Dependable Retirement Planning Advisors

West Allis Retirement Planning

When starting a new job, one of your first priorities should be West Allis retirement planning. This may seem like an odd thing to prioritize because honestly the last thing on your mind is probably planning for your West Allis retirement, but statistics show that people are less likely to contribute to a Wisconsin retirement planning savings account later in their West Allis employment than they are at the beginning. There are several reasons for this, and you need to understand them to understand why you should begin planning for your WI retirement right off the bat.

The Earlier the Better

The first reason you should being adding to your West Allis retirement planning account at a new WI job is that it is never too early to start. You are going to use a lot of money in your West Allis retirement, and the earlier you start planning the better chance you have of saving what you will need. Additionally, typically when you are younger you have less monthly expenses so you can afford to save more money. One other reason is that the longer your contributions have to grow, the more they can. So accordingly, a West Allis investment that you have made in your twenties has more time to make you money than one you've made in your forties.

Timing is Key

Another reason to begin investing in a West Allis retirement planning account when you begin Wisconsin employment has to do with when your West Allis employer will allow you to do this. Every new hire to a West Allis company has a certain time period in which they can elect their benefits. Once the door closes on that time frame, it only opens once a year. This is typical for all employers. Some employers allow their workers to begin contributing to a WI retirement planning account at any time, but some only allow this to happen during the annual benefits enrollment time.

If your employer is one that restricts when you can enroll, you must take advantage of it when you can. For every paycheck you collect that you are not investing in your West Allis retirement planning account you are losing money. There are actually two ways you are losing money. First, you are losing the tax benefits that are afforded to these types of accounts. Secondly, you are losing any dividends that you might have earned had you invested those funds. Finally, you are losing any funds that your employer might invest on your behalf in a contribution match program (if one is offered at your work). As you can see, it is fiscally responsible in many ways to participate in your employer sponsored Wisconsin retirement planning account.

In addition to the above reasons if you have begun employment at the new company after leaving it at a previous one, and you participated in a West Allis retirement planning program there you will need to open an account at your new business immediately. The reason for this is that typically you can transfer the funds from your old employers account to the new one without paying penalties if you do it right away. There are usually very strict time frames to avoid penalties, and you should have received this information from your previous employer when you left. All you need do is check with your new employer to determine the steps you should take to make this transfer happen.

Accustomed to Less

The main reason you should start contributing to a West Allis retirement planning account when you first start at a new job is simple- if you don't have it, you won't miss it. What this means is that when you begin a new job, you are typically not used to receiving the amount of pay you will be when you begin receiving it from this job. It is better to elect any deductions you may need to make right away. The reason for this is that once we begin to get used to our regular pay checks at the amount they come in, we spend our money accordingly. If your paychecks come in with the amount of your West Allis retirement planning account contribution already deducted, you will not give yourself time to 'get used to' having those earnings available to you, and you will not miss them when they're gone.

Of course, this does not mean you overextend yourself. Certainly you should plan your West Allis retirement planning contributions with your budget in mind. You do not want to compromise your current situation to plan for the future. However, any 'extra' income you have should be saved, and a West Allis retirement planning account is a great place to put it.

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Retirement Planners In West Allis

Allan Haupert
Allan Haupert
13890 Bishop's Drive
Suite 405
Brookfield, WI 53005

Brian Eckert
Brian Eckert
1001 W. Glen Oaks Lane, Suite 225
Mequon, WI 53092

Craig Mottl
Craig Mottl
N16W23217 Stone Ridge Dr.
Suite 100
Waukesha, WI 53188

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