More Senior Issues Articles:
..........................................

Knowing your financial needs, determining the goals you must achieve to have the retirement you want and being aware of the sources from which your retirement income will come are all essential tools for building a comfortable nest egg.

Using a financial calculator, such as the Retirement Income Worksheet available on the Regions Web site, is a great way to get an idea of how much money you will need to save to accomplish your retirement goals. Go to www.regions.com, select Retirement and then click on the link “How much will I need for my retirement?” Simply download the worksheet and follow the directions.

Once you determine how much you should save each month, examine the retirement income options available and choose those that best fit within your budget.

Here are some common sources of retirement income.

Investments and Savings
Individual Retirement Accounts* (IRAs) are a popular retirement option because they provide certain tax benefits and choices for investing, as well as flexibility in how and when you contribute.

You can choose a Traditional IRA, where contributions can be as much as 100 percent tax-deductible and growth is tax-deferred. In other words, you pay no federal taxes on the earnings until you begin to make withdrawals.

You might decide a Roth IRA better fits your needs. Roth IRA contributions are not tax-deductible, but asset growth is potentially tax-free, so that you may not have to pay federal income tax on the money once you begin to withdraw.

Which IRA is better suited for your needs? The Regions Bank IRA Service Center is a great place to turn if you are interested in learning more about IRAs.

Simply go online to www.regions.com, click on Retirement and follow the links to the IRA Service Center. The center offers convenient, easy access to enrollment forms for opening an IRA or for servicing an existing IRA from home or anywhere with Internet access.

Or you may call the IRA Service Center toll free at 1-877-472-0034 or send an e-mail to irainfo@regions.com.

You can add to your IRA with traditional investments in stocks or bonds, plus regular savings tools such as money markets and savings accounts to round out your retirement income.

Regions Bank offers several savings and investment options to fit your financial needs. Call Regions any time at 1-800-REGIOit within your budget.

Here are some common sources of retirement income.

Investments and Savings
Individual Retirement Accounts* (IRAs) are a popular retirement option because they provide certain tax benefits and choices for investing, as well as flexibility in how and when you contribute.

You can choose a Traditional IRA, where contributions can be as much as 100 percent tax-deductible and growth is tax-deferred. In other words, you pay no federal taxes on the earnings until you begin to make withdrawals.

You might decide a Roth IRA better fits your needs. Roth IRA contributions are not tax-deductible, but asset growth is potentially tax-free, so that you may not have to pay federal income tax on the money once you begin to withdraw.

Which NS (1-800-734-4667), or visit your local Regions Bank office. A Regions banker will be happy to help.

Savings Plans
Employer-sponsored savings plans, such as a 401(k), allow you to contribute up to a certain percentage of your pretax earnings. Many companies will match a certain percentage of your contributions, and give you options for investing the money. Take the time to learn about your employer’s plan and consider your options for participation.

Social Security
The Social Security Administration can provide you with a statement showing your earnings history and an estimate of how much you and your employers have paid in Social Security taxes, as well as a summary of the estimated benefits you may receive upon retirement. This information will help you determine other income needed in order to cover what Social Security benefits won’t. You can request a statement online at www.ssa.gov/mystatement or call the Social Security Administration at 1-800-772-1213.

If you need more information about or assistance with retirement savings opportunities at Regions, call 1-800-REGIONS (1-800-734-4667) or visit your local Regions Bank office.

*IRAs invested in stocks, bonds and mutual funds are not FDIC-insured, not guaranteed by the bank and may lose value. For more information on IRAs and investment options, contact the Regions IRA Service Center at 1-877-472-0034.