Retirement Planning

Did you know that you can get holistic retirement planning advice at an SECU branch? Through Credit Union Investment Services (CUIS), Investment Representatives that focus on planning can help calculate your retirement readiness, discuss Social Security strategies, and offer guidance regarding state retirement or other pension options. Whether you are many years from retirement, planning to retire soon or already retired, we can assist you with your retirement planning needs free of charge! Different approaches are suitable depending on your age.

Twenties

If you are just beginning full-time work, you probably aren’t thinking about retirement. Re-think that! The sooner you start saving, the better off you’ll be. If you contribute to an employer-sponsored plan such as a 401(k), many employers offer a matching contribution. Don’t leave free money on the table! Our retirement planners can evaluate your current and planned savings to see if you are on track to accumulate an adequate retirement account balance.

Thirties and Forties

You should be well underway with saving for retirement. Many financial advisors suggest that workers who are not covered by a defined benefit plan should save 12% to 15% of their salary in a defined contribution plan1 or other tax-advantaged account such as an Individual Retirement Account (IRA). If the total contributions you and your employer are making are less than 12%, consider increasing how much you contribute by 1% of your salary each year. Many 401(k) plans offer an automatic increase feature, which makes it easy to save more.

Fifties

You may have a retirement date in mind. Deciding when to retire is one of the biggest financial decisions you will make. Retiring too soon and facing the risk of potentially outliving your money is a frightening proposition. Our retirement planners can help you with this decision by evaluating your projected income and expenses during your retirement years. Will you have enough savings to cover your needs? How long will your money last? Determine how much your projected retirement income and expenses will be during retirement, then schedule an appointment with a retirement planner at an SECU branch. We can help calculate if you are on track to retire by your desired date, or if you need to work a little longer or save more.

Sixties and up

Once you retire, we can assist you with estimating how much you can withdraw annually from your personal retirement savings accounts to make your savings last through your projected lifetime. We can also help you analyze your spending to see if you can decrease expenses in order to stretch your money even further.

If you are interested in this service, please stop by or call your local branch today!
Retirement planning and investment advisory services offered through Credit Union Investment Services.  Securities offered through SECU Brokerage Services. Member FINRA, SIPC. Securities products are not credit union deposits. They are not obligations of or guaranteed by a credit union or its affiliates. They are not insured by the NCUA or any federal government agency. Securities products involve investment risks, including possible loss of principal. Investment representatives are also credit union employees, who may accept deposits.
1 A defined contribution plan is a retirement plan, typically tax-deferred, in which employees contribute a fixed amount or percentage of their paychecks to an account intended to fund their retirements.