College & Retirement Savings

Tax-deferred savings allow you to delay paying taxes on interest or dividends that are earned in your account. This can benefit you because your money is able to grow without having any taxes taken from them, which means there is more money on which interest can accrue. A secondary benefit is that the years when you are able save money are generally your highest-earning years, which means your taxes are likely to be lower by the time you begin to draw down your savings and have to pay the taxes.

Amboy Bank offers a number of tax-deferred savings products such as Money Markets and IRAs.    
 

Saving for a college education requires advanced planning and knowledge of what the cost of a college education will be when your student begins college. You will need to know how long it will be before your student starts college, what the cost of that education is today, and how much the cost will increase between now and then. You will also need to know how many years of college you will be paying for, which may be dependent on the degree program being pursued.

Use our calculator below to see if you’re on track or to see how much you should increase your savings. Amboy Bank offers Coverdell ESAs for tax-deferred education savings, and we can help you formulate a savings plan.    

 

Saving for retirement can be a challenging task, but the sooner you start, the better off you will be. To figure out how much you need to save, you’ll need to know your expected retirement age and what your spending needs will be during your retirement years. A simple approach for defining your spending needs is to use a percentage of your current income, adjusted for inflation between now and when you retire. Don't forget to factor in any pensions or social security payments that you may be entitled to receive during retirement.

Our calculator below can help you determine how much you should be saving for your retirement. Then speak to Amboy Bank about how we can help you devise a savings plan and get you into the appropriate retirement savings vehicles!

 

The number of years you will need your retirement savings to last, the expected rate of return on your outstanding savings balance, and the rate at which withdrawals from your savings account will be taxed, are all factors in how much income your retirement savings will provide.

Use our calculator below to estimate what your income might be. Then speak to Amboy Bank about how we can help you devise a savings plan and get you into the appropriate retirement savings vehicles!