SeaComm Federal Credit Union OFFICIAL BLOG

4 Retirement Tips for 2020

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Retirement is one of the most common goals that many people have…and making the most of your retirement savings is essential. Here are a few ways you can ensure that your money goes even further in years to come!

 

 

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Automate your contributions. Whether you have an Individual Retirement Account (IRA) or you take advantage of your employers’ 401(k) plan…the easiest way to automate your retirement contributions is to have money taken from your paycheck when the funds hit your account. That way, you prepare for retirement without having to think about it.

 

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Don’t sacrifice any of your retirement savings. Surveys have shown that the majority of parents will make withdrawals from their retirement savings to help cover costs for their children. While it may seem necessary to spare your family from more debt…you shouldn’t compromise your own financial security and risk a financial penalty for an early withdrawal.

 

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Plan for inflation as a fact of life. Rising prices and inflation are inevitable. When you’re planning for retirement, you should assume that prices will have gone up significantly by the time you’ve retired. Knowing this, you should invest more now, which will ensure that you’re not pinching pennies in your golden years.

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Choose the best option for you. With a SeaComm IRA, you’re able to build a nest egg at your own pace, and enjoy a variety of benefits; no monthly fees, no minimum balance requirements, dividends paid monthly…and much more! Click here to learn more or give us a call at (800) 764-0566.

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