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Find out more about Investment Services at Consumers Credit Union, available through CUSO Financial Services, L.P.*, and meet our CFS Financial Advisors.
If you are planning to retire soon, review these steps before turning on your “Out of Office.”
1. Understand Your Withdrawal vs. Preservation Schedule.
What are potential strategies to preserve (or even grow) savings as you tap into your assets throughout retirement?
2. Decide When You Want to Take Social Security.
The age you elect to take Social Security may impact your benefits as much as 24%.
3. Pay off credit card debt.
High-interest credit card bills without a steady paycheck can drain retirement savings more quickly than you realize.
4. Establish or add to your emergency fund.
Prepare a separate account for the unexpected now so you are not dipping into retirement income.
5. Make a budget.
Create a budget that factors in all aspects of your retirement life. See what you can cut and research costs for hobbies so you have a better idea of how much you’ll be spending and on what.
6. Healthcare. Healthcare. Healthcare.
One of the biggest expenses for retirees is healthcare, so study how insurance, Medicare Part A and Medicare Part B work together to help you cover expenses – and what you can do to pay for what these programs don’t.
7. Finally, talk with a financial professional to review your retirement income strategy and get help with any of the steps above.
Copyright FMG Suite. *Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and 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. Consumers Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
Learn more
Find out more about Investment Services at Consumers Credit Union, available through CUSO Financial Services, L.P.*, and meet our CFS Financial Advisors.