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Planning for retirement starts with asking yourself 3 basic questions: What kind of retirement do I anticipate? When do I want to retire? How long will retirement last? The answers will help you determine how much of income you’ll likely need when you retire and put you in a better position to make wise choices now about saving and investing for your retirement.

The following are among the most common retirement savings accounts:

EMPLOYER-SPONSORED RETIRMENT PLANS

Generally an ERISA qualified plan that a business sponsors for their employees.

  • Defined Benefit Pension Plan
  • 401(k) Plan
  • 403(b) Plan
  • 457(b) Plan
  • SIMPLE Plan
  • Simplified Employee Pension (SEP) Plan

INDIVIDUAL RETIREMENT ACCOUNTS (IRA)

Offers tax-advantaged savings towards retirement. The tax-advantages, contribution limits, and withdrawal limitations vary by product.

  • Traditional IRA
  • Roth IRA

ANNUITIES

An annuity is an insurance product that can be used to help provide a consistent stream of income during retirement.

  • Fixed
  • Variable
  • Indexed

Social Security may be around when you retire, but the benefit that you get from Uncle Sam may not provide enough income for your retirement years. To make matters worse, few employers today offer a traditional company pension plan that guarantees you a specific income at retirement. On top of that, people are living longer and must find ways to fund those additional years of retirement, including paying for increased HEALTHCARE COSTS. Such eye-opening facts mean, sound retirement planning is critical, however that can be an overwhelming and stressful challenge for most individuals.

You need to understand the types of investments that are available and appropriate for your goals, risk tolerance, and time horizon. Note that many investments may involve the risk of loss of principal.

Here is the GREAT NEWS:

At Workers Credit Union, you have access to one of our knowledgeable CFS* Financial representatives available through CUSO Financial Services, L.P. (“CFS”), who can provide you with insight and guidance based on an understanding of your unique situation.

As a valued member, we offer a complimentary, no-obligation financial review.

It is our goal to enhance your investment experience and recommend strategies to help meet your long- and short-term financial objectives. Completing your personal financial review together is a beneficial step toward identifying prudent investment solutions for your needs.


 

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Setting A Retirement Savings Goal 

Retirement Plan Considerations

Retirement Plan Considerations
at Different Stages of Life

Disclaimer

* 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.

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