Less than one-third of Americans are taking advantage of the benefits of an IRA, according to a recent survey conducted by the Teachers Insurance and Annuity Association (TIAA). While the business landscape changes frequently, it can be difficult to know whether your retirement through your employer is adequate to get you to your retirement goal.
That’s why you should open an IRA with Two Rivers Bank & Trust. Whether you’re just starting out or are well into your career, it’s always a great time to start saving. We offer Traditional and Roth IRAs and have skilled professionals who can help customize a plan for you!
Brett Bessine, Vice President & Retirement Plan Services Specialist at Two Rivers Bank & Trust, explained a little bit about IRAs and the benefits of an account with Two Rivers.
What is an IRA?
“An IRA is simply an account (not an investment itself) where you can make contributions, have those contributions invested, and accumulate assets throughout your working years so that you have money set aside to live on in retirement.”
Why are they beneficial? When should you open one?
“Not everyone has access to a 401(k) or another type of retirement account through their employer. For these individuals, it is imperative that they take the initiative on their own to start an IRA and make contributions consistently throughout their careers. Even for those who do have access to an employer sponsored retirement account, it can make sense to have an IRA also. If a person has maxed out his or her 401(k) contributions and would like to save more or if the employer’s plan doesn’t allow ROTH contributions, opening an IRA or ROTH IRA is an option. If you are unsure if an IRA makes sense for you come see us at Two Rivers for additional information.”
What tips do you have for people saving for retirement?
“It is so important to start saving early and consistently save throughout your working years. Create a budget so you know where your dollars are being spent and adjust in order to increase your savings level. Have a long term plan and sit down with a retirement plan specialist to review.”
Controlling the expense of your IRA is critical to maximizing the return. One of the ways we can help you increase your return is by reducing your costs through the utilization of lower expense share classes of funds made accessible by partnering with our knowledgeable team at Two Rivers Bank & Trust. Come talk with our team about the many advantages we can offer. As your neighbor, we want you to retire well. Contact Two Rivers today!
Investment and Insurance Products: Are Not insured by the FDIC or any other federal government agency; Are Not deposits of or guaranteed by the Bank or any Bank Affiliate; May lose value.