Save For Retirement
Save for Retirement
Every person has their own hopes for retirement. Whether your dream is to own your home, having the funds to travel or being able to maintain your current lifestyle, it takes planning and a commitment to saving to make these dreams a reality. Banner Health wants to take the guesswork out of creating a personalized retirement plan for each employee by giving you the tools you need to succeed.
There is incredible power in retirement saving when you are consistent and committed. Let’s look at two examples.
First, if you save $250/month in a tax-deferred retirement account for 10 years from age 25 to 35 and then stopped, by the time you reach 65 your $30,000 investment will have grown to more than $472,000. This assumes an eight percent annual return.
For our second example, let's assume you put off saving until age 35 and then save $250/month until you reach age 65. Assuming the same eight percent rate of return, when you reach 65 you will have contributed $90,000 and it will grow to about $367,000.
While we hope you don’t choose to stop saving as shown in the first example, what you will notice is that by starting earlier, the added years of interest will make your money work for you. This also highlights the importance of being consistent with your retirement contributions.
Here to help
Like most goals, a healthy retirement requires planning. Banner Health encourages every staff member to take advantage of the no cost Fidelity Retail Program to help build your financial future. Fidelity can help you make the most of your Banner retirement plan by working with you to understand your goals then building and managing your profile.
As a trusted provider of guidance to millions of individuals, Fidelity provides everything needed to help you achieve the retirement you want. To begin, take a look at the Resources section of their site which offers key tools, calculators, videos and more and then schedule a time to meet with a Fidelity retirement counselor.