We will be closed on Thursday, Nov. 28th, and Friday, Nov. 29th, in observance of Thanksgiving. Normal business hours will resume on Monday, December 2nd.
 
Several Pieces Of White, Yellow, Tan, And Green Paper With “Roth IRA,” “401K,” “?,” And “IRA” Written At The Top Of Each.

What are My Options to Save for Retirement?

The golden years come sooner than you think, which is why it’s never too early to start planning for retirement. Many people do that by saving money with investment tools like CDs and IRAs. However, it is estimated that 1 in 5 Americans over the age of 50 have no retirement savings, meaning they may have to work longer than they expect to. With so many options to choose from, it can be overwhelming to start saving for your future, especially as a young adult who may be decades from retiring. Fortunately, the personal bankers at Citizens Bank are here to explain your options. 

Your Retirement Savings Options in Tennessee

Many people find investing and retirement savings options to be complicated, but thankfully, there are simple ways to take this important step in planning for your future. Below are some savings tools offered by Citizens Bank to our members. 

Money Market

Put simply, a money market is a kind of mutual fund that invests in short-term, higher-quality securities. Citizens’ Empower Money Market offers competitive rates when compared to similar options. Also, because we realize that life happens, we offer flexible access to funds through our money market.  

Certificates of Deposit (CDs)

A certificate of deposit, or CD, is a great option for saving. These FDIC-insured options yield a variety of interest rates. They’re also available in a range of maturity options to meet your savings goals and timelines, which include: 

  • Three months for short-term savings
  • 6 to 18-month medium-term options
  • 24-month or longer for long-term goals

A personal banker, like those at Citizens Bank, can help you determine the best timeline for your savings goals and set up a CD that meets those needs. Contact us today to learn more about your CD options. 

Individual Retirement Accounts (IRAs)

An individual retirement account, or IRA, is our most popular savings option. It is a tax-advantaged savings tool for retirement. There are different types of IRAs tailored to various savings goals and lifestyles. The two most common types are:

Traditional IRAs

This type of IRA can reduce or delay taxes based on potential growth as it allows for tax-deductible contributions.

Roth IRAs

While contributions to this IRA are made with after-tax dollars, earnings and withdrawals are tax-free.

The tax benefits of IRAs vary depending on which type you choose. A financial planner can help you determine which is best for you based on your needs. Some workplaces even offer IRAs as retirement benefits or the opportunity to roll over a 401K into an IRA if you leave the company for any reason. 

Savings Accounts

If you’re not ready to commit to investment tools like money markets or IRAs, no worries. Even a simple savings account allows you the opportunity to earn interest on your deposits. You also have the ability to access your money as needed for a rainy day or other major purchases, like a new home or car. A savings account can also be a great way to teach children and teens about saving money, giving them a head start as they enter adulthood. By fostering this mindset early on, you make your child more likely to save for retirement or other goals they may have as they get older. 

How Much Should I Save for Retirement?

How much money one should save for retirement varies depending on their income, lifestyle, and other needs. Citizens Bank has designed special calculators to help you determine how much you should save and how various savings tools can help you reach those goals. By inputting your information into these tools, you can determine how much you need to save over how long. You can use this information to make more informed decisions regarding your savings and investments. This, in turn, will help you achieve your financial goals.

Save for Retirement in Tennessee at Citizens Bank

The idea of saving for retirement can be daunting, but fortunately, the personal bankers at Citizens Bank are here to walk you through your savings options. We will help you find the right tool to meet your savings goals. To get started, contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis.

Explore Your Savings Options in Tennessee at Citizens Bank

Start saving for the future with Citizens Bank. We can help you find the right savings account or investment tool to meet your needs. To explore your retirement savings options, contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis today. We look forward to partnering with you as you take proactive steps to plan for your future.

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