Tip of the Month

January 2010

Give Your Finances a Year-End Check Up

Retirement Savings is More Important than Ever!

It's never been more important to save for retirement. Baby boomers are set to strain the social security system in the years ahead. Studies repeatedly show that we fail to save enough on our own for retirement. The earlier you start and the more you save, the more comfortable your later years can be.

Fortunately, it's never been easier to save in tax-advantaged accounts such as 401(k) and similar plans. These plans offer a flexible way to cut your current taxes while you accumulate savings. Recently Congress made changes to encourage participation and to make these plans more attractive.

Another option is an IRA- Individual Retirement Account. This is a special savings account that helps those with employer retirement plans and those without put away additional money for their future.

Why wait until the last minute to fund your 2009 IRA? The sooner you deposit money, the more it will grow. Remember, for 2009, qualified taxpayers can contribute up to $5,000 in a Traditional or Roth IRA. If you are over the age of 50, you can contribute another $1,000. We offer safe, reliable IRA accounts with federal deposit insurance up to $250,000. Click here for more information on your IRA options.