Retirement is a milestone we all look forward to. We dream about a time to relax, travel and enjoy the rewards of years of hard work. But to retire comfortably, you need a solid financial plan in place. Whether you’re just starting your career or are nearing retirement age, planning ahead can make all the difference.
At F&M Bank, we offer a range of Individual Retirement Accounts (IRAs) and financial solutions to help you build a secure future. No matter where you are in your journey, we’re here to guide you through your retirement planning options and help you make informed decisions.
Why Retirement Planning Matters
Simply put, retirement planning is about ensuring you have enough savings, investments and income streams to maintain your desired lifestyle when you stop working. The earlier you start, the more time you have to grow your wealth and adjust for changes in your income, expenses or financial goals.
To build a strong retirement plan, consider:
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Your current financial situation
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Expected future expenses
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The best savings and investment strategies for your goals
At F&M Bank, we make it easy to take control of your financial future with flexible IRA options designed to grow your wealth over time.
F&M Bank’s IRA Options: Traditional and Roth IRAs
Traditional IRA: Tax-Deferred Growth
A Traditional IRA allows you to save for retirement while reducing your taxable income today. Contributions may be tax-deductible, and your savings grow tax-deferred, meaning you won’t pay taxes until you withdraw funds in retirement.
This option is ideal if you expect to be in a lower tax bracket when you retire, since withdrawals are taxed at your retirement income rate.
Roth IRA: Tax-Free Withdrawals
A Roth IRA offers tax-free growth, meaning you pay taxes on contributions now but enjoy tax-free withdrawals in retirement if you meet the necessary requirements.
With no required minimum distributions, a Roth IRA provides flexibility, allowing your money to continue growing tax-free for as long as you like. This option is great if you anticipate being in a higher tax bracket when you retire.
Which IRA Is Right for You?
Choosing between a Traditional or Roth IRA depends on factors like:
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Your current vs. future income. Traditional IRAs may benefit those in higher tax brackets now, while Roth IRAs work well for those expecting a higher income in retirement.
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Tax benefits. Traditional IRAs reduce taxable income today, while Roth IRAs provide tax-free withdrawals later.
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Withdrawal flexibility. Roth IRAs allow tax-free, penalty-free withdrawals under certain conditions, whereas Traditional IRAs require withdrawals at a certain age.
Not sure which one is right for you? F&M Bank can help you decide based on your financial goals.
F&M Bank Makes IRAs Easy
Our IRAs come with exclusive benefits designed to simplify your retirement savings.
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Low Minimum Opening Balance. Start with as little as $100, making it possible for anyone to begin saving.
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Mobile and Online Banking. Manage your IRA anytime, anywhere through our user-friendly app.
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Account Alerts and Notifications. Stay on top of contributions, withdrawals and important updates.
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Automatic Renewal. Keep your IRA growing without interruptions for a worry-free future.
F&M Bank: Your Trusted Retirement Partner
With offices across North Carolina, F&M Bank is committed to helping you achieve financial security. Whether you’re opening an IRA, managing investments, or planning for Social Security, we offer personalized solutions tailored to your retirement needs.
Start your retirement plan today with F&M Bank. Open an IRA and take the first step toward a financially secure future.
Ready to begin? Stop by your nearest F&M Bank office today.
Start planning for your future today by contacting an Investment Services financial consultant.
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