Click here to close now.


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

Compare IRAs

Consumers can visit 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 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
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
This week, the team assembled in NYC for @Cloud Expo 2015 and @ThingsExpo 2015. For the past four years, this has been a must-attend event for MetraTech. We were happy to once again join industry visionaries, colleagues, customers and even competitors to share and explore the ways in which the Internet of Things (IoT) will impact our industry. Over the course of the show, we discussed the types of challenges we will collectively need to solve to capitalize on the opportunity IoT presents.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
SYS-CON Events announced today that Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, will keynote at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in high-performance, high-efficiency server, storage technology and green computing, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and Embedded Systems worldwide. Supermi...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data shows "less than 10 percent of IoT developers are making enough to support a reasonably sized team....
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of at least three separate application components: the software embedded in the device, the backend big-data service, and the mobile application for the end user's controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target - this makes the integration of these separate pipelines and the coordination of software upd...
As a company adopts a DevOps approach to software development, what are key things that both the Dev and Ops side of the business must keep in mind to ensure effective continuous delivery? In his session at DevOps Summit, Mark Hydar, Head of DevOps, Ericsson TV Platforms, will share best practices and provide helpful tips for Ops teams to adopt an open line of communication with the development side of the house to ensure success between the two sides.
The IoT is upon us, but today’s databases, built on 30-year-old math, require multiple platforms to create a single solution. Data demands of the IoT require Big Data systems that can handle ingest, transactions and analytics concurrently adapting to varied situations as they occur, with speed at scale. In his session at @ThingsExpo, Chad Jones, chief strategy officer at Deep Information Sciences, will look differently at IoT data so enterprises can fully leverage their IoT potential. He’ll share tips on how to speed up business initiatives, harness Big Data and remain one step ahead by apply...
There will be 20 billion IoT devices connected to the Internet soon. What if we could control these devices with our voice, mind, or gestures? What if we could teach these devices how to talk to each other? What if these devices could learn how to interact with us (and each other) to make our lives better? What if Jarvis was real? How can I gain these super powers? In his session at 17th Cloud Expo, Chris Matthieu, co-founder and CTO of Octoblu, will show you!
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context w...
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, will explore the current state of IoT connectivity and review key trends and technology requirements that will drive the Internet of Things from hype to reality.
"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 interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, will show how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants will get the download information, scripts, and complete end-to-end walkthrough of the analysis from start to finish. Participants will also be given the pract...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing these ideas and some early experiments performed in the Kurento open source software community in areas ...
Electric power utilities face relentless pressure on their financial performance, and reducing distribution grid losses is one of the last untapped opportunities to meet their business goals. Combining IoT-enabled sensors and cloud-based data analytics, utilities now are able to find, quantify and reduce losses faster – and with a smaller IT footprint. Solutions exist using Internet-enabled sensors deployed temporarily at strategic locations within the distribution grid to measure actual line loads.