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Planning for Retirement

Save aggressively and invest wisely so you can live comfortably.

Seems like yesterday you waltzed out of college and into your first job. Retirement will be here before you know it.

It can be emotionally tough to leave the workforce. The transition is even harder if you’re financially unprepared for retirement. It’s never too early to lay the groundwork for your golden years. The first step: Give yourself an immediate financial checkup. Where is your money invested? What sort of returns are you getting? How much is left on your mortgage? Where do your credit card balances stand? Without seeing where you are, it’s hard to map out the route to where you want to go.

Next, imagine your desired retirement lifestyle. Does it include living in the same house, or moving someplace nicer, or closer to family? Will it involve a lot of travel? Do you plan to work part time or kick back full time? Once you have some answers, go find an online retirement planning calculator and see if you’re on pace financially to live the way you want. Experts say you need about 70 percent of your pre-retirement income to maintain a similar lifestyle.

In your remaining years on the job, you’ll want to save aggressively. After age 50, you’re allowed to play “catch-up” with your 401(k), as annual maximum contributions increase. If you don’t have a separate individual retirement account, consider opening one. A financial counselor can explain regular IRAs and Roth IRAs and help choose which is best for you. The advisor can also help you diversify all your investments. For years, the rule of thumb was to create conservative portfolios as retirement neared. While it’s still wise to stash emergency funds in no-risk savings accounts, times have changed. For one thing, people are living longer. Some of your money should stay in long-term investments that have a chance to yield significant returns.

It’s never good to have sizable debt. In your case, it’s wise to pay it down while you’re still working. You don’t want to use your precious retirement resources to pay off big loans. A final thought: One way to have more money for retirement is to spend less now. Some big-ticket ideas include moving to a smaller home or ditching one of your cars. Smaller savings can come from many sources, ranging from scrutinizing investment fees to opting for cheaper cable TV service.

Sure, it takes a lot of work to prepare for retirement. The good news is that you will hopefully spend a lot of years sitting back and enjoying the fruits of your labor.

Planning for Retirement

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Financial Education Center
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You've owned your home for over twenty years. It's been a part of so many memories - births, deaths, marriages, kids graduating from school, all those holiday celebrations, you name it. You've probably collected a TON of "stuff" too (and yes, that's a technical term).

I think it's time to start planning for retirement.

Although most of us recognize the importance of sound retirement planning, few of us embrace the nitty-gritty work involved. With thousands of investment possibilities, complex rules governing retirement plans, and so on, most people don't even know where to begin.�

Lunch Tracker - Visa

The LunchTracker app from Visa helps you mange your spending and start saving money.

Making a budget is now made easier with the LunchTracker app from Visa. Regardless if you pack, eat at home or out at a restaurant, this app allows you to track how much you are spending when you have lunch. Because regardless of how you enjoy your lunch, these charges all add up. Keeping track of this daily expense can help you set spending goals and start saving.

Download mobile apps:
  • Download on the App Store
  • Get it on Google Play

Coastal Digital Banking - Coastal Credit Union

Coastal has upgraded our online banking and mobile banking platforms to a brand new unified system, which we are calling Digital Banking.

Access your Coastal Federal Credit Union accounts, quickly and conveniently, wherever you are with COASTAL Digital Banking! COASTAL Digital Banking allows you to check balances, make transfers, pay bills, and more!

Download mobile apps:
  • Download on the App Store
  • Get it on Google Play

Having this account allowed me to save for college and now I have the opportunity to pay for my education without having to worry about interest.
Claudia M.

Need help with Planning for Retirement?

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