What to Consider When You’re Planning for Retirement
Retirement is the time when you get to sit back and enjoy the fruits of your labor. However, without careful planning, it can instead be a time of financial stress. The key to successful retirement is planning. Even if you haven’t yet thought about retirement, the time to start is now. Sit down with a representative from your credit union to explore all of your saving options and to make a plan that works for your goals and budget. Here are some things to keep in mind when you’re planning.
There is never a wrong time to start saving for retirement.
The ideal way to save for retirement is to start when you are young, so you have the maximum amount of time available to you to allow interest to work in your favor. However, if you didn’t start young, that doesn’t mean that it is too late. There is never a wrong time to start saving. You simply have to adjust your strategies based on your current stage of life, so you can maximize your returns.
Goals will help you stay on track.
Setting aside money without any goals in mind is an ineffective way to plan for your retirement. Instead, set savings goals, so you know exactly what you want to achieve. Know how much you want to have when you retire, and then set mini-goals along the way as you strive to accumulate that amount. You’ll feel more motivated if you’re hitting goals as you go, plus, you’ll be better positioned to do the things you want to do during retirement.
Financial windfalls can pay dividends in the future.
If you come into some extra money, such as an inheritance or tax refund, don’t start looking at the short-term rewards you could give yourself. Put that money in a retirement account so that it starts working for you. You’ll be glad you focused on the long-term potential of that money when retirement comes around.
Let GCS Credit Union help you build a retirement savings plan that works for you by leveraging our competitive interest rates and member-focused financial services. To discuss your goals with a representative from our credit union in O’Fallon, call (618) 797-7993.