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Are you saving enough for your retirement?
Have you saved enough money to last you through retirement? For most
people, retirement funds will come from several sources, including pension
plans, social security, various tax-deferred and taxable savings plans.
Having the right amount set aside will make all the difference in enjoying
the retirement of your dreams.
It’s never too early to start saving
For many young people, retirement seems a long time away and there is no
sense of urgency in planning for the future. Unfortunately, that lack of
urgency can persist well past the age when a retirement plan should be
well on its way to being fully funded. The rule of thumb is that most
people will need 60-80 percent of their current income to live comfortably
in retirement. And the younger you start saving for retirement, the easier
it will be to have the amount you need to last you through your golden
years.
IRAs and annuities
In addition to savings in an employer-sponsored pension plan, establishing
an IRA or funding a non-qualified annuity will help you build your
retirement savings as efficiently as possible.
- IRAs offer the benefits of tax-deferred growth, along with the
possibility of a tax-deductible contribution (Traditional IRA plans
only) for taxpayers who qualify. You can fund an employer-sponsored
pension plan AND an IRA in the same year.
- Non-qualified
annuities are also ideal for retirement
savings. Contributions are not limited to the current $5,000 ($6,000
for taxpayers 50 and older tax year 2008) established for IRAs. Non-qualified
accounts offer the same tax-deferred growth as IRAs.
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