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Don’t Just Say It, Do It— Saving for Life Goals

By July 20, 2016 No Comments

Different life milestones require different saving strategies. Not sure where to start? Let Verve help! Here are some best practices and possible investment options to help you save for four major life goals.

Different life milestones require different saving strategies. Not sure where to start? Let Verve help! Here are some best practices and possible investment options to help you save for four major life goals.

Goal 1: Buying a Home

In 2014, the median price of a home was $198,500.

  • Set a goal and timeline for purchase—20% is generally considered the standard for a down payment, so your goal for an average house purchase would be about $40,000 in savings.
  • Decide what contributors, if any, should shift from a 401(k) or retirement plan into home savings.
  • Consider a high-yield savings account or CD to get you to your goal more quickly.

Source: Economists’ Outlook

Goal 2: Sending Kids to College

In-state public college averages $22,826 per year (includes room and board and other expenses), and costs are rising.

  • Start saving as early as possible; high school graduation may sneak up on you.
  • Anticipate room and board expenses, which average $9,498 per year at in-state public colleges.
  • Consider setting up a 529 Education Savings Plan to get tax advantages on college savings.

Source: College Board

Goal 3: Creating an Emergency Fund

As many as 48% of Americans don’t have an emergency fund.

  • Save at least a months’ worth of expenses by putting a little aside every month.
  • Keep funds accessible; many choose traditional bank savings accounts or money market accounts.
  • Pay yourself a set amount first with every paycheck; your financial health is so worth it.

Source: Bankrate

Goal 4: Saving for Retirement

Retirees will need approximately 70-80% of their pre-retirement salaries to maintain their lifestyles.

  • Consider at what age you’d like to retire to calculate how much you’ll need to set aside.
  • Don’t forget to factor in life expectancy and future healthcare needs.
  • Evaluate 401(k)s and other retirement plans with your financial advisor.

Source: E.F. Heagan Associates

Ready to take action? Start the conversation with one of Verve’s wealth advisors today.


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