Social Security was originally intended to provide older Americans with continuing income after retirement. Today, though the scope of Social Security has been widened to include survivor, disability, and other benefits, retirement benefits are still the cornerstone of the program.
An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits. IRAs are one of the most powerful retirement savings tools available to you. Even if you're contributing to a 401(k) or other plan at work, you might also consider investing in an IRA.
Imagine opening your bank statement and seeing debit card transactions you never made on your checking account. While the realization that your debit card has been compromised begins to sink in, you also notice that these unauthorized transactions have caused your account to become overdrawn. You had no idea about any of this. As your mind races, you quickly realize you need to call the bank, dispute the charges, and figure out what other information of yours was compromised. Your stomach drops as you think about how inconvenient getting everything straightened out will be and you wonder how this could have been prevented.
What would you do with an extra $10,000? Maybe you'd pay off some debt, get rid of some college loans, or take a much-needed vacation. What if you suddenly had an extra million or 10 million or more? Now that you've come into a windfall, you have some issues to deal with. You'll need to evaluate your new financial position and consider how your sudden wealth will affect your financial goals.
When developing your estate plan, you can do well by doing good. Leaving money to charity rewards you in many ways. It gives you a sense of personal satisfaction, and it can save you money in estate taxes.
Due to today's inclement weather, all ENB Office locations will be closing at 4:00pm. We apologize for any inconvenience this may cause. ATMs, Online Banking and Mobile Banking will continue to be available to assist with your banking needs.
You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income you'll need to fund your retirement. That's not as easy as it sounds, because retirement planning is not an exact science. Your specific needs depend on your goals and many other factors.