How Much Do You Know about IRAs?

Saving for retirement is on everyone’s mind these days. And rightly so … according to a new report by the Center for Financial Services Innovation, 42% of adults aren’t saving for retirement at all! The decisions you make about your retirement savings—when to start saving, how much to save, when to claim Social Security, how to estimate your retirement expenses, and more—can make a big difference in how much you end up with.

Talk with a financial professional

Mountain America Credit Union has financial professionals that can help you put your retirement savings on track. Chad Waddoups, vice president of wealth management and business services, offers this advice, “IRAs should be an important part of your retirement savings plan. If eligible, an IRA allows your savings to grow either tax free or tax deferred, which means a bigger nest egg on the day you retire. In addition, IRS rules allow you to deduct traditional IRA contributions from your taxable income, saving you money each year you contribute.”

Thanks, Chad!