The power of small increases to your retirement account contributions
If you could talk to your future self right now about your retirement savings, what would that person say? He or she would probably be telling you to put away as much as you can now for your retirement!
You can make your future self better off if you increase your retirement savings now! Even increasing contributions a small amount can make a big difference.
This example shows what happens over 30 years if you set aside $50, $100 or $200 per month, and those contributions experience 6% annual earnings. This chart is for illustrative purposes only and does not represent the performance of any specific investment or take into account contract charges, fees or taxes.
See why even a small increase can pay big benefits down the road.
Are you ready to increase your retirement account contribution? To get started, click on the button below. Your future self will thank you!
(All payroll reduction increases require a Salary Reduction Agreement (SRA) to be completed and provided to your employer. You can get the SRA from your payroll administrator or your Horace Mann representative. You can also visit www.horacemann.com/retirement/retirement-resources-salary-reduction-agreements to obtain our general SRA form.)
The information provided here is for general informational purposes only and should not be considered a recommendation or investment, tax or legal advice. This email shall not constitute an offer to sell or the solicitation of an offer to buy any product or investment.
In considering whether to increase your premium, you should consider all your retirement product options and their associated fees and expenses, and independently determine which option is best for your situation. The cumulative effect of fees and expenses can substantially reduce the growth of retirement savings.
Horace Mann Life Insurance Company underwrites Horace Mann annuity products. While you can receive the benefits of tax deferral in any product used in a tax-qualified plan, an annuity offers additional benefits, including a death benefit and the opportunity to choose lifetime income options. In order to offer these benefits, there may be additional fees included in the annuity. There are no additional tax benefits in an annuity when used in a qualified plan or IRA. For more information on Horace Mann product fees and expenses, contact your Horace Mann representative or go to horacemann.com.
Withdrawals from a 403(b) or 457(b) annuity are restricted by the Internal Revenue Code and may be further restricted by your employer’s plan. Generally, you may make a withdrawal from a 403(b) annuity only upon reaching age 59½, severance from employment, disability or certain hardships (if allowed by the plan). Generally, you may make a withdrawal from a 457(b) annuity only upon reaching age 59½, severance from employment, or an unforeseeable emergency (if allowed by the plan). If you take money out before age 59½ you could be subject to a federal penalty tax of 10% (except for 457(b) contracts) in addition to income taxes.
Annuities should be considered long-term investments. The factors which affect your decision to contribute to a traditional or Roth IRA are complicated and can change each year.
The guarantees mentioned are provided by Horace Mann Life Insurance Company and are based on the financial stability of the company.
Contributions to traditional and Roth IRAs are aggregated for purposes of annual limits. If you take money out before age 59½, you could be subject to a penalty tax of 10% in addition to income taxes. This is not intended to be tax advice. You should consult with a tax adviser regarding any tax-favored products and your specific situation.
Horace Mann Investors, Inc. offers Horace Mann Retirement Advantage® as 403(b), 457(b) and 401(a) investment options. Horace Mann Investors, Inc., member FINRA, is located at 1 Horace Mann Plaza, Springfield, IL 62715. You can receive prospectuses from your Horace Mann representative, by calling 877-602-1870 or by visiting horacemann.com/retirementadvantage. You should read the prospectuses carefully and consider the investment objectives, risks, charges and expenses carefully before you invest or send money. The prospectuses will provide complete information about these subjects. As with all securities, mutual funds involve a risk of loss, including a loss of principal.
Custodial services are provided by Matrix Trust Company, a Colorado state-chartered trust company located at 717 17th Street, Suite 1300, Denver, CO 80202.
The information provided here is for general informational purposes only, and should not be considered a recommendation or investment, tax or legal advice. Retirement Advantage is not structured to the individualized needs of a particular plan, participant or beneficiary. The plan sponsor is responsible for selecting and monitoring investment options in which participants and beneficiaries may invest. Each investor needs to create an investment strategy for his or her own particular situation before making any investment decisions.
Retirement Advantage is not structured to the individualized needs of a particular plan, participant or beneficiary. The plan sponsor is responsible for selecting and monitoring investment options in which participants and beneficiaries may invest. Each investor needs to create an investment strategy for his or her own particular situation before making any investment decisions.