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 you figure out 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
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. 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. 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 now. 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.
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.
