Retirement Accounts & Plans
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Setting the stage for a comfortable retirement involves determining how much you need to save and developing a roadmap to pursue your goals.
There can be a lot to consider with retirement planning strategies, but one thing is for sure—it’s never too early to start saving. The benefit of compound interest on your retirement savings account could be enhanced for workers who start saving early in their careers. People who wait until they are older to begin saving for retirement have less time on their side and will typically have to invest much more of their incomes into their retirement plan to achieve the same result.
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Determining your retirement income 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.
To learn more schedule a complimentary appointment with a CFS* financial advisor.
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Learn More*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.