Steps to Financial Security - Baby Step #5
Invest 15% of your Household Income into Retirement Savings Accounts
It is never too early to start preparing for your retirement! For some people retirement is so far into the future that they just don’t think about it. But the sooner you start preparing for your retirement the better off you will be.
If your company offers a 401k plan, the best practice is to invest enough into your companies 401k plan to receive the full employer match. If you are married, both you and your spouse should contribute to each companies 401k to get the most return on company match. Then invest the rest into different retirement savings options. United Bank & Trust has two different options available to our customers: Traditional IRAs or Roth IRAs. What plan is best is different for everyone. We recommend coming into the bank and speaking to personal banker to figure out which plan is best for you.