Retirement used to be thought of as going from work to the golf course, but there is so much to think about now. These are 7 ways you can prepare for retirement while you are still working:
- Participate in a 401(k)
- Make sure employer matches you 100%
- Invest smart
- Use an IRA
- Use a Roth IRA
- Invest in a retirement account
Credit Unions can help with your investments and/or setting up retirement accounts. Planning for retirement while you are still working is a smart thing because the life expectancy of the average person is longer and fewer employers are offering pension plans for their employees. The average 65 year-old male lives 17 years longer and the average 65 year-old female lives 20 years longer. It would be wise to plan for at least 30 years of retirement.
Retirees should plan how they will be disbursing their money for expenses accordingly. They should decide whether to take out their pension plan all at once or have it in an annuity. Retirees should also plan in keeping up with inflation. Preparing for retirement while you are still young and can work longer is what everyone should do. Credit Unions are there to help you prepare for your retirement.
For more information on how credit unions can help with planning your retirement, contact the Brownsville credit union at VFCU by calling (956) 546-3108, or the Harlingen credit union at (956) 425-5668.