Retirement – Increasing Income

How can you afford the retirement you want? Here are a few ways at which you should take a look.

  • Reassess your investments. You may want to reassess your retirement investments. Are you at your optimal mix that provides an appropriate balance of growth and income? Gather as much information as you can about all of your options and make sure you understand everything before you sign any commitments. Your optimal mix will vary depending on
    • Your time horizon (how long you expect to need those assets to last)
    • Your risk tolerance (how willing you are to endure the market’s short-term ups and downs in exchange for more growth potential over the long run)
    • Your own investment experience (whether or not you have the interest, the time and/or the experience to manage your own investments).
  • Utilize Individual Retirement Accounts (IRAs). IRAs are retirement savings plans that have tax advantages to help people save money for retirement. There are several different types of IRAs including Traditional IRAs, Roth IRAs, Spousal IRAs, etc. Which you should use depends on your qualifications, tax situation and age. Learn more about the IRA options available at the State Bank of Alcester. Determine whether a Traditional or Roth IRA may be right for you.
  • Check out mutual funds. A mutual fund is an investment that allows people with similar financial goals to pool their resources with thousands of other investors. Professional money managers invest that money in dozens of securities that meet the objectives of the fund. Mutual funds offer many distinct advantages, including: 
    • Professional management. Managing investments requires a commitment of time, resources and expertise that most individuals don’t have. When you invest in a mutual fund, you are hiring full-time professional managers to buy, sell and monitor your investments. 
    • Diversification. The ups and downs of individual securities often offset each other, which helps to reduce risk. 
    • Quick access to your money. Fund shareholders can generally sell shares at any time and receive the current net asset value of their shares.

The information provided in this page is not intended to be legal or tax advice.  You should consult your attorney or tax advisor for information that relates to your specific circumstances.

A penalty may be imposed for early withdrawal on IRAs. $25 minimum opening deposit on IRAs.  

Investment products are not FDIC insured or insured by any federal government agency.  Not a deposit.  Not guaranteed by State Bank of Alcester.  Subject to risk and may lose value.

Product descriptions herein do not take the place of required disclosures under federal and state regulations.  Please contact us for disclosures appropriate to these accounts.