Get Fiscally Fit: Retirement Time. Tips from Luke W. Reynolds, Chief of the FDIC’s Community Affairs Outreach Section and Susan Boenau, Chief of the FDIC’s Consumer Affairs Section

United Poles Federal Credit Union I Finances
April 02, 2013

If you’re beginning to consider retirement, you should be seriously thinking about how to ensure that your financial life in those golden years will be as comfortable and stress-free as possible. Need a little guidance?

Make the most of your remaining paychecks to save for retirement.

How much money you’ll need to set aside for  retirement (which for many people could last 30  years or more) will depend on a variety of factors.
Among them:
When do you expect to quit working?
Will you continue to earn some income part-time?
How much money do you have in savings and  pensions? And, what kinds of expenses will you
incur for housing and health care?
Because the future is uncertain, it makes sense,  while you’re still working, to put as much money  as possible — 10 to 20% of your annual income, if  not more — into savings for your golden years. Also  make use of employer-sponsored retirement plans  (especially if you’ll receive matching contributions)  and tax-advantaged Individual Retirement
Accounts (IRAs).
Try to reduce or eliminate debt.
“Another way to save more money now for a  more enjoyable retirement later is to cut back on  unnecessary expenses,” especially if you will need to  go into debt to pay for them, said  . He said to try to pay off most or all of your credit card balances and other loans to cut down
on interest charges and avoid being burdened with repayment during your retirement years.
Develop a plan to stretch your money through a long retirement.
“The idea is to determine where your money will come from during retirement, so you won’t have to live in fear of running out of money,” said Susan Boenau, Chief of the FDIC’s Consumer Affairs Section.
For example, consult with the Social Security Administration or your accountant to learn how much Social Security and pension income you’d get each month if you “retire early” at 62 or after, and how much more you would receive if you hold off on retirement. The penalty for starting to collectSocial Security payments early can be substantial

When calling this company, please reference POLISH AMERICAN PAGES.

United Poles Federal Credit Union

Banks, Credit Unions

412 New Brunswick Avenue
Perth Amboy, NJ
tel: Click phone# to call and tell them you found their ad in Polish Pages


Find an article


Add your business to our directory

Do you have a business?

  1. Register an account
  2. Add info for easy finding
  3. Get new customers

Copyright © 1999-2024 POLONIJNA KSIĄŻKA, a Polish Pages, Inc. company. All rights reserved. While we have made every effort to ensure the accuracy and clarity of the information presented in this catalog, we cannot be held liable for any errors or inconsistencies. Unauthorized duplication of any part of this catalog is prohibited. These materials may not be published, broadcast, rewritten, or redistributed. The publishers are not responsible for the content of published advertisements, articles and comments. Opinions contained in articles express the opinion of the authors and do not have to be in accordance with the position of the publishers. All advertisements designed by POLISH PAGES, INC. are copyrighted and can only be used in POLISH PAGES, INC. publications.