Did you know…
- That retirement can last for 30 years or more?
- That a common rule to follow is that a retiree will need up to 80% of his/her annual income today to retire comfortably?
- That the average benefit amount paid monthly by the Social Security Administration is $1,230?
- Tax on employee and employer contributions is deferred until distributed.
- Investment gains in the plan are not taxed until distributed.
- Retirement assets can be carried from one employer to another.
- Contributions can be made easily through payroll deductions.
- Saver’s Credit is available.
- Flexible plan options are available.
- Better financial security at retirement.
Example of time value of money
Future Retirement Savings Value Assuming 6%
|Monthly Savings||5 years||15 years||20 years|