Provident Bank is proud to support and recognize September 15 through October 15 as National Hispanic Heritage Month. National Hispanic Heritage Month honors the cultures and contributions of both Hispanic and Latino Americans as we celebrate heritage rooted in all Latin American countries. During this month and throughout the year, Provident Bank is proud to share history, tradition, and accomplishments of Hispanic and Latino Americans of past and present.
For more information and resources on National Hispanic Heritage Month, please click here.
Accumulating the funds you will need for a financially secure retirement can be difficult. While your living expenses during retirement may only be 70% to 80% of those before retiring, you must remember that you will not have your normal paycheck. In addition, Social Security benefits will only cover a fraction of your total costs.
The actual amount you will need depends on a variety of events:
Retirement can become complicated. The best way to build a vast nest egg is to take advantage of employer provided retirement plans and other options while you are still working.
Employer sponsored plans
If your employer offers a 401(k) plan or some other form of retirement plan, be sure to participate. The funds you accumulate in that plan can be a large source, if not the major source, of your retirement income. In addition, these plans have benefits to make the process easier and more effective. They are convenient, the employer may add to your contributions, the earnings are tax deferred and many plans provide investment flexibility.
Here are some ideas to help you maximize the benefits of your plan:
Funds from your retirement plan and your Social Security benefits can provide a great deal of all of your needs, but there are other options you may want to consider.
At Provident Bank, we can help you reach your savings goals. We’re ready to equip you with the right tools to maximize your savings and manage your spending. You’re at an immense advantage if you know how to save early and a lot, budget, and live within your means.
So whether you are looking for a CD account with competitive interest rates or a simple savings account or a money manager high interest savings account, we offer it all. Visit www.Provident.Bank for more details.
These opinions are of the author and not provident bank. You should consult a professional regarding tax and investment related products and services before making any financial decision.