First Bank of the Lake: Saving For Retirement In 5 Easy Steps

Almost every working American hopes to retire someday. After decades of working hard to support themselves and their families, retirees get to relax and dedicate more time to the things they truly care about. Of course, a successful retirement can only happen if you've properly prepared for it. If you are in the process of (or about to start) saving for retirement at the Lake of the Ozarks, we're here to help you help you plan for a financially comfortable retirement.

Step 1: Start Today
It doesn't matter whether you are a college graduate in your early twenties or an established executive in your late forties; if you have not already started, the best time to start saving for retirement is always right now. Even if you can only dedicate $50 or $100 per month to your retirement account for now, it can add up and make a big difference in the long run. You can always increase your monthly contributions when your budget allows.

Step 2: Set Up An Automatic Deposit
Simply having a retirement account won't do you much good if you don't ever contribute to it. Most retirement accounts offer a direct-deposit option that pulls a predetermined contribution from your bank account to your IRA on a set day every month. Most people appreciate this option, because it allows them to contribute to their IRA without having to think about it. If they have to consciously contribute to their IRA, they may try to justify putting the money elsewhere.

Step 3: Take Advantage Of Your Company's Retirement Plan

If you work for a company that offers a retiring savings benefit, we strongly encourage you to take advantage of it - especially if your company will match your contributions up to a certain amount. This contribution match is essentially free money. You may not get to use the money now, but it will make a big difference in your overall retirement portfolio.

Step 4: Guesstimate Your Retirement Needs
Working on a project is almost easier when you can work towards a specific goal rather than an abstract concept. Obviously, it's impossible to predict exactly how much you will need to save to support yourself in retirement, but you can get close by choosing what age you would like to retire and how long you hope to live, and then multiplying your total annual expenses by the approximate number of years you plan to be retired.

Step 5: Stick With Your Plan
Devising a savings plan is one thing - sticking to it is often a different matter entirely. Life is unpredictable, and unexpected circumstances may arise that make it difficult to put money aside for retirement. When it comes to saving for retirement, one of the most important things you can do is to continue setting money aside no matter what obstacles life presents. Remember, even if you have to decrease the amount you set aside for a little while, something is always better than nothing!

Ask Us About Our IRA Options
First Bank of the Lake is here to help you meet your retirement savings goals. We offer a variety of tax-advantaged IRA (Individual Retirement Account) options that can help yourself up for a successful retirement. Visit our website to learn more about our Traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRA options at the Lake of the Ozarks.

First Bank of the Lake - Striving For Excellence

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