Retirement Accounts

Overview

Did you know that less than half of Americans have calculated how much they need for retirement – let alone started saving? Planning for retirement can be scary, but it doesn’t have to be. At P&A Group, we’re here to make the process easier for you. Our consultants are experts in designing and implementing a wide array of plan types. We get to know you as an individual and understand your long-term saving goals.

 

Invest in Yourself

Many people think saving is a chore, but it’s really an investment in your future self. And, like any good investment, it will grow and pay off over time. Saving something – no matter how much – is better than saving nothing at all. Build your savings as you can and take time to invest in you.

2% Savings (2021)

If you can, start saving 2% of your salary for one year.

5% Savings (2024)

Increase your savings by 1% every year until you reach 10%.

10% Savings (2029)

Once you reach 10%, try to keep saving that same amount for the next 12 years.

(2049)

If you follow this formula, you will have increased your savings by 290% in 20 years!

Commit Long-Term

You need to think long term when investing for retirement. Do not react to changes in the market. Instead, make changes based on life events like marriage, having children and retiring. Do not panic when the market drops – hang on and stay invested. In many cases, you do not need this money for 10, 20 or 30 years. This gives you time to ride out the ups and downs of the market.

 

Spread Out Your Money

Don’t put all your eggs in one basket. Another way to mitigate risk and minimize losses is to diversify your investment plan by spreading out your money across different investment classes, styles and regions. That way, poor performing investments are likely to be balanced out by others doing well.

Manage Your Plan

With P&A’s account management tools, it’s easy to stay on top of your financial investments and save for your future.  From viewing your account balance to changing your contributions and managing your investments, growing your nest egg is as easy as 1-2-3.  Log into your account from your mobile device where you can:

  • Check your balance – view your account balance, updated daily.
  • Choose investments – decide how funds are invested using a menu of carefully curated investment choices selected by your plan’s advisor.
  • Make changes – switch how funds are invested or change how much you contribute.
  • Request a loan – some plans allow you to borrow from your retirement account, so you can take out a loan against yourself and pay yourself back over time. Check with your HR or benefits department to see if your plan offers this option.

Retirement Tools & Resources

P&A offers a selection of tools to help you manage your savings and make smart, educated decisions when it comes to protecting your future.

 

Financial Resource Center

Creating a savings plan can be overwhelming and seem like a daunting task. The Financial Resource Center helps you determine financial goals based on your age. Whether you’re a first-time contributor or a seasoned saver, the Financial Resource Center provides a robust library of information including relevant news articles, financial guides and interactive savings calculators.
Learn More

 

Quarterly Statements

Stay informed of your savings balance with P&A’s quarterly statements, delivered directly to you.  Statements are sent by e-mail or mail, depending on what option your employer selects.

 

Did you know?

On average 78% of your pre-retirement income will be needed to maintain your lifestyle in retirement?  Calculate what you’ll need to save.
Account Login

Manage Your Plan

With P&A’s account management tools, it’s easy to stay on top of your financial investments and save for your future.  From viewing your account balance to changing your contributions and managing your investments, growing your nest egg is as easy as 1-2-3.  Log into your account from your mobile device where you can:

  • Check your balance – view your account balance, updated daily.
  • Choose investments – decide how funds are invested using a menu of carefully curated investment choices selected by your plan’s advisor.
  • Make changes – switch how funds are invested or change how much you contribute.
  • Request a loan – some plans allow you to borrow from your retirement account, so you can take out a loan against yourself and pay yourself back over time. Check with your HR or benefits department to see if your plan offers this option.

Retirement Tools & Resources

P&A offers a selection of tools to help you manage your savings and make smart, educated decisions when it comes to protecting your future.

 

Financial Resource Center

Creating a savings plan can be overwhelming and seem like a daunting task. The Financial Resource Center helps you determine financial goals based on your age. Whether you’re a first-time contributor or a seasoned saver, the Financial Resource Center provides a robust library of information including relevant news articles, financial guides and interactive savings calculators.
Learn More

 

Quarterly Statements

Stay informed of your savings balance with P&A’s quarterly statements, delivered directly to you.  Statements are sent by e-mail or mail, depending on what option your employer selects.

 

Did you know?

On average 78% of your pre-retirement income will be needed to maintain your lifestyle in retirement?  Calculate what you’ll need to save.
Account Login

FAQs

As a rule of thumb, most experts recommend an annual retirement savings goal of 10% to 15% of your pre-tax income. High earners generally want to hit the top of that range; low earners can typically hover closer to the bottom since Social Security will usually replace more of their income.

Work to reduce your debt to free up income to save. Start by saving an emergency fund equal to about 6 months of your current income. Once you have built an emergency savings fund, then look at saving through your company retirement plan. Start small and increase your savings each year. If your company offers a matching contribution, try to start by saving the amount that they will match and then increase it by 1 or 2% each year.

When you invest, your returns aren’t guaranteed and depend on how much your investments are worth when you sell them. As a result, there’s a risk you could lose money, but this also means you could make some returns. So, if you don’t want to lose all your money, it’s important to adopt strategies that will help you mitigate risk.