GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
How much should you save?
And how should you do it?
And how much can you take out?
There are so many questions.
But heres a secret: Your local bank might just hold the key to securing your financial future.
Heres how touse your banks retirement accounts to secure your future.
The Lowdown on Bank Retirement Accounts
What exactly is a bank retirement account?
Now, heres the catch bank retirement accountstypically play it safer than their brokerage cousins.
Brock put it this way:
Investment options are more limited with bank retirement accounts than brokerage-based retirement accounts.
The former offers low-risk products, such as certificates ofdeposits and savings accounts.
The latter offers an array of investment options, including stocks, bonds, mutual funds and exchange-traded funds.
Think of it as the government giving you a pat on the back for saving.
Who doesnt love that?
Set It and Forget It
Andrew Latham, a CFP withSuperMoney.com, pointed out a game-changing perk.
Its basically like having a personal finance guru making the moves for you you dont even notice it happening.
This can help you both reduce risk and maximize the growth of your investments.
Think of it as creating a financial smoothie a little bit of everything for a balanced blend.
He shared that like a CD, a Roth IRA will shelter the interest income from taxes.
To break it down: When you put money into a Roth IRA, it grows tax-free.
Its a way to maximize your savings by keeping more of what you earn in the long run.
One-Stop Shop for Your Money
Some banks are stepping up their games.
All your money is in one place, making it easier to manage today and in the future.
Dont Leave Money on the Table
You must be consistent about your contributions.
If your job offers a 401(k) match, verify youre taking advantage.
Its basically free money.
Dont be shy about asking for help.
Agood financial advisorcan be worth their weight in gold (or retirement savings).
The Final Word
Your banks retirement accounts can be your secret weapon for a comfy retirement.
Your future self will thank you for starting today.
More From GOBankingRates
Share This Article:
