What’s your plan for retirement? While you may already be able to count on retirement income from a MainePERS pension benefit or other retirement savings, you may need to do some additional saving to achieve your retirement dreams. Consider MaineSaves.
What are some of the advantages of the MaineSaves plan? There are many, but here are the five most important:
Automatic payroll deductions make saving easy and convenient. Once you enroll, you don’t have to keep reminding yourself to save—the plan does it for you! MaineSaves provides the disciplined approach to saving that you need to meet your retirement income goals.
2. Tax advantages
When you contribute to a MaineSaves account, you cut your taxes immediately. That’s because your contributions to the plan are deducted from your pay before federal and state income taxes are calculated. What’s more, you don’t pay taxes on any earnings on your investments until you start withdrawing your savings when you retire, so your account can grow even faster.
3. Compounding interest
With a MaineSaves account, you can make your money work for you. That’s because MaineSaves takes advantage of the power of compounding by automatically reinvesting the earnings on your investments. That way the money you save creates earnings, then those earnings create more earnings, and so on and so on. In the end, you’ve created a snowball effect that causes your account balance to grow faster. Through compounding, even a small contribution can grow into a significant amount over time.
You choose how much money you want to save, and how your money will be invested. The plan offers a wide range of investment opportunities so you can select the investments that are right for you. You can change the amount of money you contribute to your account and how your contributions are invested at any time.
5. Professional oversight and advice
Professional oversight of your MaineSaves account is available through your choice of three local providers. Your local representative is always available to offer expert advice and answer any of your questions about the plan or about your investments. Further, the plan’s Advisory Council monitors the plan’s investment options to make sure the investment funds offered in the plan meet stated goals and objectives.
So don’t hesitate—secure your future with a MaineSaves account today!