April 3rd kicked off National Retirement Planning Week, a national effort to help consumers focus on their financial needs in retirement. Studies show that many Americans are not feeling confident that they are financially prepared for retirement.

According to the Insured Retirement Institute, only 22 percent of baby boomers are feeling adequately financially prepared for retirement. It was also found that about 35 million baby boomers have no retirement savings at all and 42 percent of baby boomers expect social security to be the major source of income during retirement. These numbers focus on baby boomers because at this point they are retiring at a rate of 10,000 per day.

Planning for retirement and your financial future is very important. What can we do to help? As a credit union we are here to help you rethink and prepare for your retirement. This means taking a look at your long-term financial goals. Here at HFS we have IRA specialists that can sit and talk with you about your options to save for retirement and help you choose which option is best for you.

For some helpful retirement planning tools, visit the Retire on Your Terms website, which also includes information on Social Security, budget basics, asset management, and more.

We want you to feel comfortable with your financial future and retirement readiness. Start your planning today!

 

Source: CUinsight’s National Retirement Planning Week 2017: Help members rethink retirement