Planning for Retirement

Planning for Retirement

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Now is the time to begin your retirement planning! The advantages of starting your retirement planning early in your career are huge. Studies have shown that the sooner you begin saving for retirement, the less overall money you have to put away to achieve your retirement goals. While younger workers often feel as though they do not have a lot of disposable income, the reality is that if you don’t start planning and saving now, you may never get started. Just looking around at the current economic situation is enough to realize that for many younger workers, having enough in retirement ought to be a priority.

What Stage are you at in life?

Younger Worker

If you are a younger worker in your twenties or early thirties, you may find that your employer has a retirement plan. Many employer sponsored retirement plans have matching contributions provided by the employer. It is always a good idea to put in at least the minimum necessary to get the match. Once you have done this, then it may make sense to look at other options, particularly if you do not have a Roth option with your employer. Learn more about IRA options here.

There are many additional strategies, but nothing will be effective if you have not taken care of building up your savings as described in Start Investing. Once you have accomplished this and taken advantage of your employer sponsored retirement plan, you are ready to visit with an advisor and talk about additional options.

Approaching retirement

When you get within 5-10 years of anticipated retirement, it is time to get down to serious work. Chances are, you are participating in an employer plan, maybe you even have a pension and you may also have one or more IRA/Roth accounts.  How do you know how much income you will be able to receive in retirement? Are you on track, or has the difficult investing climate of the last ten years created havoc with your plans? Now that you are closer to retirement, are you finding that you need better returns, but are afraid of taking the risk necessary to get them? If so, you are not alone. Many people in this phase of life are feeling the same. Fortunately, this is the time when innovative products and strategies may help put your plans back on the right track. Or, you may find that you are doing well and need only make minor tweaks to your portfolio or strategy. How do you know?

Solving the retirement income puzzle is often the biggest challenge facing people as they go into retirement.  An advisor from Rogue Credit Union may have solutions that you never even knew existed, and may be exactly what you need. No two people are exactly alike and your plan needs to be tailored to your preferences. Some people are fine with account fluctuation; others want nothing to do with it. Planning for dealing with inflation may require approaches that fall outside of traditional “safe” investments like CDs and Savings Accounts. 

Our advisors will work with you to find the right solution. They know that you are an individual and will not attempt to apply a cookie cutter approach to your retirement income/portfolio management needs. Our advisors have experienced many different market conditions and know that not every investor will behave the same way during difficult time periods. Therefore, they will talk with you and build your plan collaboratively rather than talking at you and telling you what to do without any feedback from you. By maintaining responsiveness to your needs, you can be assured that your advisor understands this is your retirement and your money.

Currently retired

Managing a portfolio in retirement can be challenging. Many different types of scenarios may be part of the equation. 

Listed are some common topics that our advisors can talk with you about:

  • Do you have a significant sum that you would like to pass on to heirs or charitable organizations?
  • Are you struggling to have your income keep up with expenses?
  • Do you manage your assets in a trust account?
  • Do you have money that you don’t intend to use that is sitting in a Certificate/Money Marker account earning less than one or two percent?
  • Do you worry about your spouse if something were to happen to you?

Contact an advisor today.

*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.

Routing # 323274775

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