Meeting Long-Term Savings Goals

Prepare for retirement with a comprehensive long-term savings plan

Looking ahead to retirement, you're probably counting, in part, on your 401(k) and maybe your IRA to help you build a comfortable lifestyle. But, there are more tools at your disposal that you can use to bolster your long-term savings. You may think of savings accounts and CDs as shorter-term personal savings vehicles, but they can also help you fulfill your retirement savings goals.

If you have an IRA, you can find more opportunities to grow those funds by using these savings products.

Open a long-term savings account

One of the most basic savings tools is the traditional savings account. Despite its seemingly simple nature, you can use a savings account to prepare for retirement. You can elect to place some of the funds from your IRA into an IRA savings account. There are several benefits to this, including:

  • Easy rollover of funds if you change jobs
  • Low annual fee for the account
  • Automatic deposits that make it easy to continuously build your retirement savings

Meet your savings goals with an IRA CD

If you want to diversify your IRA funds a bit, you could take some of the funds in your IRA account and open an IRA CD and start earning even more interest. You'll find some of the highest interest rates in CDs due to their longer-term nature. You can select from terms as short as six months or as long as five years. When you take advantage of this long-term savings plan, your money may grow tax-deferred and you may be able to roll it over if you change jobs without paying hefty taxes.

Jump-start your long-term savings plan with Citizens Bank

Get your IRA account working for you by investing the funds into different types of accounts. This allows you to take advantage of competitive interest rates as they arise and get more for your money. If you'd like to learn more about options related to your individual retirement account, feel free to contact a Citizens Bank customer care representative at 1-800-948-7200.


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