Retirement: the chance to explore new possibilities and live your dreams. Whether you plan to spend time with loved ones, start a new career, or travel to exotic locales, you need a nest egg. Your savings can help you to enjoy a comfortable lifestyle in retirement, and provide security for life’s unexpected challenges. It’s never too soon to start thinking about your retirement—and it’s never too late to start saving.
When it comes to saving money, there are many options to explore beyond the traditional savings account. Here are a couple of the best and most popular options for accumulating retirement savings:
- 401(k) -- If you’re not already enrolled in your employer’s 401(k) plan, consider signing up as soon as you are able. Contact your company’s human resources office to find out when and how you can enroll. A 401(k) plan allows you to put away pre-tax dollars, and often your company will match your contribution. This is free money from your employer—don’t pass it up!
- IRA -- An IRA, or individual retirement account, is a tax-favored savings plan for which most taxpayers are eligible. There are a few different kinds of IRAs—traditional, Roth, and rollover. It’s a good idea to meet with a trusted financial advisor to find out which one is the best fit for you. For more information on IRA's, click here.
Most financial advisors offer free no-obligation initial consultations. They will review your current financial status, talk to you about both your short- and long-term objectives, and use a retirement calculator to show you how much you need to save in order to maintain or improve upon your current lifestyle for your retirement years.
Why not make today the day that you enroll in your company’s 401(k) or make an appointment with a 1st Mariner Bank financial advisor to learn more about individual retirement accounts. Take the first step in making your money work for you.