Planning for retirement is a long multi-step process that takes years of preparing and saving. It can look differently to each individual. Maybe you would like to fully retire to travel the world or spend time with family. Or others may still want to work part time. Whatever lifestyle you choose, getting a head start on planning will make for an easier transition and a more comfortable and secure retirement.
To begin saving for retirement you first need to ask yourself a few questions:
There are many different ways to save for your upcoming retirement. Company sponsored 401(k)’s, 403(b)’s, Individual Retirement Accounts (IRAs), and Roth IRA’s are just a few of your potential options. If employed, contribute at least as much to 401k (or 403b) as company matches, starting as early as possible as it gives your money time to grow. Contributions through payroll deductions make it easy, but be sure to stay invested and do not touch it until you retire. If you are age 50 or over and your employer allows for it, you can contribute an additional amount as catch up contributions. Employee contributions to a 401k or 403b are tax deductible and employer contributions are not taxed to the employee when contributed. Here at PCT we offer IRA certificates and savings accounts. We also provide our members with access to financial planning services to assist with any of your financial needs in preparing for your retirement.
No matter what your plan is for your life after work, we are here to assist and guide you with your retirement needs.