You may have resisted it as long as possible, but now there's no denying it: You're an adult, with all the responsibilities associated with that stage in life. Maybe you're thinking about buying your first home or upgrading to a larger one. You may be considering setting aside money for your children’s education — but how much, and where? And every time you turn around, there's a reminder that you need to plan ahead for retirement. But your paycheck only goes so far.
If this sounds familiar, you're probably Building Up your financial life. Dealing with so many priorities at once can be stressful, but a First Command Financial Advisor can help.
You know you need to be setting money aside. But how can you pursue important goals like funding your retirement and your children’s education while creating the perfect life for your family? Unfortunately, there aren't any shortcuts, but your First Command Financial Advisor can help you:
- Prioritize your key objectives. You want the best for your children and have considered investing for their education. But you know how important it is to continue to invest for retirement. Your Financial Advisor can help you strike the appropriate balance to effectively pursue your goals.
- Define an investment allocation in proportion to the size and time horizon of your goals. By assigning a price tag and time frame to each of your objectives, you’ll understand better how to allocate money to pursue them.
- Take full advantage of the tax incentives available with various education and retirement investments. It's hard to overestimate the value of tax deferral in helping you pursue your goals. While you’ll eventually have to pay taxes, you may benefit from the growth of the untaxed dollars in your 401(k) or Traditional IRA. And some education investments, as well as the Roth IRA, allow you to forego paying federal taxes on your earnings. Of course, rules and restrictions apply — especially to early withdrawals of tax-advantaged retirement investments. Your Financial Advisor can explain these to you, and work with you from the outset to ensure that your investments are properly matched to your objectives.
Insurance is typically sold to us by someone who has little knowledge of the details of our financial lives. And typically, “one size fits all” decisions are made for us.
But your insurance needs are as unique as your financial situation, risk temperament and long-term goals. Your First Command Financial Advisor can help you develop a personalized insurance strategy — supported by the auto, homeowner’s/renter’s, liability, life, disability income and other coverage you need — to protect the things and provide for the people most important to you. This strategy is a vital part of a financial plan, and by developing it with your Financial Advisor, you can enjoy the convenience of consolidating your financial planning under one roof.
Dreaming of a new home? First Command Bank offers competitive mortgages and the friendly, professional service to make your home-buying experience hassle-free. Or take advantage of a home-equity loan to spruce up the house you’re in. If debt is slowing the pursuit of your goals, a debt-consolidation loan can reduce the interest you pay and simplify your debt management. And whatever your needs, you'll enjoy the convenience of OnCommand™ online banking and bill pay.
Summing it up
First home. First child. First time the word "adult" truly hits home. Building Up is a time for stepping up and making responsible decisions about your family's future. But you don't have to go it alone — we’re here to help. To learn more, contact a trusted First Command Financial Advisor today.