We asked one of our millennial colleagues how she intends to finance her bucket list.
And this is what she said…
I graduated college in May 2015. Before I graduated I was guaranteed a position at a Fortune 500 company. Within three months of being with the company I knew it wasn’t the place for me. I did not enjoy going to work. I decided after 13 months it was time for me to take a leap of faith and resign.
I started working for National Life Group (NLG) in September. I enjoy coming to work every day. I love my job! Which still feels crazy to say. How many people don’t get sad on Sunday when they realize tomorrow is Monday… another day at work? I don’t. NLG is a company that is mission driven and purpose focused. The company has challenged me to reevaluate my life’s mission as well as take my financial planning seriously.
I am 23 years old and have already changed my mind four times about where I want to live. Stay with my parents? No, leave and get my own apartment. Oh wait, why not just get a house? Oh wow, the high rises in downtown are gorgeous!
I have realized that I change my mind quite often about what I want, but isn’t it nice to know it is ok to change your mind? How nice to know you have options? Planning helps to ensure that you have choices. To be more specific, financial planning is a very important piece of the puzzle.
For example, how can a person help to guarantee a steady income even after retirement? While working for NLG I found out about an amazing opportunity for how I could begin to plan for my future at a young age: A fixed indexed annuity with the Guaranteed Lifetime Income Rider (GLIR)1. GLIR is a rider, or feature, available on fixed indexed annuities issued by Life Insurance Company of the Southwest. GLIR allows you to take guaranteed income from the annuity at retirement, while still giving you access to the remaining accumulation value in the annuity. With the two factors that make up my retirement picture, time and money, I now understand the importance of starting today with retirement savings rather than starting later to save toward my retirement. When I get to retirement, the GLIR will be there to supplement my income!
It is important to realize that you want to live well not only now, but in the future. In order to check off all the items on your bucket list you will need resources and contributing to a financial product now that provides lifetime income in the future may help you get there. Begin planning now. Have the peace of mind that comes from knowing you are making progress towards your financial goals.
While your employees have time on their side, every dollar they contribute to their future can help them realize their bucket list!
1 The Guaranteed Lifetime Income Rider (GLIR), as represented in form series 8969, 8970, 20365, 20135, 20136, and/or 20380, is a rider that can be added to an annuity policy at issue and is available on fixed indexed annuities issued by Life Insurance Company of the Southwest. Electing this rider incurs an additional cost and rider charges continue to be deducted regardless of whether interest is credited. GLIR may be optional, and may not be available on all products or in all states. Guaranteed Withdrawal Payments reduce the policy’s accumulated value, but you will continue to receive these payments during your lifetime even if your accumulation value declines to zero.
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