Retirement Roadmap: 6 Financial Checkpoints

In This Blog, We Will Talk About:

• Establishing a Robust Budget: Prioritize creating and updating a budget to accurately forecast and manage retirement expenses, ensuring financial readiness for the non-working years.
  
  
• Organizing Finances: Declutter and simplify financial documents and bank accounts to enhance financial management, with options like IRAs and personalized banking solutions Members Plus Credit Union to streamline finances for retirees.

• Optimizing Debt and Investments: Focus on reducing debts and regularly re-evaluating investments to ensure efficient growth of retirement savings, leveraging tools like debt consolidation loans and diverse investment opportunities at MPCU.

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Having a sound retirement plan in place is a smart financial move no matter how old you are. And even though retirement goals may differ for everyone, having a good plan in place that includes regular financial checkpoints is crucial to help you achieve your goals and ensure you are financially secure for your retirement years.

Why Financial Checkpoints Are Crucial for Retirees

The use of financial checkpoints for retirement goals is important because they can help you save and prepare for retirement in a manageable way that doesn’t seem quite so overwhelming. Preparing for your retirement years now and using these financial checkpoints can give you and your family peace of mind, knowing that you are able to take care of your needs as you get older. Here are some tips to help you assess your financial situation and properly prepare for retirement so that you have a clear picture of your money goals and what you need to do to achieve them.

6 Financial Checkpoints for Retirees

Checkpoint 1: Update or Create Your Budget

The first financial checkpoint for retirement is the most important and includes creating an accurate budget to determine your monthly expenses for your retirement years. An updated and accurate budget is crucial so that you will know how much money you will need to meet your retirement goals and so you can begin preparing to live within that new budget when you are no longer working.

Checkpoint 2: Declutter Your Financial Records

Many of us have financial documents in a variety of different safe-keeping places that range from office filing cabinets and stored banker boxes to electronic files and online accounts. Before you retire, it is a good idea to declutter all of your financial records like income taxes, monthly bills, bank statements, and other financial documents, to simplify and organize this information. Organizing these documents now can help you create a more realistic budget and also reduce paperwork clutter, so everything is easy to find and more safely secured.

Checkpoint 3: Simplify Your Bank Accounts

Simplifying your bank accounts now in preparation for retirement is a smart way to manage your money for a stress-free financial future. Members Plus CU understands the value of your dollar – especially in the retirement years – and is here to help with a variety of account options that are perfect for retirees. Choose from simple checking accounts for easy access to your money or retirement investment opportunities to help you save for the future, including a Traditional IRA, Roth IRA, and IRA Certificates at MPCU.

Checkpoint 4: Review Your Credit Report

It is always a good idea to check your credit report every year and the Federal Trade Commission offers this service annually at no charge to consumers. This will give you the opportunity to ensure all the information in the report is correct and request that any inaccurate information be updated. Maintaining a good credit report is crucial to your financial status throughout retirement and will make it easier to get great interest rates on loans and other credit products during your Golden Years.

Checkpoint 5: Prioritize Debt Payoff

Since your income is likely to decrease a bit once you are no longer working a full-time job, it is a good idea to prioritize debt payoff now to decrease your monthly expenses in the future. Form a financial plan and budget to pay off debt such as high interest credit cards to save money on interest and lower your monthly payments. Consider a personal loan from Members Plus Credit Union for debt consolidation to lower interest rates and help you save money before retirement.

Checkpoint 6: Re-evaluate Your Investments

It is a good idea to re-evaluate your investments to make sure you are getting the most bang for your buck when it comes to ensuring your retirement savings is growing as quickly as possible. This reevaluation also allows you to look over your investments and possibly consider restructuring your investment accounts to improve your portfolio performance. Now is the perfect time to compare interest rates and consider a MPCU retirement account that has investment opportunities to help you save for the future, including a Traditional IRA, Roth IRA, and IRA Certificates.
 

Members Plus Credit Union Is Here to Help You Plan for Retirement

Choosing the right savings plan for retirement doesn’t have to be overwhelming or stressful at all. The team at Members Plus Credit Union is here to help you with a variety of financial products and investment solutions so you can enjoy a fulfilling retirement. Contact a financial professional at MPCU today to discuss your options for simplifying your bank accounts, making the most of your assets, and preparing for the retirement lifestyle you have been dreaming of.