Retirement Savings

SESLOC provides generous IRA certificate rates, which require a low $500 minimum balance.

With the holiday season approaching, saving for retirement may not be uppermost in your mind. However, waiting until the 2009 income tax deadline to scrape together your 2008 IRA contribution may not be the best strategy.

The U.S. government projects that 37% of American workers reach the end of their working years with nothing saved for retirement.* In fact, the highest Social Security retirement benefit paid to a worker retiring at his or her full retirement age in 2008 is $2,185 per month, according to the Social Security Administration.

Choose from Roth or Traditional IRAs. SESLOC provides generous IRA certificate rates, which require a low $500 minimum balance. If you want to start small and add deposits, open an IRA share savings account, with a $5 minimum balance. We can set up payroll deduction or automatic transfers on the dates you choose to make saving simple and seamless. When it comes to saving, the habit counts more than
the amount.

Contribution limits: $5,000 annually, or $6,000 if age 50 or over. Income limits apply. Consult your tax advisor about your specific situation. Retirement savings are insured up to $250,000, separate from your regular share savings.

* Source: General Accounting Office.