Retirement Read Time: 3 min

Now is prime time to save

Every decade brings a new, exciting phase of life. You’ll go from starting a career to building one to really being an expert in your field. And along the way you may grow your family as well and check off some bucket list goals for yourself.  At the same time as all this excitement, you may start to think about the legacy you want to leave, your retirement plan and how you’ll send your kids to college.

Some questions you’ll want to ask yourself as you think about your legacy include, are you preparing for the future you want? How can you ensure you are on track to make the most out of these important decades?

To get you started in the right direction, here are three things you should be doing to optimize and protect your savings.

1. Whole life insurance benefits you today and in the future

When many people hear life insurance, they think it’s something to put off until later. Life is so busy right now, it’s the last thing on your mind. However, it can not only provide helpful financial protection for your loved ones if you happen to pass away prematurely, it can also help you diversify your portfolio.

As you pay for your policy, your cash benefit builds tax-deferred1. Over time, the cash value can grow to potentially be used for opportunities such as helping to fund a new business or buy a home.2,3 Further, the premiums are guaranteed to never increase once you purchase the policy, and the death benefit is permanent.4

Term life insurance can be an attractive choice for those who are looking for more. This may be a great option if you’re not at a place to commit to permanent, whole life insurance. While with a term life policy you get coverage for a defined length of time, there are policies that can be converted to permanent life insurance for part or all, of the coverage period down the line too.

2. Protect your income

Your ability to earn income is your most important asset. Most people don’t think about until it’s too late, but what would happen if they became disabled and could no longer work? How would you continue to support your family and yourself? Would you need to drain your savings and retirement? A payment into disability insurance ahead of time can help protect your savings and ensure you remain financially stable if the unexpected happens.

3. Optimize your retirement accounts

One of the best saving strategies is to contribute to retirement accounts. The main options are Individual Retirement Accounts (IRAs) and 401(k) employer-sponsored plans.

If your employer offers a 401(k) program, any contributions you make (up to) won’t count towards your taxable income. This lowers the amount of taxes you pay and can potentially even drop you into a lower tax bracket.

If you opt for an IRA, you can contribute up to $6,500 per year (as of 2023) which may be tax-deductible. Restrictions apply if you exceed the income limits or are covered by a retirement plan at work.

Additionally, many employers offer a match to employees up to a certain percentage of their salary that they contribute to the company 401(k) plan. Be sure to look into your employer match rate and contribute the minimum required for a match, which will double your contribution—and growth power.

Gain confidence about your future

Your money is not going to maximize itself. While you are busy growing your career and doing what you do best, a great way to take inventory of your finances and ensure you’re on the right track is by talking with a financial professional. A trained eye can review your income, savings, insurance, budgets and more to spot opportunities. They can then help you figure out how to best balance your needs today with your dreams for the future.


1 Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

2 Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information

3 Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.

4 All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values.

This material is intended for general use. By providing this content The Guardian Life Insurance Company of America and your financial representative are not undertaking to provide advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity.

Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

Whole life insurance is intended to provide death benefit protection for an individual’s entire life. With payment of the required guaranteed fixed premiums, you may receive a guaranteed death benefit and guaranteed cash values inside the policy. Some whole life policies don’t have any cash values in years one or two. Whole life insurance should be considered for its long term value. Early cash value accumulation and early payment of dividends depend upon policy type and/or policy design, and cash value accumulation is offset by insurance and company expenses.

Consult with your Guardian representative and refer to your whole life insurance illustration for more information about your particular life insurance policy.

Brought to you by The Guardian Network © 2023. The Guardian Life Insurance Company of America®, New York, NY

2023-151393 Exp. 03/25 *pre-approved content*

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