Saving for the Future

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Retirement or semi-retirement should be the goal of everyone down the road.

What's the most efficient way to get there, and when should you consider it?

"I would start investing as soon as you get hired if you can,” says wealth advisor Connie Brezik. “By the time you get to retirement you'll have a lot of money set aside.”

Brezik recommends plans such as a 401K or a Roth IRA plan, and members at Hilltop National Bank agree.

"Your 401K is going to be your first best method because most employers, that's what they offer," says Hilltop trust officer Diane Bessert.

Those offers frequently match your dollar amount which equates to free money towards retirement.

Most of the financial advisors around town say that a 401K is the best route to go.

If you choose to do annuity that option could be more expensive.

It all depends which avenue you wish to go down.

"Typically what we see is people do the 401K and then a regular brokerage account. They may do annuities, but they have very specific features to them,” Connie Brezik added. “You'd want to figure out if an annuity is appropriate for what you're trying to accomplish.”

Some parents may even help their kids create a bank account where they can make contributions periodically, but Diane Bessert says the limitations may entice them to look at different options as they become available.

"It's a wonderful way to save, putting that money in each month; however, it would not grow tax deferred,” Bessert says. “The chunk sitting there at the end is not going to be near as large."

Of course a large account is what we are all aiming for.