Retirement Planning

"Even though I'm in the prime of my life, I need to get ready for the next chapter."
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It's time to focus on saving money and making good decisions.

Ask any Pittsburgh-area adult about retirement planning, and they'll probably mention a pension or a 401(k). While that's a good start, you should also invest time gaining a deeper understanding of what's ahead. At Clearview, we can help explain your retirement savings options, the tax benefits of different types of IRAs, and everything else you need to know to get ready for your golden years.

Make retirement planning a priority

Yes, life is expensive and there are things you want to buy and do right now. But it's time to invest in the long haul. If you haven't done so already, open an Individual Retirement Account and keep feeding it each year. You can sink the money into a fairly traditional savings account or  make a little more with share certificates, or diversify and do some of both. And while you're at it, ask your tax professional about the difference between Roth and Traditional IRAs. Both have tax advantages, but one might fit your financial outlook better than the other.

IRA or Certificate?

There's one catch with IRAs: They have yearly contribution limits. It's $6,500 if you're under 50 and $7,500 if you're on the far side of the big 5-0. To live the retirement lifestyle you deserve, you'll want to do better than that. One option is to take the share certificate route again. In general, the longer you're willing to invest, the higher the returns. 

Pay down debt

Saving money is definitely a priority. But now, while you still have a job, is also a good time to pay down your debts. If you still have a big chunk left on your mortgage, it might be a good time to refinance your home loan. Ideally, you can move to a lower interest rate and save on monthly payments. Another option is to go for a shorter loan that you can pay off before you stop working.

Get peace of mind

Ok, here's a tough topic: Life insurance. No one likes to mull over their mortality, but having a policy can put your mind at ease now and provide for your family's future well-being. It's good to learn the difference between whole life and term life coverage, and to find out more about policies that can provide you with benefits while you're still alive and kicking. The best way to do all this is to have a nice chat with our partners at TruStage Insurance, who have been helping credit union members get affordable coverage for many decades.

When in doubt, ask for help

If you're ready to start planning for retirement, turn to Clearview Wealth Management GroupSM, available through CFS*. Whether you're looking to just get a portfolio check-up or map out a long-term strategy, our experienced team can help get your personal finances into better shape.

These are just a few ideas to get you headed in the right direction. From here on, you'll need to do your own leg work to learn all you can about retirement planning. One place to visit is Retirement CentralLink opens in a new window, a website that offers a wealth of information about getting financially ready for the best years of your life.
 

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As a member for around 50 years, Clearview continues to provide excellent customer service. The Clearview team continues to impress each time I ask for their help. Bruce, Member since 1971
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They always answer the phone positively, they provide impeccable service and help you out in anyway they can. Barry, Member since 1984
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