Start Saving for Your Retirement
When can I retire? Am I saving enough for my retirement? Will what I’m saving right now allow me to live the way I want when my working days are done?
If you’ve ever asked yourself any of these questions, you’re not alone. It’s never a bad time to start saving more for retirement. At San Luis Valley Federal Bank, we offer multiple options to allow you to save for your retirement more effectively. Stop into one of our offices to speak with our team about how we can help you.
Your Retirement Account Options
You should be able to choose the way you want to save for your retirement. We give you multiple account options to choose from, including:
- Savings accounts
- Certificates of deposit
- Individual retirement money market account
| Account Type | What You Should Know About This Account1 |
|---|---|
| Traditional IRA | Great way to supplement a personal retirement plan Those with earned income could be eligible to contribute Earnings grow tax-deferred Annual contributions may be tax-deductible |
| Roth IRA | Powerful combination of retirement savings tax benefits Persons of any age are eligible if they meet certain income criteria Contributions are not tax-deductible Earnings grow tax-free No tax or penalties on qualified withdrawals |
| SEP Account | Low cost alternative for retirement savings Self-employed or small business owners are eligible to establish a SEP for themselves and their employees Contributions and earnings grow tax-deferred until withdrawn |
| Simple IRA Plan | Ideal for small employers who do not currently sponsor a retirement plan Easy to set up and low administrative costs Employees and employers are eligible to make contributions for employees |
| Coverdell Education Savings Account | Tax-free way to save for a child’s educational expenses Funds can be used for expenses related to elementary, secondary and college education. |
| HSA Checking Account | Contributions and withdrawals are tax-free when used on qualified medical expenses Funds roll over from year to year Must be enrolled in a High Deductible Healthcare Plan to be eligible Free access to online and mobile banking |
1Consult Your Tax or Legal Professional for Guidance
