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Notice: Campbell Branch is currently closed due to building maintenance. We apologize for the inconvenience and appreciate your understanding.
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Notice: Our Gilroy branch is currently experiencing intermittent connectivity issues. Thank you for your patience as we work diligently to resolve this issue.
System Maintenance: On Saturday, June 8th, we’ll be performing a scheduled maintenance starting at 9 p.m. PST and ending at 4 a.m. PST on Sunday, June 9th. During this time, Online, Mobile, and Phone Banking will not be available. Thank you for your patience as we update our systems to better serve you.
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County Federal will never call, email or text you to ask for information. Questions? Dial us directly at 800-282-6212 - we’re happy to help.
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All County Federal offices and branches will be closed on June 19th, in observance of Juneteenth.
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Plan for Retirement

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Plan for Retirement

It’s never too early – or too late – to start planning for your retirement. However, the more time you allow for your savings to grow, the bigger the nest egg you’ll have when it’s time to cash in.

Here’s how to get started on planning your retirement.

Set a target number

First, determine how much you’ll need to have saved for living comfortably and independently throughout your retirement. Experts advise taking your current living expenses and multiplying the number by 400 to identify the amount you’ll need to sustain yourself based on a 4% return.

Choose your retirement account strategy

Next, you’ll need to select a place to keep your retirement savings. There are many options to consider, some of which you may already have if you are, or have been, employed. Here’s a quick review of the two most common retirement accounts:

  1. 401(k)

If you’re employed, you likely have a 401(k) that’s working toward collecting money for your retirement. Take advantage of this retirement tool by maximizing your contributions. Also, many employers match a portion of (or all) contributions you make, which is basically free money, to help your retirement savings grow, tax-deferred.

  1. IRA

There are two popular kinds of Individual Retirement Plans (IRA): conventional IRAs and Roth IRAs. A conventional IRA will let your money grow, tax-deferred, but withdrawals are taxable. A Roth IRA does not feature tax-deferred growth, but qualified withdrawals are not taxed. Like a 401(k), some employers match a portion of (or all) contributions. But, there are federal limits on how much money you are allowed to add to your IRA each year.

The table below shows a brief summary of the pros and cons of each retirement vehicle for easy comparison.                                

Features401(k)IRARoth IRA
Matching FundsYesNoNo
Tax-DeductibleYesDepends on income, tax-filing status and other factorsNo
Tax-Deferred GrowthYesYesNo
Taxable WithdrawalsYesYesNo
Maximum Yearly Contribution (2022)$20,500$6,000$6,000
Maximum Yearly Contribution Age 50+ (2022)$27,000$7,000$7,000

After you’ve selected your retirement fund, you’ll also need to choose somewhere to invest. With a bit of work, and a lot of planning, you’ll have your future secured in the best way possible. From financial planning to investments, insurance to annuities, our Financial Advisors can help you create a roadmap specific to your goals. If you seek to build a retirement portfolio with confidence, start today for your tomorrow. Learn more about our Wealth Management services here.

Content Source: CUContent

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