How To Save For Retirement
Saving for retirement is a life decision that is never too late to make. Regardless of your age or life stage, making smart choices about your savings is one of the most critical aspects of financial planning. A comfortable retirement means smart planning.
Invest in Your Future with IRA
One of the best ways to save for retirement is by contributing to an individual retirement account (IRA). An IRA allows you to save money for retirement in a tax-advantaged way and mainly comes in two forms, traditional and Roth. With a traditional IRA, contributions may be tax-deductible and potential earnings accumulate tax-deferred until when you withdraw them in retirement. A Roth IRA, lets individuals contribute after-tax dollars, which may potentially grow tax-free, with tax-free withdrawals once you reach age 59 and a half.
Why Invest in an IRA?
While you could be saving for retirement through an employer savings plan such as a 401(k), an IRA allows you to supplement your current savings while gaining access to a potentially wider range of investment choices. Whether you choose a Roth or traditional IRA, the tax benefits give your savings the potential to grow more quickly than in a taxable account.
Get started with your retirement savings plan by getting in touch with one of our knowledgeable representatives at Bragg Mutual FCU to open a traditional IRA or a Roth IRA. We’ll help you determine which type of IRA suits you best, allowing you to prepare for retirement with potential tax-deferred or tax-free growth on savings. Call Bragg Mutual FCU at 910-222-1500 to learn more.
*Subject to credit approval. Rates disclosed reflect our best rates and may be different based on credit underwriting or services used. All loan rates are subject to change without prior notice. The information posted here is a service to our members. Although BMFCU strives for information accuracy, we do not guarantee or warrant information posted here.