Choosing the right retirement path for your future depends on your goals and financial situation. Whether retirement seems like a distant milestone or is just around the corner, it is important to create your retirement plan with financial experts like the First Reliance Bank team to give yourself the best options.
With the right combination of tools like IRAs and CDs, you can build a secure, low-risk foundation for your future with our team. Start planning for your retirement now, and confidently move towards your goals with the First Reliance Bank team by your side.
Why you should start with bank-based retirement tools
When most people begin their retirement planning process, they often start with employer-sponsored 401(k)s and investment portfolios. Those are effective tools but bank-based resources play an equally important role in creating a well-rounded and stable retirement plan.
Bank-based tools provide an extra layer of security with protection from market volatility and support through our team of financial guides. These tools are FDIC-insured and predictable, unlike market-based investments, which may fluctuate with economic conditions.
Our tools are ideal for anyone looking to build their retirement plan, as they don’t require any investment experience or market knowledge to get started. We provide a variety of flexible options to work within your unique timeline.
Even if your foundation remains focused on employment-based plans and investment portfolios, you can simultaneously implement our tools to diversify your overall strategy.
Understanding IRAs
An IRA is an Individual Retirement Account, allowing you to save on your own rather than with an employer-sponsored plan like a 401(k). These accounts strategically develop your retirement fund tax-deferred or tax-free over time.
There are different types of IRAs offered through First Reliance Bank, each designed to help you plan confidently for the years ahead. Each offers distinct tax advantages depending on your financial situation and goals.
With a Traditional IRA…
- Contributions may be tax-deductible (consult your tax advisor).
- Taxes are deferred until you withdraw funds during retirement.
- Ideal for individuals who expect to be in a lower tax bracket later in life.
With a Roth IRA…
- Contributions are made with after-tax income.
- Qualified withdrawals are tax-free.
- A good fit for those who anticipate higher taxes in the future or want flexibility in retirement.
- Our team will help you determine which IRA is best for you based on your income, retirement goals, and overall financial plan.
When you work with our experienced team, you get access to a variety of banking products and services to grow with you. With competitive rates, personalized service, and a strong commitment to your financial well-being, First Reliance is the smart choice for your IRA.
How CDs fit into your retirement plan
Like an IRA, CDs or Certificates of Deposit are a secure and reliable way to grow your savings for the future.
First Reliance Bank CDs provide predictable and safe returns, allowing you to deposit a fixed amount of money for a set period of time in exchange for a fixed interest rate. The set period of time or “term” can range from months to years, returning a higher interest rate than standard savings accounts.
CDs offer several benefits for your retirement fund:
- Guaranteed Interest Rates: Know exactly what you’ll earn over the term of your CD.
- Flexible Term Options: Choose the term that works best for your savings goals.
- Low Minimum Deposits: Get started with a manageable investment amount.
- FDIC-Insured: Your money is protected up to the applicable limits.
CDs play a valuable role in protecting and stabilizing your savings, especially in the years right before and during retirement. With First Reliance Bank, accessing helpful retirement planning tools and building better savings is made possible.
Working with First Reliance Bank to build your retirement strategy
Take control of your retirement planning today and partner with First Reliance, a community-centered bank, to create the future you desire.
By incorporating bank-based tools into your retirement strategy, you can develop a financial foundation that is both stable and predictable. No matter what stage of life you are in, you can set up long-term financial security today.
Get started with our local team of experts by stopping by your community branch or reaching out digitally to our 24/7 assistance.
*Penalty will be imposed for early withdrawal on IRA accounts. Fees may reduce earnings. Withdrawals and contributions are subject to IRS guidelines.
