one of you pass away unexpectedly. Once you’re both clear on where you stand financially, you can discuss short- and long-term priorities and investment preferences.

Whatever your goals and income, Foresters Financial can work with you to help you find the retirement and savings solutions that are right for you.

• You’ve just gotten married. Now What?
• Benefits of working with a financial professional (PDF)
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Buying a home is not just a part of the American dream, it’s one of the biggest and most complex financial decisions you will ever make so it’s important to have the right savings and protections in place.

In addition to the obvious costs like a down payment and mortgage, home ownership involves many additional expenses such as property taxes, annual repairs and regular maintenance. You will likely need an emergency fund to cover unexpected costs such as a leaky roof, a new furnace or faulty plumbing.

Whether home ownership is years away or you’ve just signed the mortgage on your first home, life insurance and investments could enable you to replace lost income and stay in your home if your partner passes away unexpectedly, or ensure that goals, such as a child’s education, can still be achieved. You’ll also want to continue contributing to your retirement, so you’ll need to consider that as well when budgeting.

• You’ve just bought a house. Now What?
• Money is tight. The high cost of procrastination?
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Like many of life’s milestones, becoming a parent has a big impact on your financial situation. Recent findings suggest that it costs an average of $245,000 to raise a child to the age of 18² and that doesn’t include paying for college.

You’ll need a plan for childcare – will one of you be able to stay home to look after the baby or will you need to pay for childcare? Once your child is old enough for school, you’ll have new choices to make. Public school or private? Which extracurricular activities will they choose? The costs can really add up.

While these costs can be significant, it’s important not to lose sight of important longer-term financial responsibilities. By exploring your investment and savings options now, you take advantage of a very powerful ally – time. And by considering life insurance alternatives now, you’ll avoid a harmful trap – the cost of waiting.

You can find a Foresters Financial representative to give you an estimate of appropriate life insurance coverage, a realistic projection of education costs and make saving, insurance and investment recommendations for your family. 

• You’re having a baby. Now What?
• The Power of Time?
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When high school ends, you’ll want your child to pursue an education that will give them the most opportunities for a successful future. Whether they want to pursue a college degree or a trade, education can be very expensive.

The cost of college has risen dramatically over the last decade, forcing many students to incur significant debt to realize their academic dreams. Average college tuition and fees rose over three percent in 2015-2016, according to U.S. News data³, breaking down as follows:

• Private school tuition and fees averaged $32,599 in 2015-2016,
• At public universities, out-of-staters paid an average of $20,729, while residents paid $8,957.

And that’s not counting room and board.

So it’s no surprise that 36% of Millennials have student loan debt and 55% of that group are worried they won’t be able to pay it back⁴.

Foresters Financial has a range of solutions to help plan for college expenses to ensure your children can continue their education even if you’re no longer here.

• Creating a college investment plan
• Learn more about our education savings options
• Learn more about our life insurance options
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³ Paying for College, US News & World, September 9, 2015
⁴ Council for Economic Education: Economic and Personal Finance Education in Our Nation’s Schools, 2014

What would happen if you passed away unexpectedly? It’s not pleasant to think about but if others are relying on you financially, it’s time to push aside your discomfort and develop a plan to protect your family. If you were to die tomorrow, would your family still be able to pay the mortgage, auto loans, college tuition and other expenses? In a recent study, one third of Americans said they would feel the financial impact from the loss of a primary wage earner within only one month². Adequate life insurance can help keep your family’s dreams alive, regardless of what the future holds.

Our representatives can meet with you to assess your situation and review your debts, your dependents and your long-term financial goals so that we can find the right solutions to meet your needs.

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² Foresters Financial and its representatives do not provide tax or estate planning advice.  Consult your tax and estate planning professional.

You’ve worked hard your entire life to create the lifestyle you always dreamed of for yourself and your family but what do you want your legacy to be?  Whether your desire is to protect a child or grandchild with special needs, donate to your most endearing charity or alma mater, or simply leave everything you’ve attained to your family and friends in the most tax efficient manner², how will you ensure this becomes a reality? Foresters Financial can help with the legacy you decide.

• Learn more about our life insurance options
• Learn more about our mutual funds
• Understanding life insurance

² Foresters Financial and its representatives do not provide tax or estate planning advice.  Consult your tax and estate planning professional.

Losing a loved one is difficult enough without having to worry about the additional burden of final expenses. With a traditional funeral now estimated to cost more than $8,000³, many American families have to borrow money, sell assets or dip into retirement savings when a family member dies unexpectedly.

If you don’t have a plan to cover final expenses, they will likely be left to your loved ones. At the very least you should consider insurance that would cover basic funeral expenses and provide a cushion for your family. But ideally you should consider purchasing insurance that can replace the income your family would lose.

Foresters Financial has life insurance products that are specifically designed to help with final expenses as well as a full range of traditional life insurance options.

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³ LIMRA 2014 Life Insurance Awareness Month fact sheet