Establishing a Robust Retirement Budget: Prioritize creating and updating a budget to accurately forecast and manage retirement expenses, ensuring financial readiness for your non-working years.
Organizing Finances and Debt Reduction: Simplify finances and reduce debt with personalized banking and lending solutions from Consolidated Community Credit Union
Seek to Optimize Investments: Focus on regularly evaluating investments to ensure efficient growth of retirement savings and diverse investment opportunities.
No matter how old you are, having a sound retirement plan in place is a smart financial move. Retirement goals may differ for everyone, but having a plan in place that includes regular financial checkpoints is crucial for pursuing confidence during your retirement years.
Using financial checkpoints for your retirement goals is important because they can help you save and plan in a way that doesn’t seem overwhelming. Preparing for retirement now by using these financial checkpoints can give you and your family confidence knowing that you're striving to take care of your needs and easily manage your finances as you get older. Here are some tips to help you assess your financial situation and properly prepare for retirement so that you have a clear picture of your money goals, and how to work towards achieving them.
The first financial checkpoint for retirement is the most important – creating a budget. Building an accurate budget to determine your monthly expenses is key for knowing how much money you'll need to live comfortably in retirement. As you're creating your retirement budget, consider ways to reduce any unnecessary expenses to free up extra savings to meet your retirement goals.
Retirement Budgeting Tip: Use our 'Budgeting Tips and Tricks' guide to help you keep your finances on track now and into retirement.
Many of us have financial documents in a variety of different safe-keeping places. This can range from storing hard copies in filing cabinets to saving electronic files on your computer. Before you retire, it's a good idea to simplify and organize all of your financial records like income taxes, monthly bills, and bank statements, as well as other financial documents in a safe place.
It's also a good time to begin your estate planning. Letting your family know where they can locate all your important files will help make settling your estate smoother.
Decluttering Financial Records Tip: Consider switching to eStatements and saving your account statements electronically. For added security and safety, regularly download your files to a USB drive, external hard drive, or cloud storage to allow access to your files on another device.
Simplifying your financial accounts now in preparation for retirement is a smart way to manage your money for a confident financial future. CCCU understands the value of your dollar – especially during retirement – and is here to help with a variety of account options that are suitable for retirees. Choose from simple Checking Accounts for easy access to your money, or retirement investment opportunities to help you save for the future, including a Traditional IRA, Roth IRA, and IRA Certificates.
Simplifying Bank Accounts Tip: Consider designating another person with the authority to help manage your financial affairs. Depending on the scope of your needs, you may consider adding someone as joint to your accounts or preparing a legal document such as a Power of Attorney which gives financial authority to an individual.
It's always a good idea to check your credit report regularly and the Federal Trade Commission offers this service annually at no charge. This will give you the opportunity to ensure all the information in the report is correct and request that any inaccurate information be updated. Maintaining a good credit report is crucial to your financial status throughout retirement and will make it easier to get better interest rates and terms on loans during your golden years of retirement.
To enjoy your retirement to its full potential and with less financial stress, it's a good idea to prioritize debt payoff now to decrease your monthly expenses in the future. Form a financial plan and budget to pay off debt for things like high interest credit cards. Consider a Home Equity Loan, Personal Loan, or Visa Credit Card from CCCU for debt consolidation to lower interest rates and help you save more money before retirement. Paying off debts now means you'll have more financial flexibility during retirement.
Re-evaluating your investments to monitor if your selections are in-line with your goals is a savvy pre-retirement move. This re-evaluation also allows you to look over your investments and possibly consider restructuring your investment accounts to improve your portfolio performance. Now is the perfect time to compare interest rates and consider a CCCU account that can help you save for the future.
Investment Tip: Look at opening or maximizing a Traditional IRA, Roth IRA, or IRA Certificates to make sure you're getting the most bang for your buck when it comes to saving for your retirement.
Maximizing the money you set aside for retirement doesn’t mean you have to slash spending and go without little extras, travel, and other positive experiences. By applying the same frugal habits that helped build your nest egg, you can make it last.
Consider taking advantage of credit card rewards programs, mileage points, senior discounts, and shopping at wholesale outlets like Costco and Sam’s Club, among others. And now that your lifestyle isn’t quite so hectic, book travel based on reduced rates rather than paying a premium. Anytime you can save money, you stretch retirement savings further.
The CCCU Wealth Management team is here to help you create a financial plan that sets you up for success. Reach your retirement goals, manage your investments, and plan for your family's future with help from an experienced advisor.
Securities are offered through LPL Financial (LPL), a registered broker-dealer (member FINRA/SIPC).
Insurance products are offered through LPL or its licensed affiliates. Investment advice offered through CCCU Wealth Management Inc, a registered investment advisor and separate entity from LPL Financial. Consolidated Community Credit Union and CCCU Wealth Management are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using CCCU Wealth Management, and may also be employees of Consolidated Community Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Consolidated Community Credit Union or CCCU Wealth Management. Securities and insurance offered through LPL or its affiliates are:
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