Benefits of a retirement plan
Did You Know…
- Retirement can last for 30 years or more?
- Retirees may need up to 90 percent of their annual income today to retire comfortably?
- Social Security benefits make up less than half of the income of the elderly?
Why Participate in a Retirement Plan? Saving through an employer retirement plan is one of the easiest ways for employees to save. Recent tax law changes have increased the contribution amounts that are deductible for 401(k) plans and IRAs and participants age 50 or older can save additional amounts to help catch up on their savings as they near retirement. Other employee benefits include: tax on employee 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, a Saver’s Credit is available and better financial security is available upon retirement. Future Retirement Savings Value