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Last-Minute Retirement Planning

Retirement planning can be stressful, but last-minute retirement planning can be even more difficult because you might not know where to start. Allow Public Service Credit Union, located outside of Detroit, help you find the best way to build your retirement fund. By learning about strategies and steps to take, retirement planning will be a breeze! Read on to learn more about ways to prepare for your retirement planning.


9 Steps to Retirement Planning

For those who are planning to move out of Romulus or Redford in the future and retire somewhere warm like Florida or California, retirement planning may take some time. Follow these nine steps to properly plan for your retirement, and to live the lifestyle you’ve worked hard to enjoy:

1. Save Your Money: Begin saving 15% of your annual income for your retirement. If you’re starting last-minute, increase the percentage of saving.


2. Delay Using Social Security:Delaying pulling your social security can result in a larger monthly benefit.


3. Invest: Increase risk on your stock holdings and investment portfolio.


4. Diversify Accounts:Choosing to diversify accounts will allow you to maximize taxes with a Roth IRA or Roth 401(k). Both accounts require investment after-tax money, not taxes upon withdrawal.


5. Downsize: As a top strategy for retirement planning, professionals recommend downsizing homes and living expenses.


6. Cut Back Expenses: Start changing your spending habits if you’re planning to retire at a reasonable age. Try to cut spending in half so your money invested can last and grow longer.


7. Reduce Savings Fees from Retirement: Roll over money from your 401(k) into your IRA. Only transfer if the IRA has low fees under one percent. It could result in thousands saved over time.


8. Move: If the equity on your current home is extremely high, consider the possibility of selling your home then adding the proceeds into your retirement account.


9. Build a Financial Plan:Creating a financial plan can help you figure out projected monthly expenses and establish a plan for future retirement planning.


Visit Us at Public Service Credit Union Today!

Last-minute retirement planning can be hard to figure out, but we hope the above has provided some guidance! Whether you begin with cutting back on expenses or increasing the percentage of money you save, you’re on the path to proper retirement planning. Contact us with questions about 401(k) vs IRA accounts or CD information!


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(734) 641-8400 


Routing # 272079487

NMLS #: 469775


Copyright © 2012 Public Service Credit Union
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Your savings federally insured to at least $250,000 and backed by the full faith of the United States Government. We do business in accordance with the Federal Fair Housing Law and the Equal Opportunity Act. 

THIRD PARTY LINK DISCLAIMER - LINKED WEBSITES ARE NOT UNDER THE CONTROL OF PUBLIC SERVICE CREDIT UNION AND WE ARE NOT RESPONSIBLE FOR THE CONTENTS OF ANY LINKED SITE OR ANY LINK CONTAINED WITHIN A LINKED SITE.  THE PRIVACY OR SECURITY POLICIES AT A LINKED SITE MAY BE DIFFERENT FROM THOSE PRACTICED AT PUBLIC SERVICE CREDIT UNION AND YOU SHOULD REVIEW THE PRIVACY POLICY OF ANY LINKED SITE. 

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