If you've just started planning for retirement, assessing where you stand and creating an action plan are good first steps to consider. Our Personal Retirement Number tool can help you get started, and once you become a Merrill Edge® client, you’ll have access to additional tools and resources to help you evaluate where you are and where you're headed.
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By looking closely at your expenses, you have the opportunity to make adjustments to your spending. By budgeting wisely, you could contribute more to savings, pay down your existing debt, avoid future debt and even find ways to pay for life's unexpected expenses.
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Budget Worksheet. If you're not sure where to begin, this worksheet can help you get started.
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One of the first things you should consider for
retirement investing is to participate in your employer-sponsored 401(k), 403(b), or 457(b) retirement plan. Because contributions are taken from your pay before your employer withholds income tax, you may reduce your tax liability. Some employers match your contributions to the plan, up to a certain percentage, so be sure to contribute enough to receive the match.
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Self employed and small businesses owners
Small business IRAs can be used to create your own employer-sponsored plan.
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If you're contributing the maximum to your 401(k) and want to save more, or your employer doesn't offer one, consider an IRA. You can use a Traditional or Roth IRA to help you save, and if you're a small business owner, you may also be able to contribute to a Small Business IRA.
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IRA Comparison Calculator. Compare how much money you might withdraw from a Traditional IRA, a nondeductible Traditional IRA and a Roth IRA.
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A Traditional IRA can help you build retirement savings while helping to minimize your tax bill. A Traditional IRA provides the opportunity for your earnings to grow tax-deferred until they are withdrawn in retirement and offers the potential for tax-deductible contributions.
Compare to a Roth IRA »
A Roth IRA provides the opportunity for your earnings to grow federal (and, in most cases, state) income tax free.
1 Generally, Roth IRAs offer greater tax savings and withdrawal flexibility than Traditional IRAs.
Compare to a Traditional IRA »
A Roth IRA Conversion could create opportunities to generate tax-free retirement income for yourself and your beneficiaries.
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Self employed or a small business owner? Small business IRAs, such as a Simplified Employee Pension (SEP) IRA or a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA, can be used to boost retirement savings and provide potential tax deductions while allowing you and your employees to accumulate tax-deferred savings for retirement.
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Rollover IRAs are typically used when changing jobs or consolidating retirement accounts from previous employers. A Rollover IRA is an account that allows you to consolidate retirement savings from previous employer-sponsored plans, such as a 401(k) or 403(b), while maintaining the tax-deferred status of your retirement savings. Rolling over old employer-sponsored plans could help you manage your overall asset allocation and diversification.
Learn more about Rollover IRAs »
Use our
Mutual Fund Finder3 to see which of your current mutual funds are available from Merrill Edge.
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