Do you own your own business, work as a subcontractor, or do freelance work? Have you started thinking about retirement? It’s never too early – or too late – to start saving for retirement as long as you have a game plan. Unlike an employee who might have access to a 401k or pension plan, you need to start making investments into your retirement on your own. Did you know that St Anne Credit Union in New Bedford can help you get started? Not only can we hook you up with an IRA Share Account retirement savings program, which costs just a $500 initial investment to join, but we have other savings programs that you can use to your advantage as well.
Credit Union IRA Savings
The best way to learn the ins and outs of this beneficial retirement savings program known as an Individual Retirement Account or IRA is to visit our local branch in New Bedford and speak with one of our representatives. We can answer any questions that you might have and show you other options that you can use to start saving money for the future. Whether that means a New Bedford money market account, certificate of deposit or another type of savings account to help grow your money, or some advice on how to boost your savings, you can count on our team to steer you in the right direction. New Bedford credit savings can be a great way to build on the money that you are already putting aside and grow it into something that will support you when you are ready to retire.
How Much Do You Need?
There are some factors that can help you determine how much money you will need to retire. The amount that you plan to save each year, and how many years you have left until you are ready to retire, can help you to figure out how much you will need to save. Monthly overhead costs, such as mortgage payments, car payments, insurance policies, healthcare insurance, and household expenses should be included in your tally to get a better idea on how much you will need each month to meet your bills and, hopefully, have some leftover to enjoy your golden years.
Look online for retirement calculators that you can use to get a “guesstimate” on the amount you should have in your retirement savings program. Make sure to have at least your basic expenses handy, so you can input all of your information and get an accurate idea from the calculator. There are lots of different calculators out there, so try a couple to make sure that you are getting a figure that is as true as possible.
Different Types of IRA Accounts
When you start doing some research, you will see that there are different types of IRA accounts available to choose from for your retirement savings program. Again, speak with a representative at St Anne Credit Union in New Bedford to better understand your options. Traditional or Roth IRA accounts are great for those who are just getting started on retirement investments. You can invest $5,500 or less each year, up to $6,500 if you are 50 or older. This is a great way to get your foot in the door and start taking advantage of your local credit union IRA savings opportunities.
By far an IRA is the easiest way for self-employed individuals to start saving toward their retirement. It is as easy as opening up a New Bedford money market account or a Main Share Account to join the credit union. There are no special filing requirements, and this type of savings account can be used whether you have employees working for you or not. It is even easier when you work with a financial team that you trust, like your local credit union in New Bedford. Let our team help you get started on saving for your retirement so you can reap the benefits of all your hard work. Not everyone has the opportunity to retire with a pension, but some strategic saving with a retirement savings program can set you up in your old age.
Visit St Anne Credit Union in New Bedford
If you are interested in learning more about a credit union IRA savings, New Bedford money market account, or any of our other retirement savings program and personal savings opportunities, give us a call at 508-993-0011. You can also visit our local branch on Union Street in New Bedford, Massachusetts. St Anne Credit Union in New Bedford is a Southeastern Massachusetts credit union that is open to membership for individuals who work or live in Bristol or Plymouth counties.