Retirement Planning

Planning for your retirement

Whether you've just entered the workforce, or have been in it for a while, it's important to start a plan early and know the tax-advantaged investment choices available to you. By starting early, and getting in the habit of saving on a regular basis, you can make funding your retirement and other life goals relatively easy.

Know your investment choices

There are two key investment options that go into starting a plan. If you have a qualified retirement plan at work, such as a 401(k) or 403(b), you can make pre-tax contributions, which are allowed to grow tax-deferred. If you do not have a retirement plan at work, or if you do have a plan but would like additional retirement funding, you may want to consider an Individual Retirement Account (IRA).

There are several IRA plans available, including a Traditional IRA which enables you to make pre-tax contributions, if you're eligible, and allows any earnings to grow tax-deferred until withdrawal. With another IRA, called a Roth IRA, you make after-tax contributions, if you're eligible, and any earnings grow tax-free.

In addition to starting early and knowing your investment choices, starting a plan should involve the guidance of a financial advisor. A Cascade Central Credit Union financial professional can help you start building a plan that fits your unique financial and retirement needs.