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.

Andrea Puchalsky
[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
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Intelligent machines are here. Robots, self-driving cars, drones, bots and many IoT devices are becoming smarter with Machine Learning. In her session at @ThingsExpo, Sudha Jamthe, CEO of IoTDisruptions.com, will discuss the next wave of business disruption at the junction of IoT and AI, impacting many industries and set to change our lives, work and world as we know it.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
What are the successful IoT innovations from emerging markets? What are the unique challenges and opportunities from these markets? How did the constraints in connectivity among others lead to groundbreaking insights? In her session at @ThingsExpo, Carmen Feliciano, a Principal at AMDG, will answer all these questions and share how you can apply IoT best practices and frameworks from the emerging markets to your own business.
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...