Friday, 15 February 2013 13:52
There’s a lot to think about when planning for retirement. And, of course, the earlier you get started, the better. Below are a few tips to get you on the right track.
Contribute to your employer’s retirement savings plan.
If you work for a company that offers a savings plan, such as a 401(k), contribute as much as you can. It is wise to contribute at least the full amount the company will match. Make sure to find out when you are fully vested as well.
Know how much you’ll need.
Financial planners suggest you’ll need at least 70% or more of your preretirement income to maintain your current lifestyle. Take a look at your finances and figure out how much that means for you.
Don’t touch your savings.
By withdrawing money from your retirement savings, you may have to pay penalties and you’ll most likely lose some principal and interest. It’s best to leave it alone!
Select an advisor.
Talk with a financial advisor who can help you tailor a retirement plan based on your needs. Plus, you’ll be able to ask questions and get realistic advice. For truly objective financial advice, your financial advisor’s services should be free of any conflicts of interest, specifically those related to commissions.
As a FORUM Credit Union member, you can take advantage of a complimentary, no-obligation review of your retirement planning needs by the Financial Advisors at FORUM Private Client Group*. They believe in placing their clients’ best interests first and provide all services on a fee-only basis and do not accept commissions related to sales of investment products. To schedule a review, please contact 317.558.6322 or email firstname.lastname@example.org.
* Meeting with a FORUM Private Client Group Representative completes one step of our SaveItUp program. Click on the side banner for more details.
Not NCUA insured. May involve loss of principal. No credit union guarantee.