Pub. 2 2012-2013 Issue 6

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S May • June 2013 9 for retirement may be the last thing on their minds. Many are saddled with student loan debt and face the prospect of a tough job market. But by starting to save in your 20s and 30s means that, even if you save less each year, you can still end up with more money at retirement than someone who starts to save later in life. Incidence of IRA ownership lags among young millennials. Only 13.9 percent of households headed by young millennials have an IRA, according to the Employee Bene fi ts Research Institute’s analysis of the 2010 Survey of Consumer Finance. So for this group of clients you may want to focus your mar- keting efforts on helping them to start saving for retirement. Offer IRA share savings accounts with no minimum balance requirements, and to ensure that they keep saving, offer IRA funding through payroll deduction and automatic transfers. Consistently saving, even if only small dollar amounts, will put your younger clients on the path to a more secure retirement. Generation X, those born between 1965 and 1979, are well- established in the workforce, but they too have retirement savings challenges. In addition to mortgage and consumer debt, members of generation X will soon face college expenses for their children at the same time that they are saving for their own retirement. Many are participating in a retirement plan at work, but it is likely a 401(k) rather than a defined benefit plan, and they may not be saving enough to ensure a secure retirement. The good news is that these individuals have a long retirement time horizon and will benefit from many years of tax-deferred IRA growth. According to data from the Investment Company Institute, Roth IRA ownership is greater among generation X than among any other age group. When it comes to marketing for these individuals, you may want to promote Roth IRAs and Q IRA Marketing  continued on page 10 Rothgerber Johnson & Lyons LLP Banking Group Denver · Colorado Springs · Casper • Affiliate Transactions • Asset-Based Lines of Credit • Bank Operations • Branch Banking • Compliance and Disclosure • Consumer Finance • Credit Document Drafting and Review • Creditor’s Rights/Bankruptcy • De Novo Financial Institutions Charters • Factoring • Foreclosures and Collections • Holding Company Formations • Lender Liability • Lending Limit Advice • Leveraged Acquisitions • Litigation • Loan Originations and Modifications • Loan Restructuring • Mergers and Acquisitions • New Product Development • Project Finance • Recapitalization • Regulatory Advice • Regulatory Enforcement Defense • REO Disposition • Stock Offerings • Strategic Planning • Subchapter S Corporate Restructuring • Uniform Commercial Code • Use of ESOPs Nationally recognized for our corporate, regulatory, and litigation practices for community banks Contact: Karen L. Witt 303.623.9000 · www.rothgerber.com Creative Solutions Since 1903 Robert S. “Sam” Arthur, Jr. Justin H. Boyd Kristin M. Bronson Philip A. Feigin Tennyson W. Grebenar Stephen T. Johnson William P. Johnson Kevin M. Kelly David P. Kunstle Lindsay L. McKae Mark A. Meyer Bruce N. Warren, Special Counsel Karen L. Witt This year, consider centering your marketing efforts around the needs of your individual client, and both your organization and your clients will reap the bene fi ts.