financial tip of the week...

by Genya Harley 

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Hello All,
HAPPY FATHER'S DAY to all the wonderful father's out there that work hard to support, love and encourage their families. Kudos to you all!

Thank you again everyone for reading my tip of the week, I appreciate your support and feedback. I am happy to know that some of you are "forwarding" my information to co-workers, friends and more importantly to your family.

As I have said, please do not hesitate to contact me, as I will make myself available to for your "family" meetings, community organizations, churches etc. Please let me know what I can do to help.

I am targeting this message this week to all of my 45+ somethings out there. For all of you that are 45 and younger please read and contemplate where you are with your retirement planning. The sooner you start the better!

It is never to late to start, but the later you start, the harder it will be to put a fruitful plan together in a short amount of time. I always tell my clients that wherever we are in the process of building their financial portfolio, it is all about taking steps, however small, to get to the goal. Your portfolio will have many parts to make up your whole financial plan over the span of your life.

The way you live today has considerable impact on how you will live tomorrow. That means if you want a relaxing and financially secure retirement, you have to plan now. If you're still young, you can enjoy the huge benefits of compound interest even more than someone closer to retirement.

An annuity can guarantee a stream of retirement income that helps you maintain a comfortable lifestyle for the rest of your life. The type of annuity that’s best for you depends on whether you want control over how your contributions are invested and how you would prefer to pay them.

An annuity is an investment vehicle (backed by an insurance company) that allows your money to grow and compound (add interest or earnings) without taxation. The money that accumulates in an annuity can be passed to a beneficiary similar to life insurance. Remember life insurance is the only way to pass money to heirs without taxation.

Ideally, if you start an annuity before age 50, you want to allow time for the money to grow past the age of 60 so that you do not incur any penalties for withdrawing the money before age 59 1/2.

The money that grows in an annuity is meant to start paying you back after a number of years that you elect for example, 9, 12 or 15 years. If you are 50, ideally you would reap the rewards of the growth of that money at age 65.

One very positive thing about an annuity is that you can deposit as much money into it as you want to annually, the only downside it that you cannot write-off the contributions as a tax deduction.

Remember an annuity is only meant to be one part of your financial portfolio. Just something to think about.

If you would like more information or if you have any comments, questions or suggestions, please call me or email me at 773-251-1865 or

As always - be safe, use wisdom

PS.. My financial health & wealth seminar is coming... A great change is looming for me soon, I'll keep you posted!

Genya Harley
Financial Consultant
W&S Financial Group
Orland Park, IL

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