Lincoln Federal offers a variety of unique products to help you save for retirement. IRA savings and IRA Certificates of Deposit, such as Traditional IRA's, Roth IRA's Simplified Employee Pensions (SEP), Simple IRA's and Coverdell Education Savings are all available in a variety of terms. Individual Retirement Accounts (IRAs) are often used alongside or in lieu of employer sponsored retirement accounts, such as 401Ks, to save for retirement.
"Traditional retirement advice suggested you make sure to build a 'three legged stool' to sit on, where the three legs are social security, employee pensions, and personal savings," says Donna Wyatt, Senior Vice President / Deposit Banking Manager at Lincoln Federal Savings Bank. "Times have changed, though, and pensions are often not available or replaced with a 401K or other retirement offerings."
When it comes to Social Security, it is hard to count on. According to the 2016 Annual Report issued by the Social Security and Medicare Trustees, the Social Security Trust Fund will be empty by 2034 at this rate. This means that IRAs have become an important part of building a secure future for people beginning their savings today.
"The best way to save for retirement is not necessarily to contribute huge dollar amounts, but to consistently contribute throughout your life," says Donna Wyatt. "The sooner you begin saving for retirement, the better. Even with a savings of just $50 a month, a person who begins saving young can retire with a substantial amount. Using Lincoln Federal Savings Bank's option to automatically save, you can easily build your retirement funds without having to do anything after the initial setup.
"People just beginning their retirement savings often start with a Certificate of Deposit. One can easily begin saving for retirement by opening an IRA Certificate of Deposit with just a $100.00 minimum.
IRA Savings accounts are of special interest to older people who are closer to retirement because they are a lower risk product than other investments. Short-term CDs or Savings are also interesting to older individuals because they are more liquid.
Working with Lincoln Federal Savings Bank offers several unique benefits. "The $100 minimum initial contribution is low compared to other retirement programs," says Donna. "Lincoln Federal Savings Bank also offers savings programs that offer a competitive rate of return, and are not tied to the fluctuations of the market. Lincoln Federal Savings Bank is member FDIC. Our customers find peace of mind knowing that their investments are protected."
Whether you are nearing retirement age or just beginning to save, Lincoln Federal Savings Bank will work with you to find the right type of savings plan to achieve your goal. Visit your local branch to discuss what savings plan is best for you.