Did you know that nearly half of all American families have no retirement savings? That is not a recipe for retirement happiness. Saving for retirement is the most important thing you can do to ensure a financial future full of exciting possibilities. But, it takes effort and a long-term commitment to saving regularly to get you where you want to be. It’s estimated that you will need a retirement income of 70% or more of your earning income to maintain your current lifestyle throughout your retirement years. Are you on track?
There are several savings tools available to help you reach your retirement goals. It’s important that you educate yourself on the benefits of each investment tool, to ensure you retire with adequate financial resources.
If your employer offers a 401(k) plan, take full advantage of your employer’s match. Maximizing the match ensures that you get the full benefit of the “free money” your employer contributes towards your plan.
An Individual Retirement Account, or IRA, is another great way to help you reach your retirement goals. You may also consider making a tax-deferred contribution to a traditional IRA, which can be applied to your 2017 tax return (if made before April 17, 2018).
Increase retirement savings amount each year until you are saving 10-15% of your income. Let us know what questions you have about IRA’s, or other savings tools, – we’re here to help you reach your retirement goals.
USAgencies Credit Union