First Bank of the Lake: Are You Doing Everything You Should Be Doing When It Comes to Saving for Retirement?

Retirement - something most people would like to do at some point in their lives, but clearly it takes some preparation in order to be successful. Ask yourself:

Are You Doing Everything You Should Be Doing When It Comes to Saving for Retirement?

Then you can follow that question up with, What should I be doing right now to save for retirement? That's where we come in. Our Lake of the Ozarks bank is here to give you a few tips for saving for retirement. If you have any questions or would like to know more about our retirement accounts at the Lake of the Ozarks, call First Bank of the Lake today at (573) 348-2265.

Retirement Savings Tips

Research IRAs and determine which type is best for you.
There are different IRAs out there that are for different financial situations. Here at First Bank of the Lake, we offer Traditional IRAs and Roth IRAs.

Traditional IRAs

You may contribute up to $5,500 ($6,500 if you're age 50 or older) as long as you and/or your spouse (if filing jointly) have sufficient taxable income. You may get a tax deduction when you contribute, but your money is eventually taxed as ordinary income when you take it out. If you take it out before it is allowed (age 59-1/2), you can also incur a penalty, in addition to the tax due. You can't contribute past age 70-1/2. At age 70-1/2 you have to start taking "required minimum distributions."

Roth IRAs

You may contribute up to $5,500 ($6,500 if you're age 50 or older) as long as you and/or your spouse have sufficient taxable income, but there are income limits above which you can't contribute. You do not get a tax deduction when you contribute to a Roth IRA, but withdrawals can be taken out completely free from income taxes, as long as you don't withdraw from the earnings on the account before the age of 59-1/2. You can contribute at any age, and you are not required to take a minimum distribution from your own Roth IRA.

Other conditions may apply, so please consult your tax advisor.

Partake in 401Ks that may be offered to you at work and contribute the right amount regularly.
It is always nice if your employer offers a work 401K and it's even nicer if they offer to match whatever you put into it, up to a certain percentage. We advise saying YES to this opportunity if it comes knocking. This can be a very convenient way of saving for retirement if it applies to you.

Start saving YESTERDAY!
If you haven't already started saving for retirement, you should do so as soon as possible. Time can feel like it moves very quickly and the more time you give yourself to save for retirement, the more money you will likely have when you actually retire.

First Bank of the Lake Can Help YOU Save For Retirement!

We get it. With all the bills you likely have to pay, putting away money for retirement is probably the last thing you want to do right now. The reality is it's more important than ever to start saving for retirement as early as possible because the longer you wait, the more difficulty you will probably end up having, retiring. Our Osage Beach bank is ready to work with you and recommend the best IRA we have, that we think fits your specific financial situation. You can learn more about our IRAs by visiting our website at www.FirstBankLake.com/iras.html but if interested you should call First Bank of the Lake today at (573) 348-2265.

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First Bank of the Lake - Striving For Excellence

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