How much money will you need?

It depends on a number of factors specific to your personal situation. You might start by addressing these questions:

  • At what age would you like to retire? The earlier you retire, the more financial resources you may need.
  • How many years will you spend in retirement? Consider your health and family history.
  • Will you pay for healthcare expenses out of pocket, or will a former employer help cover the costs?
  • Have you considered the impact of inflation on your savings needs?
  • What retirement lifestyle do you envision? Do you plan to move, travel extensively or maintain a country club membership? You might need more than someone who anticipates a more frugal lifestyle.
Retirement Strategies
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Individual Retirement Account (IRA)

IRAs provide an excellent vehicle for tax-advantaged savings beyond what your employer may offer.

  • Traditional IRA: These potentially tax-deferred retirement plans allow you to avoid paying taxes on contributions and earnings until you withdraw the funds. Both deductible contributions and earnings are then taxed at your regular income tax rate when the money is withdrawn. Contributions can be made as long as you have earned income and you are below age 70-1/2.
  • Roth IRAs: Roth IRAs allow for tax-free growth over your lifetime. While contributions are not tax-deductible in the year they’re made, withdrawals that are classified as “qualified distributions” are tax-free. Contributions can be made beyond age 70-1/2 with earned income. You can choose when to withdraw funds thanks to no required minimum distributions.
  • Employer-Sponsored Plans: Employer-sponsored retirement savings plans offer employees automatic savings devices with the added benefits of tax breaks and, in some cases, employer matching. There are several different plans; understand what is available to you and what your responsibilities are in taking advantage of them.

CUSO Financial Services, L.P. (CFS) does not provide tax or legal advice. For such guidance, please consult your tax and/or legal advisor.

Rollover options

When you leave a job, you may have up to four options for any funds in your former employer’s retirement plan:

  • Leave the funds in the employer’s plan
  • Roll them to a new employer’s plan
  • Roll the assets to an IRA
  • Take a taxable distribution

Although there may be good reasons to choose any of these options, rolling the funds to an IRA enables you to maintain control regardless of your employment situation.

 

**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.

Investment management

Some people aspire to buy a dream home or travel the world after they retire.  Others want to help their children pay for a college education.

Sound financial management is a process that begins with a person’s first paycheck and continues through each stage of life.  Each decision you make about money today forms the foundation for your financial future.

  • Cash management
  • Protection strategies
  • Investing fundamentals
  • Tax efficient investing*
  • Retirement planning
  • Estate matters

* CUSO Financial Services, L.P. (CFS) does not provide tax or legal advice. For such guidance, please consult your tax and/or legal advisor.

Estate Conservation

Estate conservation involves the preparations necessary to accomplish two goals:

  1. Managing your assets during your lifetime. Wealth management is at the heart of a sound financial program.
  2. Making arrangements for the prompt and intended distribution of your assets upon your death.

Effective estate conservation has several benefits for all people – not just the very wealthy.

Life Insurance

Life insurance
With life insurance, you can help protect your family financially in the case you are no longer around to provide for them.

Will they need help paying off debt, funding college or supplementing retirement income? By listening to your needs, we’ll help you choose from various types and coverage levels to accomplish your financial goals.

Want to learn more?

To learn more schedule a complimentary appointment with a CFS* financial advisor.

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*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. Consumers Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.