The Wealth Accumulation Stage

As your family grows, your earnings may grow, but you will also have more demands on your income than ever. Family related expenses, home purchases or improvements, vacations and college savings may all overshadow your plans for saving for retirement. Don’t lose sight of the importance of saving during this stage of your life. Here are some strategies to help.

• Maximize your 401(K). Continue to maximize your pre-tax savings potential by taking full advantage of your 401(k) or other employer sponsored retirement plan.
• Continue making regular contributions to your IRA. Take a look at our comparison chart, and talk with your Ziegler financial advisor to help determine if a Roth IRA or Traditional IRA is best for you.
• Don’t reduce your retirement savings to fund college savings accounts. Keep in mind that there are many different ways to fund your children’s education, but your personal savings will be your primary source of income throughout your retirement.
• Keep in mind that life insurance is for protecting your family. Don’t try to do “double duty” by purchasing whole life insurance thinking that it’s an effective retirement savings tool. Purchase life insurance to protect your family, and invest your savings to fund your retirement.
• Consider rolling over your 401(k) plan if you change jobs. Consolidating your assets allows you to keep better track over time. In addition, your IRA will likely allow for far more investment options such as individual stocks and bonds, and a wider array of mutual funds than your former employer’s plan. An added benefit: access to professional advice.
• Borrow wisely. Avoid taking loans on your 401(k) or tapping into your IRAs prematurely, which will potentially result in taxes and penalties. Instead, consider taking a home equity loan or utilizing one of the flexible lending solutions offered through Ziegler.
• Establish an emergency fund . Having cash reserves will help you avoid tapping into your retirement savings prematurely, should you have an unplanned need for income.

Our planning services are not financial planning (unless they are specifically called investment consulting services). They do not create an investment advisory or a fiduciary relationship (including under ERISA) between you and B.C. Ziegler and Company. B.C. Ziegler and Company will prepare a financial plan at your specific request through NaviPlan.

Investment consulting services are offered at B.C. Ziegler and Company only through investment advisory programs and are not available through traditional brokerage accounts and products. Please speak with a Ziegler Wealth Management financial advisor to further discuss the differences between brokerage and advisory products offered by B.C. Ziegler and Company.