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Planning For Retirement

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Retirement planning

Did you know that the basic cost of the average American family's lifestyle is about $4,000 a month? That's the price for basic necessities including a mortgage, food, insurance, electricity, taxes, and such.

Most people have not calculated what retirement will cost and think more about what they will do when they retire than how they will save the money needed to make those plans a reality. Whether retirement is years away or quickly approaching, the effort you put in now to financially prepare for the future can make all the difference. Saving is essential. Evaluate your projected financial requirements for retirement and create a sound investment strategy that will move you toward those goals.

Savings options

Certificate Accounts are deposit accounts that generally offer a higher rate of interest than regular savings accounts, yet offer the same security. The flexibility of term lengths is a major benefit of Certificate Accounts, offering investors time-frame options that suit their goals and lifestyle.

There are several types of Individual Retirement Accounts (IRAs), but the two most popular are the Traditional IRA and the Roth IRA. IRAs are longer-term savings options, but they do offer tax-advantaged benefits (consult your tax advisor).

Retirement planning can be an overwhelming task to accomplish alone. Fortunately, there are trusted Credit Union resources that can answer questions and offer support.