Many of us look forward to the day that we finally retire. After years of hard work and dedication, retirement is a time to sit back, relax and do all the things you love. Whatever your retirement dream may be, it's important to have a savings plan in place to make your vision a reality.
If your retirement is on the horizon, these steps could help you rev up your savings and ensure you're on the right track:
Revisit your retirement savings goal
Do you know how much you need to save for retirement? A good place to start is with an online retirement calculator. Keep in mind that your retirement savings goal is based on estimates that will likely change over time. Review your goal regularly to adjust for factors like inflation, rates of return, salary adjustments, retirement expenses and Social Security benefits.
Save extra cash
If you receive an unexpected windfall, consider using it to pad your retirement fund. For example, if you pay off a credit card or loan, you'll free up more money to direct to retirement savings. If you receive a raise, bonus or tax refund, you can dedicate that cash to your retirement.
Reduce monthly expenses
Another way to boost your retirement savings is to trim recurring costs in your budget. Here are some helpful ways to cut back on your monthly expenses:
Housing: Consider downsizing to a smaller home or apartment. If you want to maintain your current home, explore your mortgage refinance options.
Car expenses: Be proactive with car maintenance and repairs. It will help you save money in the long run by extending the life of your vehicle. When it's time to replace your car, consider buying used over new to save money.
Entertainment: Look for free and fun entertainment in your city. Visit local museums and community attractions. Attend free concerts, outdoor movies and festivals. Instead of going out to eat, pack a picnic lunch!
Consult with a professional financial advisor
Planning your retirement can seem overwhelming, but remember, you don't have to do it all on your own. As you get closer to your retirement date, consult with a professional for guidance. An experienced financial advisor will help you to develop and follow a plan for a safe, secure and fun retirement.
Retirement doesn't begin at 65; it's a journey that begins today. By planning ahead and setting a retirement savings goal, you can prepare for the life you want to live when you retire.
At Wright-Patt Credit Union (WPCU), your retirement goals are our passion! The experienced CFS* Financial Advisors on Wright-Patt Credit Union's Retirement Solutions team, available through CUSO Financial Services, L.P. (“CFS"), are here to answer your questions and make retirement planning a little easier. Schedule a complimentary appointment today with one of our CFS Advisors to review your current retirement plan.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. WPCU has contracted with CFS to make non-deposit investment products and services available to credit union members. For specific tax advice please consult a qualified tax professional.
Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.