We'll help you draw a blueprint for the best years of your life.
What's your retirement dream? To chase after your grandkids, or some big adventure you've put off until this point? Whatever your golden years goals may be, you'll need the right resources to reach them. At Clearview, we can help you retool your investments, create budgets for housing and other expenses, and plan your estate so future generations can benefit from your financial success.
Make the Most of What You Have
With the miracles of modern medicine, older Americans tend to be healthier than ever. Living longer is a great blessing. But even with all those senior discounts you now enjoy, added years mean additional living costs. By making some smart financial choices, you can stretch your resources and still enjoy whatever lifestyle you choose.
- Being that you're officially retired, you're thinking that you're pretty much done adding to your retirement accounts. Now it's time to just sit back and spend the proceeds right? Well, not quite. If you still have a little money coming in -- say from investments or a part-time gig – you can still contribute to an IRA and enjoy tax benefits. We suggest opening a Roth IRA because there's no age limit on contributions. Investing in some Roth short-term savings certificates can put your money on a nice growth path without tying it up for too long.
- Still beating the IRA drum, you might have heard that at some point you'll be required to make monthly withdrawals from your Traditional IRA or 401(k). We can't explain why that age was set at precisely 70 1/2. But we can help you think about some options for that money. If you don't need to spend it right away, you'll want to put it in another place where it's going to earn returns. One idea is to open a Money Market account, where you'll get better returns than most savings accounts and be able to access your cash any time you like.
- Here's another option: Invest that extra income in stocks, mutual funds, or bonds. If you consider yourself a financial wiz, there are plenty of low-cost brokerage services, including some that let you invest online. But the rest of us mere mortals might need some help. Our members have free access to Clearview Investment Advisors, a financial management service. These friendly folks are happy to explain your options without putting any pressure on you to buy something. Even if you don't want to make new investments, our advisors can take a look at your current portfolio and make sure you're on the right track.
- While you're seeking expert advice, we recommend making an appointment with our partners at TruStage™ Insurance. Yes, your goal is definitely to live until 100. But even 100 isn't the same as forever. You want to make sure you have enough life insurance, and the right type, to provide for your loved ones after you're gone.
- Chances are, your estate will consist of more than your insurance payoff. So it's a good idea to decide where you want it all to go. Of course, everyone needs a will. But you might also want to set up trusts that benefit family members or worthy charities. Much of this work will be handled by an attorney or accountant, but our partners at Greenpath Financial Wellness can get the ball rolling by briefing you on these topics and helping you explore all possibilities. As a credit union member, there's no charge for these consultations.
- One last thought: If you want to make your retirement funds last a good long time, you might want to modify your spending habits. Sure, you can save by taking advantage of senior rates at hotels, movies, and restaurants. But you might want to also take a harder look at housing costs and other big-ticket items. Clearview's Money Management tool, which comes free with your Online Banking service, can help you develop a realistic budget that will make the most of the money you've worked so hard for.