These days, it seems as if more and more Americans are retiring at later ages. It isn’t uncommon to see men and women in their late 60s still heading for work, unsure of when they’ll decide to make that jump into retirement. It’s understandable considering the economic climate we’re currently in, but planning for retirement sooner rather than later can help you leave the workplace at an earlier time. There are two financial institutions that offer services in Cameron county, credit unions, and banks Brownsville. Valley Federal Credit Union wants to help you do so so that by the time you reach your 60s, you’ll be ready to relax and enjoy retirement.
Deciding on the Type
Creating a retirement plan to meet your financial goals must reflect how you’ll be planning on living your post-career life. Will you be relaxing at home, traveling or maybe taking up a part-time job? Lifestyle costs and how much you’ll need to get are equally important when forming a plan. Below are more questions to ask yourself:
- At what age do you want to retire?
- How will you be spending your retirement benefits (investments, payments, etc.)?
- Will you be supporting a spouse or other person?
How Will You Get There?
Planning your retirement only a few years before settling down is an exercise in futility. Sure, you may be able to save a few thousand dollars by then, but it may all very well disappear faster than you spent building it up. It may take decades of setting aside money into a savings account before you’re ready to leave the workplace. Who you decide to plan with is also a factor. Our credit union has several perks for members when it comes to planning for the future.
Available Bank Brownsville Options
Some employers have plans involving 401(k)s. This involves removing funds from your paycheck on a pre-tax basis and helping decrease your taxable income. Since the tax advantages and contributions your employer offers are significant, consider a retirement plan if one is available.
Another form of retirement financial planning for those under the age of 70 is an Individual Retirement Account (IRA). There are a variety of IRAs: most are either employer-provided or self-provided plans. Self-provided IRAs include Roth IRAs and traditional ones. The differences are that traditional IRAs offer tax-deferred savings while Roth IRAs offer withdrawals that are tax-free.
Is it Better to Invest at Brownsville Banks or Credit Unions?
In reality, investing is investing wherever you go. However, there are stipulations depending on which financial institution you open your investment accounts. As a VFCU member, you never have to worry about high fees or unreliable exceptions. We also offer the availability to connect with a financial advisor, upon request. We always recommend speaking to each institution first, to learn about the different investment options available.
Not sure if our credit union is not the best choice? Read our VFCU member’s testimonials!
We Can Help Build Your Retirement Plan!
Don’t let retirement planning overwhelm you while choosing between our credit unions and banks Brownsville – we know how it can get complicated. Know that by having VFCU guide you, your retirement planning efforts will be worth it. Get in touch with our credit union to learn what we can do to help you live financially comfortably after retirement.