Getting a head start into retirement: Invest in yourself!
Planning for retirement may seem like a lifetime away, but starting early will make a huge impact. The best part? You don't have to figure it out alone - we're here to help!
According to the Teachers Insurance and Annuity Association of America1 (TIAA), only 20% of Gen Z is currently saving for retirement. What did they say as the main reason? Many simply don't know where to start.
Why start now?
With the rising cost of living and inflation tightening budgets, it's easy to think "I'll save for retirement later." We get it! But the truth is, small steps today can lead to long-term financial peace of mind.
When you start early, you allow your money more time to grow. Compound interest is on your side, the interest made from your earnings will begin to earn even more!
How to get started
Here are a few easy, accessiblle ways to help propel your retirement journey:
1. Employer-sponsored Retirement Plans
Most employers offer 401(k) plans or similar retirement savings programs. These often include matching contributions, which is basically free money into your future. At Abound, we're committed to supporting long-term financial well-being through benefits like our 401(k) with matching contributions and a fully employer-funded pension plan. Pension plans offer a steady, reliable source of monthly income in retirement, adding an extra layer of security. If your employer offers these types of benefits, be sure to take full advantage. It's one of the easiest ways to make your money work for you and build lastnig financial stability.
2. Individual Retirement Accounts (IRAs)
IRAs are another great investment option that helps ensure your financial security in retirement. At Abound, we offer both Traditional and Roth IRAs:
Every dollar you save is one step forward. Start small, stay consistent and start building the future you deserve. Our team is here to guide you and help you choose the right savings plan for your goals.
Let's get started together. Visit your local branch to open an IRA today!
According to the Teachers Insurance and Annuity Association of America1 (TIAA), only 20% of Gen Z is currently saving for retirement. What did they say as the main reason? Many simply don't know where to start.
Why start now?
With the rising cost of living and inflation tightening budgets, it's easy to think "I'll save for retirement later." We get it! But the truth is, small steps today can lead to long-term financial peace of mind.
When you start early, you allow your money more time to grow. Compound interest is on your side, the interest made from your earnings will begin to earn even more!
How to get started
Here are a few easy, accessiblle ways to help propel your retirement journey:
1. Employer-sponsored Retirement Plans
Most employers offer 401(k) plans or similar retirement savings programs. These often include matching contributions, which is basically free money into your future. At Abound, we're committed to supporting long-term financial well-being through benefits like our 401(k) with matching contributions and a fully employer-funded pension plan. Pension plans offer a steady, reliable source of monthly income in retirement, adding an extra layer of security. If your employer offers these types of benefits, be sure to take full advantage. It's one of the easiest ways to make your money work for you and build lastnig financial stability.
2. Individual Retirement Accounts (IRAs)
IRAs are another great investment option that helps ensure your financial security in retirement. At Abound, we offer both Traditional and Roth IRAs:
- Traditional IRA: Contributions may be tax-deductible, and you'll pay taxes when you withdraw funds in retirement
- Roth IRA; Contributions are made with after-tax dollars, but your qualified withdrawals are tax-free
Every dollar you save is one step forward. Start small, stay consistent and start building the future you deserve. Our team is here to guide you and help you choose the right savings plan for your goals.
Let's get started together. Visit your local branch to open an IRA today!
1 https://www.tiaa.org/public/about-tiaa/news-press/press-releases/2024/10-14
Abound Credit Union is an Equal Opportunity Employer and does not discriminate on the basis of race, color, religion, gender, gender expression, genetic information, age, national origin, disability, marital status, sexual orientation, veteran status or other applicable legally protected characteristics.
Abound Credit Union is an Equal Opportunity Employer and does not discriminate on the basis of race, color, religion, gender, gender expression, genetic information, age, national origin, disability, marital status, sexual orientation, veteran status or other applicable legally protected characteristics.
