Three Steps to Retirement Income Planning with Clark County Credit Union
Retirement is different for everyone. You may want to use this time to travel and experience the world, or maybe you want to stay home to garden and read. But one thing that everyone has in common is the desire to enjoy and live a comfortable retirement lifestyle.
When the day comes that you can retire, you want to have a smooth transition, financially. Clark County Credit Union recommends these three steps for retirement income planning.
Step #1 - Identify your monthly expenses
It may seem hard to picture your expenses in the future but a good place to start is ensuring your monthly basic needs are covered like your food, housing, medical expenses, transportation and insurance. If you have extra money left to spend, you can save the extra funds (always keep saving even during retirement) or use it for your hobbies or future travel plans.
Step #2 – Identify your income sources
Social security or a company retirement plan are some examples of future income sources. Other variable income sources are 401(k), 403(b), other investment accounts or an income from a part-time job if you think it won’t cover your basic needs.
Step #3 – Start contributing money to selected retirement investments
Identify how much you can allocate for your retirement. Most retirement accounts have the option to invest money in a wide variety of assets like stocks, bonds and mutual funds.
Check out CCCU’s retirement calculator to see how much you’ll need to save now in order to enjoy the standard of living you aspire to when you retire.
Retirement income planning is one of the most important financial responsibilities you’ll have as this will account for the quality of your life as you get older. That’s why it’s good to consider working with a retirement advisor that can assist you in taking the right steps to build a good retirement life. Visit our website for more information, www.CCCULV.org
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