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Being proactive can pay off big time when it comes to retirement. Here are some tips to help you prepare now.
Start Today! The earlier you can start saving for retirement, the better prepared you’ll be. Money in an Individual Retirement Account (IRA) accrues compound interest, meaning each year the money in that account generates earnings which, in turn, generate their own earnings. The longer the money sits in the account, the more earnings it generates.
Do This Now: Use this calculator to create see how much you need to start saving for retirement.
Get your social security statement. How much money do you have right now in social security? Knowing that number is key for your retirement planning. You can find that info quickly – plus see estimates of future social security benefits – when you create an online my Social Security account.
Do This Now: Create your personal my Social Security account online and see your latest statement. (Note: this link takes you to an external website that is not managed by Ohio Catholic FCU)
Automate your savings. It can be difficult to put away money for a retirement that can be decades away when you’re focused on affording the present. You may be tempted to spend that money on bills, groceries, and other immediate necessities. Consider setting up your retirement savings to pull directly from each paycheck. Our Online Mobile Banking App can help you with that.
Do This Now: Find out if your bank lets you set up automatic deposits to your retirement account.
Increase savings with increased funds. If you receive a raise, consider increasing the amount you’re contributing to your retirement account – and when you get that end of year bonus or that tax return, your first thought should be depositing a portion into your retirement account. You’ll be glad you did.
Do This Now: Write down the next bonus or tax return you expect to receive. Then commit to setting aside a specific dollar amount or percentage to your retirement account.
Make sure you’re getting your company’s match. If your employer offers a match to your employee retirement plan, make sure you’re contributing enough to receive it. Otherwise, you’ll be leaving money on the table that could have helped toward your retirement goal.
Do This Now: Contact your employer’s HR representative and ask about their retirement contribution matching program.
BONUS TIP: Seek an advisor. Saving for retirement is a major undertaking and can be confusing. We’re here to help. Stop by one of our local branches to talk to one of our Member Service Representatives. We are happy to visit with you and discuss your financial goals.
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