Retirement Planning

Today, the responsibility for accumulating a nest egg and ensuring that it supports us throughout retirement has been placed squarely on our shoulders. Gone are the days when we could rely on corporate benevolence and government largesse to support us in our Golden Years.

1. Begin saving as early as you can – but don’t give up if you get a late start. At what age do you want to retire? Create a diversified portfolio that can survive the up markets without getting obliterated in downturns. To assure you stay on track, you should reevaluate your savings effort and make adjustments as necessary.
2. Create a retirement plan - take time to figure out how much income you’ll need at retirement and then assess how much you must save regularly to hit that goal. Americans who have done a retirement calculation have nearly five times the savings of those who haven’t bothered.
3. Get the most out of your 401(k) Plan – taking full advantage of the tax benefits and employer match in your 401(k) or other employer plan is key to a successful retirement strategy.
4. Take advantage of other savings plans – chances are no one plan will allow you to accumulate what you need for retirement. Think in terms of multiple retirement savings plans, including IRAs, Roth IRAs, Simple IRAs, SEP-IRAs. The more you stash away in all the retirement savings plans you qualify for, the bigger your nest egg.
5. Plan an exit strategy – accumulating a tidy nest egg is only half the challenge of retirement planning – the other half is transforming your investments into an income that will support you for the rest of your life. That means setting a reasonable withdrawal rate from your retirement accounts.

Whether your financial goals include accumulating wealth for retirement, transitioning retirement plan savings when leaving a place of employment, or taking income distributions during retirement, IRA’s offer flexible, tax-efficient strategies.

• Traditional IRA and Roth IRA – focus on accumulating wealth for retirement through the tax-advantaged growth potential.
• lover IRA – transitioning employment retirement plan savings to consolidate assets and keep them growing tax deferred.

NOTE: Investment products offered through Enterprise Bank & Trust are:

• NOT FDIC insured
• NOT guaranteed by Enterprise Bank & Trust or any of its affiliates
• Subject to investment risk and may lose value