Retirement planning can be daunting for many people. As your financial partner, Members First Credit Union of Florida wants to help you plan for your retirement by providing useful resources and solutions. That's why we're sharing steps to take to save for retirement and how you can save for retirement at your Credit Union.
Steps to Help You Start Saving for Retirement
Speak with a qualified financial advisor.
We recommend speaking with a qualified financial advisor to help figure out what kind of retirement plan best suits you and your financial needs. A qualified financial advisor can help give you insights on available resources as well as laws and regulations that need to be followed. They'll also be able to recommend different options to help you grow your money for retirement and teach you how to be more savvy with your money so that you'll be ready for retirement.
Use a retirement calculator.
Our retirement income calculator can help you figure out how much monthly income your retirement savings may provide you in your retirement. This will tell you if you're on the right track or give you a better understanding of how much you'll need to save for retirement.
Start saving as early as you can.
The right time to save for retirement is highly personal and depends on your needs. Additionally, you may find that your ability to contribute to your retirement savings may fluctuate over time. For instance, if you're purchasing a home, you may see a dip in your capacity to save for retirement or if you have a significant amount of debt, you'll want to pay down those obligations before paying into a retirement account. But, the sooner you start saving, the more earning power and flexibility you'll be afforded with your financial resources.
Where can you find money for retirement?
- Your paycheck. A simple way to save for retirement is by setting aside a portion of each paycheck. Having the funds directly deposited into a retirement savings account can help make saving easier.
- Gifts and other income. Putting money aside from birthday gifts, special occasions, or side hustles is an effective way to boost your retirement savings.
- Employer 401k. An employer 401k can be a great way to help you save for retirement. With an employer 401k, you'll be investing pre-tax dollars. In addition, many employers will match your contribution up to a certain percentage.
- Cutting back. While it's always nice to find ways to increase your cash inflow for your retirement retirement savings, it's not always feasible. If it's possible, look for ways to free up existing money by reorganzing your budget. Simple changes like choosing store brand over name brand products, making home lunches instead of eating out, cutting back on subscriptions, and biking or walking when you can, can clear up funds and allow you to allocate them towards your retirement savings.
Members First Retirement Savings Options
Traditional and Roth Individual Retirement Accounts (IRAs)
A Traditional or Roth IRA at Members First are excellent tools to help you save for retirement. As a member of Members First Credit Union of Florida, you can take advantage of competitive rates, no minimum deposit requirements, and no maintenance fees.
Certificate of Deposit (CD)
Members First has a selection of certificates to choose from to meet your retirement savings needs. Whether you're saving for short-term or long-term goals, Certificates of Deposit are a low-risk choice that can help you earn higher dividends than a regular savings account.
Savings Accounts
Putting money in your Credit Union savings account is another smart move to help aid you towards your retirement goals. Members First offers a variety of savings account choices to help fit your needs. In addition, your savings account is federally insured to at least $250,000 by the National Credit Union Administration (NCUA).
Ready to Start Saving Toward Your Retirement Goals?
Our financial service representatives at Members First Credit Union of Florida are here to lend a helping hand with your retirement savings needs.
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