Am I On Track for Retirement?

Whether you’re actively saving for retirement or just beginning, it’s important to periodically review your goals and resources so you can adjust your plan if necessary.

Beginning to Save

Saving for retirement doesn’t require large amounts of money. Rather than putting off saving until you have more money, it’s better to contribute what you can today, no matter the amount.

  • Consider the Retirement Plans Your Employer Offers

    Kick off your retirement savings with a qualified retirement account. While specific accounts vary depending on your employer, your options may include 401(k), 403(b), and 457 plans, or Thrift Savings Plans (TSPs). These offer tax advantages, and many employers will match your contributions.

  • Take Advantage of Other Retirement Accounts

    If you’re already contributing the maximum amount to your employer’s retirement plan, there are still other opportunities for tax-advantaged savings with an IRA. Traditional IRAs offer similar tax benefits to 401(k)s, depending on your income.

Actively Saving for Retirement

You’ve tackled the challenge of starting to save for retirement, and you’re making progress toward reaching your goals. Keep up the momentum by monitoring your progress, adjusting where necessary and considering additional savings options.

  • Protect Your Earnings

    As your assets grow, you may need more insurance to cover them. If you’re ill or injured, disability insurance will replace a portion of your lost income. Life insurance, too, can help take care of your family should something happen to you.

  • Keep Retirement Top of Mind

    Increase your retirement contributions as your pay increases. Consider bumping up your contributions by 1 percent or more each year. Use any raises you receive as an opportunity to increase your retirement savings.

  • Adjust Accordingly

    Rebalance your portfolio periodically to keep it in sync with your savings target. Work with one of our financial advisors to determine how your portfolio should be rebalanced or reallocated based on your timeline, risk tolerance, current needs, lifestyle and future goals.

The Home Stretch

With retirement on the horizon, now is the time to maximize your nest egg’s potential to comfortably carry you through life. Make the most of your investments and personal savings: develop a withdrawal strategy to protect and preserve your assets.

  • Manage Your Money

    Understanding your own income stream will help you plan for retirement. No two retirements look the same. It’s important to create a formal plan for withdrawal that ensures your savings last as long as you do.

  • Protect Your Assets

    Create a strategic plan that addresses how and when you’ll withdraw money while minimizing your tax liability, and protects the assets you’ve worked to earn. Consider speaking to an attorney at Members Trust Company about whether you need a living will and Power of Attorney. Review the beneficiaries on your insurance and investment accounts.

  • Adjust Accordingly

    Rebalance your portfolio periodically to keep it in sync with your savings target. Work with one of our financial advisors to determine how your portfolio should be rebalanced or reallocated based on your timeline, risk tolerance, current needs, lifestyle and future goals.

What Else Can I Do to Maximize My Retirement Savings?

From maximizing your contributions and tax benefits to diversifying your investments, our financial advisors can help clear up any confusion and get you going in the right direction.

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