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It could be far into the future or a few years away, but it’s never too early to begin thinking about retirement. Many people depend on social security benefits received upon retirement. An article on Investopedia states that a 401k is important because social security only replaces 40% of your income. You can read the full article here. To replace more of your income when you retire, research investing in a retirement account. Most retirement plans are either 401k’s or Individual Retirement Accounts (IRAs). For both plans, you can usually choose either traditional or Roth investing styles. Here are some of the differences.
American 1 Credit Union offers IRA accounts. Request an appointment with one of our Financial Coaches to get started today!
*These numbers are accurate for individuals younger than 50. If you are 50 and older, you can contribute an additional $1,000 as a catch-up contribution to an IRA and an additional $6,500 into your 401K as a catch-up contribution.