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Client Profile

Saving for retirement has never been a priority for Erica. But with her children grown and her working years waning, she knows she needs to make it priority number one.

Luckily for Erica, there’s never a bad time to start saving for retirement. She understands that she needs to save as much as she can while she’s still working. By trimming her spending, she can free up some extra money to help build her retirement savings.

Erica is considering a retirement account that offers potential tax benefits — pretax contributions and tax-deferred savings — such as a company-sponsored qualified plan or a traditional individual retirement account (IRA). When taxes are deferred, the benefits of compounding can help to increase any gains. And since she is over age 50, she can save even more money through catch-up contributions to a 401(k) plan or an IRA.

Erica has decided that she wants to invest in bonds and cash equivalents. She is also weighing whether to invest a portion of her portfolio in stocks. Even though stocks can be volatile over the short term, taking advantage of their potential for long-term growth could be helpful.

Delaying retirement may not be a popular option, but a few extra years in the work force could boost Erica’s retirement savings. And she doesn’t have to work full-time or keep the same job. She might start a new business or begin a second career in the years leading up to what used to be regarded as “retirement age.”

Saving for retirement is important at any age. A late start might present challenges, but with a savings plan in place, an affordable retirement can be achieved.


Client Profile is based on a hypothetical situation. The solutions we discuss may or may not be appropriate for you.

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