Would you like to have $1 million saved for retirement? Start saving now! For every year you put it off, you pay the high cost of waiting.
If you start saving $95 each month at age 20, you could have one million dollars at age 65. But, if you wait until age 30 to start, you’ll have to put away $263 each month.
Wait 10 more years and start at age 40, you’ll have to save $754 each month. Get started at age 50, and you’ll have to save $2,413 each month. That’s 25 times more per month than if you’d started at age 20 – ouch!
Because of the power of compound interest, the sooner you start to save, the less you’ll have to put away to meet your goal. Don’t pay the high cost of waiting – start saving for retirement today!
This is a hypothetical and does not represent an actual investment. Assumes annual end-of-year contributions, with a 10% nominal rate of return, compounded monthly. This example uses a constant rate of return, unlike actual investments which will fluctuate in value. It does not include fees and taxes, which would lower results.
Stacy Murdoch
Birmingham, AL Former Occupation: Advertising Sales
Before Primerica, Stacy Murdoch, of Birmingham, AL, was struggling financially and looking for a way out. “I was a single mom, raising three kids,” recalls Stacy. “I was working two jobs and relying on my dad as my emergency fund.”
Her father, Primerica legend Ed Randle, did what any parent would do – he kept talking about Primerica until Stacy agreed to build her part of the Randles’ family business! “I was highly motivated to make this business work for me,” says Stacy. “I needed the money, for one, but more than that, my father is one of the greatest success stories I know of and I was proud to be in business with him!”
She continues, “The feeling of building a family business side by side with a loved one is something I wish everyone could experience. It’s such a positive thing to know that you are a part of something bigger than yourself.”
Stacy’s Primerica journey started in 1987 and has led to a full-time career helping families and creating a better financial future for herself and her children. In fact, her kids have grown up under the leadership example of both Stacy and their grandfather. “Dad has such great vision,” explains Stacy. “He sets the bar high and that’s something I’m passing along to the next generation.”
Stacy’s 26 year-old daughter, Carly Huchinson, recently started building her own Primerica business and Stacy couldn’t be more excited. “One of the great things about this business is being able to build something for yourself but also to share your success with the people you care about,” says Stacy. “So often, a family business is tied down to one store, restaurant or small company. The only real growth opportunity is to continue opening new stores. But with Primerica, your growth potential is limited only by how much energy you put into it.”
She adds, “Being in business with my family empowers me to think bigger and not feel so comfortable with where my life is.”
For more information on how you can create your own Primerica family business, contact your local Primerica representative.
Many boomers feel “sandwiched” between the financial needs of aging parents and those of their own children. Don’t want to be a burden on your kids? Primerica (PRI), a company with more than 30 years of financial expertise, presents three steps toward holding on to more of your hard earned cash as you prepare for the future.
Step 1: Start a Dialogue. Are your children in the dark about your finances? Three out of four boomers admit they haven’t adequately talked with adult children about this topic. Not a smart move. What happens if you become ill or incapacitated?
Think about what you wish your parents had done, then take action. For instance, organize your records, make sure you have an updated living will, power of attorney for health care and power of attorney for finances.
Your Primerica representative can help: Ask about the Primerica Legal Protection Program, which offers document preparation for as little as $20 per document for covered members.1
Step 2: Consider Long Term Care. If you don’t plan for your future medical expenses now, you’re increasing the chances that your kids will have to pick up the tab. About 70% of seniors eventually need the kind of help that long term care insurance covers,2 and the average annual cost of a private nursing home room is nearly $80,000.3
You can pick up the best deals (premiums typically under $2,000 a year) if you buy long term care insurance when you’re still healthy and in your mid fifties.4 See your Primerica representative for help with your long term care insurance needs.
Step 3: Cut Off Adult Children. Six in 10 boomers report giving financial help (outside of college tuition) to a child or grandchild in the past five years. Of those, $59,000 was the average amount of aid.5 If this sounds like you, ask yourself: Do I really have the resources? Am I saving enough for retirement? Try to share more financial wisdom and less cash with your adult offspring. The more you save for your own future means less possibility that you’ll need their help later on.
To learn more about how Primerica can help you reach your financial goals, contact your local Primerica representative for a FREE Financial Needs Analysis (FNA).
Please review the plan for information regarding benefits limitations and exclusions.
In today’s economy, many families are worried about layoffs, foreclosures and mounting debt. They’re looking for ways to cut costs, save more and make smarter money choices for their future.
Primerica, believes one of the first steps toward getting on track for a bright financial future is to create better spending and saving habits. To help you get into the mindset of making better money choices, Primerica presents three easy ways to curb spending.
1. Track purchases. Little purchases made every day can add up to big money at the end of the month. Keep track of expenditures by either writing them down in a notebook or purchasing budgeting software. You might be surprised at just how much you didn’t realize you were spending. 2. Minimize ATM visits. ATM withdrawals can add up quickly if you aren’t tracking them. It’s easy to keep pressing that withdrawal button and even taking out the minimum $20 at a time can add up quickly. The best plan is to set a limit on withdrawals per week and stick to it. 3. Cut spending by small amounts first. Breaking the over‑spending habit isn’t likely to happen overnight. Start small, say reducing spending by 10%. Once you get used to that adjustment, you can work your way up to a more aggressive cost‑cutting strategy.
Discretionary spending (e.g. eating out, entertainment, movie rentals, etc.) isn’t a bad thing, but over‑spending – particularly in times of economic upheaval – can put you into a precarious position if debt becomes too high or if you are laid off.
As you learn to budget better and spend less, the next step is to start socking away all that extra un‑spent cash. Primerica’s free Financial Needs Analysis offers a comprehensive snapshot of your finances and presents clear strategies for getting out of debt, becoming properly protected, saving more and getting on track for a great future.
It’s been a tough year financially for many families due to a sluggish economy. In times like these, many people look for ways to cut costs and stash more cash to tide them over until the recession eases.
To get you started, here are three tips for boosting finances in a tough economy.
1. Make Positive Changes Last. Many surveys show that Americans are shifting their priorities in profound ways. For example, 63% say they are less materialistic, and 70% say they consider spending time with family more important than ever. Sixty three percent vow to no longer carry a credit card balance, and many are saving more – the personal savings rate has soared to 5.7%, the highest since 1995.1 Once you adopt these changes, it’s a good idea to continue them even when the economy gets better.
2. Pay With Cash or Checks. People who pay with credit or debit cards tend to: buy more things, pay a higher price for them (sometimes twice as much) and become less aware of how much they’ve spent than those who pay with cash or checks.2 You can avoid these pitfalls by putting plastic away for good. One way to get into the habit of using cash for everyday purchases is to set up a cash envelope system with one envelope for groceries, one for entertainment, etc.
3. Earn Extra Money. Start a part-time business or work a few hours a week at a second job to beef up a college savings or retirement savings account. Business opportunities, such as Primerica’s part- or full-time opportunity, are great ways to do something enjoyable while earning extra money each month.3 More information is available here: www.PrimericaBusinessOpportunity.com.
1 CNNMoney.com, June 1, 2009
2 Money, July 2008
3 In Canada, the part time option is not available in all jurisdictions and, where it is available, is subject to certain restrictions.
To learn more about how Primerica can help you reach your financial goals, contact your local Primerica representative for a 
