Retirement Plans | Catholic Financial Life

Retirement Plans

Couple planning for retirementRegardless of your age, there is a great deal you can do to ensure your financial security in retirement. The key is to take charge of your retirement planning and start as soon as possible. Here are a few things you can do to maximize your retirement savings.

  • Contribute as much as you can afford to an employer-based plan -- at least as much as you need to be eligible for any match from your employer.
  • Consider starting an Individual Retirement Account to boost your savings and diversify your investments.
  • If you change jobs, open an Individual Retirement Account to roll over your retirements savings from a 401(k) or 403(b).
  • Visit Catholic Financial Life’s Retirement Planning Help Center for educational articles, calculators and other resources to help you learn more about retirement planning.  
  • Meet with one of our advisors to take an objective look at what you have today, and see if you are on target for your retirement goals. They can also provide you with a free needs analysis.

     

Individual Retirement Accounts to Consider:
 

Traditional IRA*

A traditional IRA is a tax-deferred savings account plan for setting aside money for retirement.

  • Pre-tax contributions may be fully or partially deductible, depending on your income, tax-filling status and other factors.
  • Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed.


Roth IRA*

  • Unlike a Traditional IRA, you cannot deduct contributions to a Roth IRA.
  • If you satisfy IRS requirements, qualified distributions are tax-free.
  • Contributions can be made even after you reach age 70 ½, as long as you have taxable compensation.
  • You can leave amounts in your Roth IRA as long as you live.
  • Contributions to your Roth IRA are based on your modified, adjusted gross income.

 *These plans are subject to the annual contribution limits established by the IRS. This content is not intended to offer legal advice. Individuals should seek tax or legal consultation before proceeding to purchase.

 


Not sure where to begin?

Check out our Retirement Planning Help Center

 

Or call our Insurance Solutions Team at
1-800-965-2547 to learn more about our products and services.

 

For questions about your existing coverage, please call our member service center at
1-800-927-2547.

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