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Understanding the Basics

Key Considerations

To help you make decisions about where to save for retirement that fit your specific situation, consider the following points:

  • Consider making the maximum pre-tax contribution to your company retirement plan, especially if it has a company match. Payroll deductions ensure the money will go into your account.
  • A company retirement plan will typically allow you to make a much higher annual contribution than an IRA, which is capped at $6,000 in 2020 (up from $5,500 in 2019). Catch-up provisions may apply.
  • Most company retirement plans allow you to take a loan against your account balance.
  • If you've maxed out the pre-tax annual contribution to your company retirement plan, and you qualify to establish a Roth IRA, save in the Roth IRA to take advantage of tax-free growth and withdrawals. If you don't qualify for a Roth IRA, you can make a non-deductible contribution to a traditional IRA.

Keep in mind that it's your responsibility to make sure you have enough money when you retire. Here are some questions to ask as you go along.

  • Are you saving enough?
  • How much can you afford to save?
  • How should you use your 401(k) plan to save?
  • What other retirement savings options do you have?
*Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. BancorpSouth Wealth Management is a trade name of BancorpSouth Bank, a division of Cadence Bank. Infinex and the bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.


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