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Even Small Savings Can Make A Big Difference in Your Financial Future

 

Recent economic challenges have left many of us with less money in our wallets and more concern about our financial security. Still, one of the best things we can do now is make a plan to save. Even a modest nest egg can make a difference. Here are some low-risk options to consider:

 

Annuities

Whether you're in or near retirement, an annuity can be set up to provide a guaranteed income for the rest of your life. Fixed annuities, in particular, are a great way to securely grow your savings. Annuities can also be used to supplement other income during retirement, such as Social Security, and can help make sure your income keeps up with inflation. They also offer tax-deferred growth, until the annuity starts paying.

Certificate of Deposit (CD)

Primarily offered by banks, CDs usually offer a higher rate of return than savings accounts. Depending on your goals, you can choose from variable rate CDs, and short- and long-term CDs.

401(k)

These are tax-deferred compensation plans from employers to help employees save for retirement. However, many people don't take advantage of them. Consider enrolling in one or increasing your contribution.     

Individual Retirement

Account (IRA) IRAs offer tax advantages while helping you save for retirement. There are different types of IRAs; the most popular are Traditional and Roth.

Your retirement needs will vary based on your stage of life and financial goals. I would love to earn the job of being your agent.  If you have questions or want to learn about your savings options give me a call.

Simone.Baldwin@TeachersInsuranceSpecialists.com

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