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Planning Your Financial Future
Saving for Retirement
Saving for your retirement - The Investment Partnership (TIP). We all know saving for retirement is important. The challenge is other more immediate financial commitments often get in the way. Analog makes saving for retirement easier through The Investment Partnership (TIP).
TIP helps you save for retirement through:
- Company Basic Contributions. ADI starts you off by contributing to your individual TIP account an amount equal to 5% of your eligible pay. It’s like you’re getting a 5% pay increase delivered in a tax effective way!
- Company Matching Contributions. ADI will match the first 4% you contribute to your TIP Account with a 3% contribution. That’s a total ADI contribution of 8% of your pay – a great start toward the target of 15% of pay retirement experts suggest you save.
- Pre-tax Savings and Tax Deferral:
- When you save through TIP, contributions are deducted from your paycheck before income taxes are taken out. As a result, you'll pay taxes on a lower salary and be saving for the future at the same time.
- Another powerful benefit of investing through TIP is tax deferral. You pay no income taxes on any earnings until you withdraw them, when they will be taxed at your applicable, often lower, income tax rate.
- Roth After-Tax Savings:
- Roth contributions are deducted from your pay after federal income taxes are withheld and will not reduce the taxes you owe today. In exchange for paying taxes on your contributions today, you will not need to pay taxes on those contributions upon withdrawal.
- In addition, any earnings on your Roth contributions are eligible to be withdrawn tax free, providing you take a qualified Roth Distribution. A qualified Roth distribution is generally one that is made after a 5-year taxable period following your first Roth contribution and is made on or after the date you attain age 59.5.
- Your Contributions. You certainly want to contribute at least 4% of pay in order to receive the matching company contributions, but don't stop there. The more you save, the closer to retirement security you will be. You can contribute up to a maximum of $19,500 a year (2020) and, if you are age 50 or over, you can make additional annual "catch-up" contributions of up to $6,500 (2020).
Logon to NetBenefits to access your TIP account and begin saving toward your retirement now.
Related Topics & Resources
- Fidelity's NetBenefits. Find interesting and helpful information on how to save for your future needs in the e-Learning catalog, on demand pre-recorded sessions for various 401(k) topics and live webinar workshops.
- Health Savings Account as a Retirement Tool? Did you know that the money in your HSA can be used to pay for qualified medical expenses during retirement? You never lose your money – your unused balance keeps rolling over from year to year, whether you leave ADI or leave the plan. You get the triple tax advantage of tax-free savings, tax-free earnings, and tax-free withdrawals as long as you use your HSA money to pay for eligible health care expenses.