Retirement

Begin your Retirement Today and Retire on Time

You’ll find the tools, resources and professional assistance you need to get started on the right foot and keep you headed in the right direction.

 

Five Steps for  a Retirement Plan

  Save early and often.

When it comes to saving for retirement, it’s never too early to start, and no amount of money is too small. Thanks to compounding, the gains on your original investment grow over time. For example, if you begin saving in your 20s, you may need to save as little as 10% of your annual income to have as much retirement savings as someone who begins saving in their 40s and sets aside more than 30% of their annual income. (Actual savings amounts and percentages may vary according to your individual needs.)

Run your numbers with our Retirement Income Calculator to get an estimate of what you might need to save for your retirement.

 

  Choose the best investment Strategy for you.

Both effective ways to save for retirement, a Traditional IRA and Roth IRA1 have their own unique benefits. Contributions to a Traditional IRA may offer immediate tax benefits and tax-deferred earnings, but withdrawals may be taxed. On the other hand, a Roth IRA doesn’t offer immediate tax benefits, but qualified withdrawals are tax-free.

 

  Start simple with target date funds.

We offer a broadly diversified group of target date funds. Simply pick the one with the date closest to your anticipated retirement, and the fund does the rest, adjusting the asset allocation over time to invest more conservatively as you approach retirement.

For a full list of our retirement accounts, visit our Retirement Account Offerings page.

  Put your savings on automatic.Get into the habit of saving and put time on your side with the potentially cumulative effect of compounding. Sign up for Automatic Savings Program  to automatically transfer funds between your Bank savings account and your Investment Services retirement account.

  Use the power of dollar-cost averaging. Dollar-cost averaging refers to buying a fixed dollar amount of a particular investment on a regular schedule, regardless of market fluctuations. This means you buy more shares when prices are low and fewer when prices are high, thereby reducing risk and increasing your chances of making more money. Plus, when you sign up for automatic investing you can schedule monthly purchases of no-load mutual funds and put the power of dollar-cost averaging on automatic.