<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1594118447410323&amp;ev=PageView&amp;noscript=1">

Disclaimer

You are now leaving the Independent Bank website.

Linked web pages are not under the control of Independent Bank, its affiliates or subsidiaries. Be aware the privacy policy of the site to which you are going may differ from that of Independent Bank. Independent Bank provides external links as a convenience and is not responsible for the content, accessibility, or security of any linked web page.

Click “OK” to continue or “Cancel” to go back

Ok Cancel

Disclaimer

You are now leaving the Independent Bank website.

Linked web pages are not under the control of Independent Bank, its affiliates or subsidiaries. Be aware the privacy policy of the site to which you are going may differ from that of Independent Bank. Independent Bank provides external links as a convenience and is not responsible for the content, accessibility, or security of any linked web page.

Click “OK” to continue or “Cancel” to go back

Ok Cancel
x

Disclaimer

You are now leaving the Independent Bank website.

Linked web pages are not under the control of Independent Bank, its affiliates or subsidiaries. Be aware the privacy policy of the site to which you are going may differ from that of Independent Bank. Independent Bank provides external links as a convenience and is not responsible for the content, accessibility, or security of any linked web page.

Click “OK” to continue or “Cancel” to go back

x Want to chat? How can we help you? open chat
Menu
Search
Locations
Login

Retire in Style

Save 5% of your income each year

RetireInStyle.jpg

 

Half of American workers say they don’t save—or don’t save more—for retirement because of their current expenses, according to the 2015 Employee Benefit Research Institute Retirement Confidence Survey. Fifty-seven percent have saved less than a total of $25,000. But, it’s easy to put just a little aside—and it makes a big difference! Saving 5 percent of your salary if you earn, say, $100,000, is just $5,000 a year, but it can mean almost $213,000 in just 20 years. Here’s how to come up with the extra cash to put away:

Adjust your mindset. Coming up with a few hundred dollars to put away each month may seem like a nightmare, but making small lifestyle changes can yield huge results without too much sacrifice.

Cut back. Some money-saving tips are painless—like canceling unused memberships, brewing your own coffee instead of buying, and borrowing books from the library instead of splurging on a new one every few weeks. A canceled gym membership alone could net you 10 percent of the money you need to save each month.

Pay less. Bundling services such as cable, Internet, and phone could save you an easy $50 or so each month to put toward your retirement savings. Buying store brands instead of name brands could mean an additional $30 a week, according to one study. And shopping around for other services like auto repairs or big purchases could help you come up with additional savings, too.

Adjust withholdings. Get a large tax return every year? If you’re not counting on that money for another expense when April rolls around, you can adjust your withholdings now and use that money monthly to boost your retirement savings. The average tax return is just over $3,000, according to the IRS. That’s $250 to stash each month.

To learn more about investments, contact an IB Wealth Management representative at 800.300.0459.

Contact an IB Wealth Management Representative

Join our newsletter!

Latest posts

Revising Your Will

4 Reasons to do so
Read More

Money and Marriage

How to maintain financial health
Read More

Private Mortgage Insurance

5 Things you need to know
Read More

Holiday Budget Planning

A few tips for millennials
Read More