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Your Path to Financial Security

Your Path to Financial Security. Conference Title and Date. Speaker Name, Title. Financial Strategies. Your Path to Financial Security.

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Your Path to Financial Security

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  1. Your Path to Financial Security Conference Title and Date Speaker Name, Title

  2. Financial Strategies Your Path to Financial Security

  3. This presentation/publication is believed to provide accurate and authoritative information in regard to the subject matter covered. The accuracy of the content is not guaranteed, and it is provided with the understanding that Principal Life Insurance Company is not rendering legal, accounting, tax, or other professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought.

  4. Objectives • Discuss the foundation of financial security • Look at a study of a group of people • Discover why people don’t become financially successful • Identify the steps to financial security

  5. Foundation of Financial Security Financial security can only be achieved if built on a solid foundation.

  6. Foundation of Financial Security Foundation often consists of four types of assets: • Personal & business assets • Employment benefits • Insurance plans • Government programs

  7. Foundation of Financial Security How solid is your foundation of financial security?

  8. Where will you be? For every 100 people starting their careers… Source: Social Security Administration, Office of Research and Statistics, SSA Publication No. 13-11871, April 2000

  9. For every 100 people starting their careers... At age 65: • 16 are dead • 66 have annual incomes under $30,000 • 13 have annual incomes between $30,000-60,000 • Only 5 have annual incomes over $60,000 Source: Social Security Administration, Office of Research and Statistics, SSA Publication No. 13-11871, April 2000

  10. Barriers to Success There are barriers that can keep us from achieving our financial goals...

  11. Barriers to Success • Inflation • Taxes • Bad Investments • Disability • Saving to Spend • Procrastination

  12. Financial Security I assume all of you want to be among those few who achieve financial security…

  13. Financial Security Managing your money effectively is essential to your financial security

  14. Pay Yourself First A few people save first, and spend the balance. Most people spend first, and try to save what little is left. SPEND SAVE SPEND SAVE

  15. People who save first have: • Money when they want it • Money when they need it • Education funds • Retirement income • Other important goals

  16. The Advantage ofTax-Deferred Savings End of Taxable Tax-Deferred Year Total Total 1 $ 1,056 $ 1,080 10 $13,660 $ 15,656 20 $37,216 $ 49,423 25 $54,776 $ 78,954 30 $77,836 $122,346 Assumptions: 8% interest, 30% combined tax bracket, saving $1,000/year Hypothetical example used for illustrative purposes only. Actual results will vary.

  17. The Advantage of Tax-Deductible Savings End Non-Deductible Tax-Deductible of and Taxable and Tax-Deferred Year Total Total 1 $ 739 $ 1,080 10 $ 9,562 $ 15,645 20 $26,051 $ 49,423 25 $38,343 $ 78,954 30 $54,485 $122,346 Assumptions: 8% interest, 30% combined tax bracket, saving $1,000/year

  18. The 401(k) Advantage End of Taxable Tax-Deferred Year Total Total 1 $ 739 $ 1,620 10 $ 9,562 $ 23,468 20 $26,051 $ 74,134 25 $38,343 $118,432 30 $54,485 $183,519 Assumptions: 8% interest, 30% combined tax bracket, saving $1,000/year, 50% employer match

  19. Financial Security What are the steps to financial security?

  20. Four Steps to Financial Security • Set & Prioritize Your Financial Goals • Create an Action Plan • Implement Your Plan • Monitor Your Progress

  21. Benefits of Financial Strategies • Save time and effort • Find peace of mind • Create a formal record • Get results • Change your plans • Develop a long-term relationship

  22. The Foundation of Financial Security Monitor Your Progress PLANNING FINANCIALSECURITY Implement Your Plan Create an Action Plan Set and Prioritize Goals NOPLANNING FINANCIALUNCERTAINTY

  23. Financial Strategies Ask Us About Helping YouDevelop Your Financial Strategy

  24. Thank You! Speaker Name, Title Principal National Life Insurance Company and Principal Life Insurance Company Des Moines, Iowa 50392-0001 www.principal.com Insurance products from the Principal Financial Group® (The Principal®) are issued by Principal National Life Insurance Company (except in New York) and Principal Life Insurance Company. Securities are offered through Princor Financial Services Corporation, 800-247-1737, member SIPC, and/or independent broker/dealers. Securities sold by a Princor Registered Representative are offered through Princor®. Principal National, Principal Life and Princor are members of Principal Financial Group, Des Moines, IA 50392. #7863082010

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