Information from Workers Credit Union’s Retirement Planning & Investment Center through CFS* to help keep your financial life in balance.
Transitioning to Retirement
For most of us, planning for retirement is not on top of the “To Do” list. Fortunately, with a little preparation and careful planning, you may be able to avoid the pitfalls in working towards a secure retirement.
For many workers, investing means having a portion of their paycheck systematically invested in an employer sponsored retirement account. Little thought is given to the retirement account after that. Saving for retirement is arguably the most important aspect in preparing for retirement. Having a carefully laid out plan may help smooth the transition from working to retiring. The sooner you devise a plan, the more time you have to explore and evaluate your options. Taking these steps might make the difference between a successful retirement and a disappointing one.
Seek Professional Advice
Preparing for retirement is not an easy
process. With all of the information
and products available today, developing a strategy that best suits your individual needs may be daunting. To avoid the headache of trying to tackle this task alone, seek the advice of a trained professional.
Your credit union is staffed with experienced financial professionals who may be able to assist you identify investment goals, develop and implement a well-structured investment plan.
Test-Drive Your Budget
One of the most important steps in analyzing your retirement picture is being aware of your total household expenses. Unfortunately, many of us may not be aware of what our current lifestyle costs. In retirement, you may find it necessary to live on a smaller portion of your pre-retirement income. For example, if you plan on retiring on 85% of your current income, consider carving out 15% of your current income and investing it in your retirement account. This strategy may help you in preparation of living on a reduced income, potentially boost your overall retirement account balance, and
possibly reduce your taxable income.
Sprint to the Finish Line
If you haven’t begun saving for retirement, don’t get discouraged. It’s never too late to start saving for retirement.
Who Can Help Me?
As there often seems to be an insurmountable number of variables in navigating your retirement picture, the aid of an experienced financial professional can be an invaluable resource. Please visit your credit union branch today so that he or she may assist you in answering many of these difficult questions.
|*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.
CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.
Before deciding whether to retain assets in an employer sponsored plan or roll over to an IRA, an investor should consider various factors, including but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock.