Retirement

Saving for your retirement should begin as early as getting your first pay check! We are living longer, healthier lives and will need a bigger retirement fund than our parents or grandparents. That is why for a comfortable retirement we need to plan ahead, save early and spend wisely.

Getting Started

Beginning to plan for retirement can be as simple as contributing to a 401k your company has set up. You can contribute a percentage each paycheck and increase the amount over time. Along with your 401k, you can deposit money into a savings or Individual Retirement Account (IRA)* which will build another source of retirement funds. It is important to keep track of your savings so you know how your funds are spread.

There are many areas of your financial situation affected by your retirement. Track any current or future expenses that may affect you during retirement. This will help you determine how much you are able to put away each month and how much you will need to save for retirement.

*Check with your tax advisor for more information and investment advice

IRAs

An IRA or Individual Retirement Savings Account is tax-deferred or tax-free investment tool for building funds for retirement. Individuals are allowed to contribute money each year up to a certain dollar amount depending on your age.

There are two types of IRAs you can invest in, Traditional and Roth. A traditional IRA allows tax-deductible contributions of up to a certain dollar amount depending whether you're under or over the age of 50. Whatever you contribute comes off your yearly income. Deposits into Roth IRAs are not tax-deductible. Interest earned is tax-free and contributions to the account can be withdrawn at any time without being subject to tax or penalty.

Living Retirement

The time has come to leave the workforce behind and enjoy the life you have saved for. Using your tracking sheet, determine how much you can spend each month. With Sperry's eServices such as Online Banking and FinanceWorks, you can easily keep track of your money.

No matter where your retirement journey takes you Sperry is never far away. We belong to a network of thousands of credit unions who have joined together to create shared service centers across the country. Check balances, cash checks and make deposits, withdrawals or transfers wherever you go!