Importance of Saving Early for Retirement
Think you’ll be young forever? Think again! It seems easy to make excuses to not save for your retirement when the bills keep rolling in. Many experts believe that you will need about 70% of what you make at the peak of your career to maintain the same standard of living throughout your retirement.
Below are some things to consider when saving for retirement:
- Anticipate and develop a financial plan for major life events including things like medical needs and assisted living.
- Fewer employers are offering pensions or help to contribute to retirement savings.
- Longer lifespans are resulting in people outliving their savings. The average lifespan of a person that was born in 2018 is 78.7 years.
Use the tools in front of you to save for retirement with The Citizens Bank Company:
- Open a Statement Savings account and take advantage of our tiered rates to get the most out of your growing savings account balance.
- You can open a Certificate of Deposit and let those funds earn interest with our competitive rates.
- Or, if you are interested in opening an IRA or transferring your existing IRA, we can help with that too!