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Retirement Planning with Texas First Bank

Man planning for retirementAs a Texas First Bank customer, you know that planning for retirement is an important part of your financial future. Investing in the right type of retirement plan can help ensure that you are financially secure, both now and in the future. Let’s look at some of the options available to you as a Texas First Bank customer.

401(k) Plan 

The 401(k) plan is a popular option among many Texas First Bank customers who are looking to save for their retirement. A 401(k) plan allows you to contribute pre-tax dollars towards your retirement savings, and these funds can then be withdrawn tax-free when it comes time to retire. Many companies also offer matching contributions, allowing you to maximize your savings even further. 

Roth IRA

A Roth IRA is another popular option for those looking to save for their retirement. With a Roth IRA, you make after-tax contributions into the account; however, when it comes time to take distributions from the account (during retirement), those distributions are tax-free. This means that all of your hard-earned money will go straight into your pocket! Plus, there are also no required minimum distributions (RMDs), so you can keep your money in the account as long as you want without having to pay taxes on it.

Traditional IRA

Finally, there is the traditional IRA which allows you to make pre-tax contributions and then take those contributions out tax-free during retirement. With this type of plan, however, there are required minimum withdrawals once you reach age 70½, so be sure to keep that in mind if this is an option that interests you. 

Retiring with peace of mind is something everyone should strive for—and investing in the right type of retirement plan can help make that dream a reality! Whether it’s a 401(k) plan, Roth IRA or traditional IRA, Texas First Bank has options that can help get you started on saving for your future today! Talk with a financial advisor today about which type of investment might be right for you and get started on securing a comfortable and happy retirement tomorrow!