Market Wary Young Professionals Advised to Look at Retirement Savings
401k and Roth IRAs are Still Safe Savings Options
RALEIGH, N.C. (October 17, 2008) – For many young professionals, saving for retirement is not a high priority. And now, with the economy experiencing extreme fluctuation, the odds have become even less so. Despite the temptation to steer clear, Dale Merritt, financial advisor for Banyan Rock & Talent, suggests now is the ideal time to take advantage of corporate 401(k)s and individual retirement savings plans.
“Although retirement seems far off, start saving immediately,”
Most large companies offer 401(k) plans that set aside funds for retirement while deferring income taxes until withdrawal. If an individual’s company does not offer such a plan, the Roth IRA is another secure means of saving. Merritt explains, “An individual that begins a Roth IRA plan at age 25, saving $200 a month until age 65, could have a compound yield of $700,000.” Roth IRA conditions for qualification include having an account for at least 5 years and distribution must be made after reaching age 59 ½. However, earlier distributions may be made in the event of an individual’s death, permanent disability, or for first-time homebuyer expenses. Distributions made prior to age 59 ½ and without approved reasoning are subject to a federal income tax penalty.
Merritt adds, “In many cases putting money away is easier said than done, but by starting small and remaining consistent you’ll be much better off for the future.”
For more information on how to begin investing for retirement, visit www.dalemerritt.net.
About Dale Merritt:
Dale Merritt is a wealth strategist with Banyan Rock & Talent. Having grown up in Zebulon, Dale is eager to provide financial opportunities to the community in which he was raised, offering real estate and retirement planning as well as other financial services to eastern Wake County. Merritt has several securities registrations including Series 6, 7, 63 and 66, as well as a long-term care insurance license and a life insurance license. Merritt believes in remaining active in the community. In addition to being part of the Knightdale and Zebulon Chambers of Commerce, he maintains active membership in the North Carolina Cattlemen’s Association and the Appalachian State University Triangle Alumni Chapter. He and his wife, Katie, also volunteer with Garners’ Paw Prints Animal Rescue. For more information, call (919) 782-0033 or visit www.dalemerritt.net .
About Banyan Rock & Talent:
Based in Raleigh, Banyan Rock & Talent is a collaboration of registered reps with FSC Securities Corporation. Founded in 1986, the company holds the philosophy that strength, growth and the diversification of their client’s hard-earned money is made possible through knowledge, diligence and years of experience. Banyan Rock & Talent specializes in areas including stocks, bonds, mutual funds, variable annuities, retirement strategies, market timers, life insurance, disability insurance and applied real estate. All strategists are registered representatives offering securities through FSC Securities Corporation, a registered broker-dealer, and member of FINRA/SIPC. For further information, visit 3356 Six Forks Road Raleigh, NC 27609, or call (919) 782-0033.
Securities and Advisory Services offered through FSC Securities Corporation, Member FINRA/SIPC. Banyan, Rock & Talent is not affiliated with FSC Securities Corporation or registered as a broker/dealer or investment advisor.
