BUSINESS MATTERS
Retirement planning
Whether retirement is years away or just around the corner, the earlier you start saving for your retirement, the more confident you can be when you approach that milestone. Each retirement plan type offers different benefits that can elevate your retirement savings.
Both Traditional and Roth Individual Retirement Accounts (IRAs) help diversify your retirement savings approach and allow you to contribute up to the limit at any time while you're earning income.
* Traditional IRA is recommended if you're expecting to be in the same or lower tax bracket when taking withdrawals, and contributions are potentially tax-deductible. You'll enjoy tax-deferred growth now and pay taxes on withdrawals when you retire.
* Roth IRA is best for those who expect to be in a higher tax bracket when taking withdrawals, and who don't need a deduction on taxes now. You'll pay taxes on contributions now and enjoy tax-free withdrawals later.
Estate planning
Planning for your loved ones' future is important for protecting your assets, so your heirs won't overpay taxes - and to ensure your wishes are honored. A well-crafted estate plan can reduce the time, stress and financial burden if the unexpected happens.
Common estate planning documents include a will, trust, guardianship designations, financial powers of attorney and advance directives for medical decisions - also known as a
living will. These tools work together to provide clarity and control over how your assets and care are managed.
Expert personalized guidance
Whatever stage you are at in life, it's natural to have questions about your best next steps. To take the guesswork out of financial planning, Navy Federal Investment Services can help make your vision a reality, using either their online Digital Investor tool, or by meeting with one of their Financial Advisors.
At any stage - transitioning to civilian life, getting married, beginning a family, saving for college or eyeing retirement - developing a concrete financial plan makes all the difference.
"Your financial goals may shift over your career and lifetime, and what you consider a financial accomplishment today could easily evolve with changing circumstances," says Michael Dale, vice president of investment services at Navy Federal Investment Services. "That's why maintaining a relationship with a trusted financial advisor or institution is key and ensures your financial strategy adapts with you, so you're always making the most of your money."
Navy Federal Credit Union is federally insured by NCUA.
Call 1-877-221-8108 for further information. Trust Services available through MEMBERS Trust Company. 1-855-358-7878.