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You Worked Hard, So Should Your Money

Available through CUSO Financial Services, L.P.

 

Retirement is as unique as each retiree. It could mean transitioning from full-time work to meaningful part-time work. Or perhaps it includes spending time with family, traveling, or picking up a new hobby. Whatever your retirement vision looks like, it takes planning. Being prepared financially for retirement is a multistep process that should evolve.

To help, we’ve put together a list of tips that could help you make the most of your money now and in retirement.

1. Define Your Retirement

How do you want to spend your retirement? Grab a piece of paper and pen and create your retirement vision. Be specific—for example, instead of “travel,” list specific experiences or where you want to go. Writing down your vision in a journal of what retirement looks like will help you (and your significant other) define and achieve your goals.

2. Monitor Your Investments Pre-Retirement

Before retiring, it’s important to evaluate current investments and other retirement funds. With the help of an Advisor, you can choose an investment plan that will help you plan for inflation, achieve goals, and meet your needs.

3. Create a Retirement Budget

Your retirement budget will need to fuel your retirement vision, so determining what that looks like will help you make decisions now to meet your needs in the future. Take the time to share your vision with your partner so both of you can enjoy your retirement. Learn how to make a retirement-focused budget from our How to Make a Retirement Budget blog.

4. Evaluate Your Health (Now)

Despite becoming eligible at age 65, health care is often one of the most significant expenses for retirees. A recent study found a 65-year-old couple retiring in 2021 could expect to spend $300,000 on health care and medical expenses. Taking the time to invest in your health today by scheduling regular checkups, preventative exams, and choosing a healthy lifestyle could help you prepare and get the most out of your retirement.

5. Retire Your Mortgage

Before you retire, paying off your mortgage could have several benefits, including reducing your fixed monthly expenses. But doing so isn’t always possible. Depending on your current situation, you may not have the extra funds to put toward the principal on your mortgage. If that’s the case, minimizing your mortgage before retirement could be a Plan B.

6. Determine When to Collect Social Security

Choosing when to start receiving your Social Security retirement benefit could have a direct impact on how much you’ll get in monthly benefits. Our blog, Social Security: When to Collect It, covers essential information to help you make the best decision for your retirement needs.

7. Find an Experienced Advisor

The tips above are a great place to start when evaluating your unique situation, but an experienced Advisor can help customize a retirement plan so you’re financially prepared. Shanel Dubique, CFS* Financial Advisor, can help you throughout your retirement journey. To get started, contact Shanel at Shanel.Dubique@atriawealth.com.

 

*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. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

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