Save Early

It pays to start saving early so you can take advantage of compound interest. 

Beginning to Save for Retirement

Saving for retirement is a marathon. If you plan it right and stay with it, you’ll benefit in the long run. Here are some thoughts to consider as you build your plan. 

Start early. The longer your savings have to grow, the more you benefit from compound interest (Albert Einstein called it the “eighth wonder of the world”).  

If your employer has a 401(k) program, contribute early and systematically. If they don’t offer a 401(k), you can still make regular budgeted contributions to a tax advantaged retirement savings account such as an IRA. And even if you are contributing to a 401(k), you can still make additional contributions to your IRA.  

Do you know how much it takes to create a secure retirement? Use this calculator to help determine what size your retirement nest egg should be.

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.

Track your savings, set goals, create budgets and more with Money Management, available in Towne-Personal Online Banking. 


Only deposit products are FDIC insured.

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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