Share buttons

 

 

Investment and Retirement Advice You Can Count On.

We make it easy to do everyday banking at Horizon, but everybody still needs some sensible advice from time to time to help with their goals and strategies for saving, investing wisely and making the most out of your financial journey. That’s why we provide fresh advice topics to help you along the way.

Looking for specific advice? Use our search feature to explore our various topics.

How to Invest in an IRA as a Beginner

Man sitting at desk holding paperwork

Investing and saving for the future can be intimidating. But chances are, you’ve already started! You likely have a 401(k) through your employer, a workplace retirement plan that you and your employer pay into based on employment agreements. However, 401(k)s have contribution limits, which means you can only save a certain amount each year. A better strategy is to have a 401(k) and an individual retirement account – IRA. With this strategy, you can save more money and start investing it. But if you’re new to retirement savings, you might wonder where to start.

4 Simple Steps to Start Investing Your IRA

  1. Find out which type of IRA is right for you. Different IRAs have different benefits. For example, a traditional IRA has tax benefits today, while a Roth IRA has tax benefits in the future. There are also rollover IRAs to protect your 401(k) balance after you change jobs or retire. Each type of IRA has different contributions, withdrawals, and disbursement rules.
  2. Open an IRA. You can open an IRA at most banks, including Horizon. You’ll need your tax documents, ID, Social Security Number, banking information, and contribution methods. You’ll have to complete paperwork and talk with a financial advisor, but you can begin contributing to your IRA right away!
  3. Set up contributions. You can choose how much to contribute to your IRA. You can also decide how to contribute via checks, automatic transfers, or rollovers. There are yearly limits to how much you can contribute, but experts recommend contributing as much as possible. The more you save today, the more you can invest in the future.
  4. Invest your IRA. An IRA doesn’t make interest, so to maximize your earnings, you need to invest. You can invest your IRA savings in stocks, bonds, index funds, or mutual funds. These investments do make interest, which gives you a higher return. A Horizon Advisor can help!

An IRA is an investment in your future that offers flexible savings. So contact the experts at Horizon if you’re ready to open an IRA or start investing stocks, bonds, and mutual funds in your existing IRA. 

Call us Contact us Check out our IRA options

The web site you have selected is an external site not operated by Horizon Bank. This link is provided for convenience and informational purposes only and Horizon does not endorse and is not responsible for the content links, privacy policy or security policy of this website or app you are about to visit.  Horizon Bank is not responsible for (and does not provide) any products, services or content for this third-party site or app, except for products and services that explicitly carry the Horizon Bank name. Click Proceed to continue or Cancel to go back.