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Saving for Retirement
Are you on the way to a financially secure retirement? Counting on Social Security or the equity in your home to fund your retirement may not provide you with enough money to live comfortably.
If you have a retirement plan at work, participating in it is one of the best ways to save for tomorrow, even if retirement is years and years away. Here are four sound reasons why a company retirement plan is so beneficial:
- Potential Tax Benefits Before You Retire
Contributions to your retirement account are "pre-tax" dollars that reduce taxable earnings on income, which may result in a lower tax bill every April.
- Earnings Are Tax-Deferred
You won't pay any taxes on your workplace retirement savings until you make withdrawals. Be aware that if you take money out of your account before you turn 59-1/2, you'll not only pay taxes on the withdrawal, but a 10% penalty as well.
- Potential Tax Benefits After You Retire
You may be able to save on taxes when you withdraw money during retirement because you'll most likely be in a lower income tax bracket.
- "Matching Funds" Can Increase Your Retirement Savings
Many organizations add money to your account by matching a percentage of your contributions. For example, let's say you save 6% of your income in your company's savings plan, and your total contributions for the year come to $3,000. With a plan that matches 50% of your contributions up to 6% of your income, you'll end up with an extra $1,500. Consider it "free" money that will help boost your retirement savings every single year. This is for hypothetical purposes only.
If you leave your job or are close to retirement, Prudential Retirement can help you protect your wealth.
When you change jobs or retire, you'll have some decisions to make about your retirement savings account. Prudential Retirement Services can help you make informed decisions to protect your savings and guarantee that you'll have income to last a lifetime.
We'll work with you to help determine the amount of money you'll need to maintain your lifestyle and provide options that can help ensure continued financial security and peace of mind.Find out how just what we can do for you. Visit Prudential Retirement or call 1-800-992-4472.
*Not all products available to all participants. See your SPD or contact your Plan Sponsor or Human Resources department for specific programs available through your organization.
Prudential Retirement's Personal Retirement Services Retirement Counselors carry the distinct designation of Certified Retirement Counselors, an advanced certification available through the International Foundation for Retirement Education (InFRE). Certification includes mastery of retirement plan design, investment strategy, retirement income management, and retirement readiness and counseling.