Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

Americans Highly Concerned with Living Comfortably Through Retirement, Ally Bank Survey Finds

Expanded IRA contribution limits and customized retirement products offer increased opportunities for savings in early 2013

MIDVALE, Utah, Feb. 19, 2013 /PRNewswire/ --  According to an Ally Bank survey of more than 1,000 Americans, living comfortably through retirement tops the list of concerns when it comes to specific financial anxieties (37 percent). Retirement fears far outpaced other commonly cited financial woes, including paying for personal (14 percent) or children's (13 percent) tuition and funding parents' elderly care (9 percent).

One of the keys to living comfortably in retirement is to start early, says Diane Morais, Ally Bank Deposits and Line of Business Integration executive.

"For example, an IRA customer who saves $6,000 a year starting at age 50 and earns 3 percent annually will have about $71,000 at age 60," Morais said. "Compare this to an IRA customer who saves $2,000 a year starting at age 30 and earns 3 percent a year, who will have about $98,000 at age 60. Even though both customers saved the same amount, the early saver's IRA is worth $27,000 more due to the advantages of compounding interest over a longer period of time."

Demand for Ally Bank IRA products peaks during the first few months of each year as Americans gather financial records in preparation for filing their tax returns and re-evaluate their retirement savings goals. Furthermore, the IRS announced in October 2012 that the limit on contributions to Traditional and Roth IRAs would rise for the first time since 2008, from $5,000 to $5,500, and individuals 50 years and older can contribute an additional $1,000.

"The next couple of months will be ideal for opening IRAs as contributions made in this timeframe could be counted on 2012 tax returns," Morais said. "Existing savers looking for secure retirement savings growth may want to consider rolling over their current retirement plans to an IRA."

Ally Bank's IRAs and Retirement Products

Ally Bank's retirement savings portfolio includes an IRA Online Savings Account and a range of IRA CDs with competitive interest rates. The products offer many of the same customer-friendly features and services that Ally Bank customers are accustomed to: Raise Your Rate CDs, no monthly maintenance fees, no minimum deposits to open and FDIC insurance to the maximum allowed by law. In addition to offering consistently competitive rates on its IRA products, Ally Bank compounds interest daily, a feature that will help consumers' money grow faster and that many other banks don't offer.

"For consumers especially concerned about retirement readiness, Ally Bank offers a suite of simple and straightforward retirement products that will help them get closer to their retirement savings goals," said Morais.

Ally Bank offers three different IRA plans: the Traditional, Roth and Simplified Employee Pension (SEP) plans, which are each available for the following products:

  • IRA Raise Your Rate CD (in two-year and four-year terms)
    • With Ally Bank's IRA Raise Your Rate CD, consumers can increase their interest rate once (for a two-year CD) or twice (for a four-year CD) if the Bank's rates on these CDs go up at any time during the CD's term.
  • IRA High-Yield CD (in three-month, six-month, nine-month, 12-month, 18-month, three-year and five-year terms)
    • With our Ally Ten Day Best Rate Guarantee, when consumers renew an IRA CD they automatically get the best rate we offer within ten days beginning with the CD renewal date.
  • IRA Online Savings Account.
    • Earn a higher rate than with a traditional savings account.

Customers looking for secure growth can also roll over existing IRAs or qualified retirement plans, such as a 401(k) or 403(b), into an Ally Bank IRA.  Before deciding on the right IRA plan, consumers are advised to consult with a tax professional.

For more information about Ally Bank's IRAs, visit http://www.ally.com/bank/ira.

Compare IRAs

Consumers can visit http://www.ally.com/bank/ira/compare to view Ally Bank's IRA plan options and determine which best suits their needs, based on contribution eligibility, maximum contribution limits, tax advantages, tax deductions, distributions and annual deadlines for contribution.

By clicking the "Compare IRA CDs & Savings" tab, consumers are able to view current Annual Percentage Yields, top competitor rates, product highlights and additional details.

Editor's Note

A combined landline and cell phone survey was conducted by Opinion Research Corporation among a national probability sample of 1,022 adults comprising 510 men and 512 women 18 years of age and older, living in the continental U.S. Interviewing was completed during the period of June 28 to July 1, 2012.

About Ally Bank
Ally Bank is a direct bank in the U.S. that offers a straightforward approach to banking with no minimum deposit required to open an account, no monthly maintenance fees and 24/7 live customer service. A subsidiary of Ally Financial Inc., the Bank offers online savings, interest checking, money market accounts, certificates of deposit with terms ranging from three months to five years, and IRA Plans and products. Member FDIC.

For more information, visit the Ally media site at http://media.ally.com or follow us on Twitter @ally.

Contact:
Andrea Puchalsky
313-656-3798
[email protected]

 

SOURCE Ally Financial

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people's real needs and desires.
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.