Don't let the feeling that you've started too late or fallen behind keep you from saving. Whether it’s increasing your employer-sponsored 401(k) contribution rate or adding an extra thousand each year to your IRA contribution, every little bit will make a difference.
Because most retirement accounts allow you to invest with pre-tax dollars, your savings have an opportunity for substantially more growth. And since taxes aren’t paid until you begin to withdraw your savings in retirement, you’ll likely be in a lower tax bracket.
The following example compares the growth of a $3,000 annual investment over a 30-year period in a taxable account to the same investment in a tax-deferred account like an IRA or 401(k), assuming an 8% average annual compounded investment return and a 27% marginal tax bracket.
Hypothetical illustration, not representative of the performance of any investment. Investing involves risks, including fluctuating returns and potential loss of principal
Your retirement goals will inevitably shift over time. What you envisioned at age 25 might be a world apart from the retirement you imagine at age 50. So make sure your retirement savings strategy changes as your goals change. Find out how our SummitView financial planning approach online planning solution can help track your progress towards your goals and notify you when changes are required.
This calculator will help you quickly estimate how much you’ll have saved when you retire, based on your current assets and annual saving rate.
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