The average age to retire in the United States is 63, according to a recent article from The Balance. And, it’s never too early to start! As of now, Millennials and Gen X-ers are on pace to out save the Baby Boomers. If you haven’t started contributing, maybe it’s because you don’t know where to start. Or, perhaps you’re already contributing to your plan and are looking to add even more to your retirement fund. The good news is that there are plenty of options available for you to beef up your savings and retire well, no matter where you are in the process.
Different things are important depending on where you fall on the savings spectrum. If you’re just starting to save up for your retirement, you’ll probably want answers to questions like:
Or, if you’re closer to calling it quits at work, you’ll have questions, like:
Lucky for you, we have the answers! At TwoRivers.Bank, we have financial calculators specifically designed to help you with your retirement questions.
Understanding what it takes to fund your retirement is one thing. It’s another to actually put that understanding into action to start the savings process. If you’re currently a little tight on cash, simple lifestyle changes can help keep more cash in your pocket. For example, a lot of Millennials are opting to eat more meals at home to save money. Pack your lunch during the week or start using the coupons from your local grocery store. It’s important to start somewhere.
Once you start saving, it has to go somewhere and that’s where we step in! Two Rivers Bank & Trust prides itself on helping our neighbors save for their futures with customized saving solutions for your individual needs. Whether it’s a Traditional IRA or a Roth IRA, our team of financial advisors are here to help your money grow, in whichever way works best for you.
After you build your retirement, then it’s time to start thinking about where you’ll retire to. The State of Iowa was recently ranked the 3rd best state for retirees in the U.S. based on cost of living, amenities, attractions, and its senior health services – among other things. Choosing a state to retire to is important because you’ll be living on a fixed income and will want a comfortable and affordable community to call home. You’ll also have a substantial amount of time on your hands now that you’re not in the working world, so affordable attractions and amenities become a priority.
It’s never too early, or too late, to start thinking about your retirement plan. Take some time to review our retirement savings plans, or talk to your neighborhood banker and put your retirement plan into motion!