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Saving for retirement is more important than ever. And, as always, taking advantage of time is critical.
Even if you contribute only a small amount to your workplace retirement plan or Individual Retirement Account (IRA) each week, it can make a tremendous difference over the long term. How big a difference? See the chart below to see how even a little bit adds up.
Get the IRA savings habit
|Save This Much Each Week:||Have This Much* After:|
|10 Years||20 Years||30 Years|
*Hypothetical example assumes weekly deposits in an IRA averaging a 4.00% interest rate, compounded daily (4.08% annual percentage yield). Your interest rate and APY may differ.
Contributions to a Traditional IRA are generally tax-deductible (talk to your tax advisor to make sure you qualify). What’s more, the money you put aside in an IRA at Millbury Savings Bank is fully insured by the FDIC and DIF.
Government regulations set the maximum allowable IRA contribution each year—one amount for individuals up to age 50 and a higher amount for individuals between 50 and 70½—and contributions for one tax year typically can be made up until April 15 of the following tax year. So, you can increase your savings and your tax benefits at the same time.
Savings made simple
Want to make saving for retirement easy? Simply open a Statement Savings IRA and you can get started with as little as $10. Save as much as you want, as often as you can, through direct deposit, automatic transfers from your checking account, or a variety of other “painless” solutions. Save even more, because we charge no IRA setup, custodial, or annual fees, and you’ll get preferred rates on all your IRAs with a Gateway Rewards Checking account.
Already have retirement savings elsewhere? A rollover to a Millbury Savings Bank IRA is quick and easy, and we’ll help you every step of the way.