As the years slip by, building a retirement fund will become harder and harder, but getting an early start on saving for it will give you a huge advantage down the road. Whether you are 10 years or 30 years away from retiring, being financially stable for when that time comes is crucial.
Lay everything out – Do some research and see how much you should have saved by the time you retire to live comfortably. This also depends on how you live, so estimating your retirement expenses will give you a better idea. Eliminating some extra expenses will allow you to put more into your retirement.
Make sure an emergency fund is set – As you get older you never know what could happen. If you open a bank account just for an emergency and start putting automatic payments of $10 every week, your account will start accumulating funds in no time. After one year of contributing $10 a week, you’ll have $560 saved, and in ten years $5,600. If you would like to open an account for your emergency fund, Westport Federal Credit Union gives you the advantage of doing it right from the comfort of your own home.
Downsize your debt – Consider upping your mortgage payments now so the loan will be much lower by the time you retire. Eliminating most or all of your credit card debt will also help lower expenses. However, you should keep one or two credit cards in case of an emergency. At Westport Federal Credit Union we offer a low, fixed Visa with an 11.99% APR!
Don’t rely on Social Security – In the next 15 years or so, social security benefits may get cut. Social security alone will most likely not cover your medical expenses even if you receive the assistance of Medicare.
Prepare now for your later years in life. At Westport Federal Credit Union, we want to make sure you live comfortably during your retirement. We offer a variety of savings products to help your financial needs. To learn more, visit us at westport.org, stop in to see us or call today at 508.679.0197. Secure your financial future with us.