Retirement
Building and Safeguarding your Nest Egg
Maximize your employer plan contributions. Participate in your employer-sponsored retirement plan and don’t leave money on the table contribute at least the amount your employer will match and more if you can. As your income rises, consider investing the extra
money in your plan.
Open an IRA. Whether Roth or traditional, an IRA can be an excellent
way to augment your employer plan and continue saving. The Investment Company Institute says IRA owners tend to have significantly more assets than those who don’t have one.
Don’t forget about annuities or taxable investments. Even if you’ve maxed out on the retirement side, you still can supplement your savings with other types of investments. For example, annuities can be suitable for those who have contributed the maximum to employer sponsored retirement plans but still want to set aside more tax deferred money and have maximum control over your assets.
Begin by considering the lifestyle you envision in retirement. After you select a mix of funds that meet your goals and risk tolerance, it is important to review your retirement portfolio annually and rebalance it if necessary. Retirement accounts remain among many people’s most valuable assets, that’s why it’s important to keep them protected. Safety is crucial, as well as steady growth in the long-term.
Deferring current taxes may help you build value. The power of a product with tax-deferred accumulation can be more beneficial than a taxable product. Compared with other tax-deferred contracts, such as IRAs and 401(k)s, you have much greater control over the income generated from an annuity.
What is an annuity? An annuity is a long-term product that builds value through the potential of credited interest over time. It is a secure contract between you and an insurance company where you make a lump sum payment or series of payments, and the insurer will make payments to you now or later—you choose. Some advantages to having an annuity is that they are tax-deferred and may include a death benefit. Specifically designed to supplement retirement income, an annuity can provide income after you have stopped working that you can’t outlive. If you have been investing in other avenues, an annuity might be the next logical step for a portion of your personal retirement savings plan. We believe it’s always best to fully research your options to find out what may be right for you