Expand Your Retirement Plan

You’ve saved some retirement funds, but do you have enough? 

Maximize Your Retirement Savings

You’ve already started saving for retirement and now you need to make sure that you’ve saved enough. And, by the way, how much is enough? Here are some questions you might ask: 

How much do I have now? How much will I need (each year) to continue the lifestyle I want? Have I accounted for inflation? Am I saving in a way that works best with the tax codes? As I age, what accommodations will I need to make regarding health care planning? What role will Social Security play? How about Medicare? There are several things to keep in mind such as making sure you have enough, diversifying your savings for tax purposes, a health care plan, understanding social security, and more.  

If you’re a business owner, have you thought about a succession plan? Who will carry on the business on after you retire? Do you have employees you would trust to carry on? How can you use proceeds from the business (sale, ongoing revenue, a combination) to help fund your retirement?  

Talk with your local TowneBank banker about a consultation with the professionals at Towne Wealth Management. They can help you answer all the retirement planning questions and build the right savings strategy.

A retirement savings program can be one of the best tools you can use for creating a secure retirement. One of the valuable features of many plans is the Contribution Accelerator option which allows you to increase your contributions consistently and automatically each year. With this feature you don't have to remember to increase your contributions; Contribution Accelerator does it for you, allowing you to build your account balance faster. This calculator helps you project what your savings could be if you were to automatically increase your payroll savings each year using Contribution Accelerator (or manually increasing your contributions each year if you don't have the Contribution Accelerator feature).

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Insights & Perspectives

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The information provided is not intended to be legal, tax, or financial advice or recommendations for any specific individual, business, or circumstance. TowneBank cannot guarantee that it is accurate, up to date, or appropriate for your situation. Financial calculators are provided for illustrative purposes only. You are encouraged to consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation

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