Whether you need assistance with retirement planning, estate planning, or managing your day-to-day finances, we have the resources and expertise to help you achieve your financial goals at this stage of life.
As you approach and enter retirement, it's important to have a solid financial foundation in place to support your future. Whether you need assistance with retirement planning, estate planning, or managing your day-to-day finances, we have the resources and expertise to help you achieve your financial goals.
Retirement Planning and Financial Options:
There are many financial options that people have in retirement, including:
- Social Security: Most people are eligible to receive Social Security benefits in retirement. Social Security benefits are based on your work history and earnings, and you can begin receiving them as early as age 62 or as late as age 70.
- Pension plans: Some people may have a pension plan through their employer or a previous employer. A pension plan is a type of retirement plan that provides a guaranteed stream of income in retirement.
- 401(k) plans: 401(k) plans are a type of retirement savings plan that is sponsored by an employer. Employees can contribute a portion of their income to a 401(k) plan and may receive matching contributions from their employer.
- Individual Retirement Accounts (IRAs): IRAs are a type of retirement savings account that individuals can open and contribute to on their own. There are several different types of IRAs, including traditional IRAs and Roth IRAs, each with its own set of rules and tax benefits.
- Annuities: An annuity is a financial product that provides a guaranteed stream of income in retirement. There are several different types of annuities, including fixed annuities and variable annuities, and they can be purchased from insurance companies or financial institutions.
Overall, there are many financial options available to people in retirement, and it's important to consider your individual circumstances and goals when deciding which options are best for you.
Estate planning is the process of planning for the distribution of your assets and property after you die. It involves making decisions about who will inherit your assets, who will manage your affairs if you become incapacitated, and how to minimize taxes and other costs associated with transferring your assets.
Estate planning is important for people of all ages, but it becomes increasingly important as you approach retirement and beyond. By creating an estate plan, you can ensure that your assets are distributed according to your wishes and that your loved ones are taken care of in the event of your death or incapacitation.
There are several tools that can be used in estate planning, such as a will, a trust, a power of attorney, and a health care directive. Each of these tools serves a different purpose and can be customized to meet your individual needs and goals.
It's important to work with an experienced estate planning attorney to create an estate plan that meets your needs and complies with the laws in your state. By taking the time to create an estate plan, you can give yourself and your loved ones peace of mind and protect your financial well-being.
Beneficiaries are individuals or organizations that are designated to receive assets or benefits from a financial account or policy, such as a life insurance policy or a retirement account.
When you are over age 55 and planning for retirement, it's important to consider who you want to designate as beneficiaries for your financial accounts and policies. This includes deciding who will inherit your assets in the event of your death and who will receive any benefits, such as life insurance proceeds or retirement account distributions, after you pass away.
Designating beneficiaries is an important part of estate planning and can help ensure that your assets are distributed according to your wishes and that your loved ones are taken care of in the event of your death. It's important to review and update your beneficiary designations regularly, as your circumstances and priorities may change over time.
Overall, beneficiaries play a key role in the distribution of your assets and benefits in the event of your death, and it's important to carefully consider who you want to designate as beneficiaries as you plan for retirement.
Banking and Financial Security:
"Snowbirds" are individuals who divide their time between two homes, typically spending the winter months in a warm climate and the summer months in a cooler climate.
Banking for snowbirds can involve some additional considerations due to the fact that they are often in two different locations for part of the year. Some things to consider when banking as a snowbird include:
- Account access: It's important to have access to your banking accounts from both locations. This may involve having online banking and mobile banking options, as well as access to ATMs in both locations.
- Check processing: If you plan to write checks while you are in one location and then deposit them when you are in the other location, it's important to be aware of check processing times and any potential hold times that may apply.
- Mail forwarding: You may need to arrange for mail forwarding if you will be receiving mail at a different address during part of the year. This can help ensure that you receive important documents, such as statements or tax documents, in a timely manner.
Overall, it's important to be proactive when banking as a snowbird and to plan ahead in order to ensure that you have access to your accounts and can manage your finances effectively from both locations.
Unfortunately, the senior population attracts a lot of attention from scammers. If you are a member of MY CREDIT UNION and feel as though you are being pressured into doing something financially that doesn’t make sense to you – please stop at any branch location and tell us what is going on! “An ounce of prevention is worth a pound of cure!” Additional steps you can take:
- Be cautious with personal information: Don't give out personal information, such as your Social Security number or bank account numbers, to anyone you don't know or trust. Be skeptical of unsolicited phone calls or emails, and never provide personal information in response to these requests.
- Protect your accounts: Use strong, unique passwords for all of your accounts and be sure to update them regularly. Enable two-factor authentication whenever possible, and don't share your login information with anyone.
- Use secure websites: When shopping online or conducting financial transactions, be sure to use secure websites. Look for the "https" in the URL and a lock icon in the address bar, which indicate that the site is secure.
- Get help: If you suspect that you have been a victim of fraud, don't be afraid to seek help. Contact My Credit Union to get assistance.
By taking these precautions, seniors can help reduce their risk of being targeted by fraud and protect their financial well-being.
There are several reasons why seniors should check their credit report annually:
- Accuracy: Credit reports can sometimes contain errors, such as incorrect account balances or payments that were not recorded properly. By checking your credit report annually, you can catch any errors and dispute them with the credit bureau in order to have them corrected.
- Fraud: Checking your credit report annually can also help you catch any fraudulent activity, such as unauthorized credit accounts or charges. By catching fraudulent activity early, you can minimize the potential damage to your credit score.
- Creditworthiness: Your credit report provides a detailed overview of your credit history, including your payment history and credit utilization. By checking your credit report annually, you can get a better understanding of your creditworthiness and identify areas where you may need to improve.
- Planning: Checking your credit report annually can help you stay informed about your credit and make more informed financial decisions. For example, if you are planning to apply for a loan or credit card, checking your credit report can help you understand your creditworthiness and identify any areas that need improvement.
Overall, it's important for seniors to check their credit report annually in order to maintain a healthy credit score and protect their financial well-being.
Legal and Lifestyle Considerations:
A power of attorney is a legal document that allows you to appoint someone else to act on your behalf in financial matters. With a power of attorney, you can give someone else the authority to make financial decisions on your behalf, such as paying bills, managing investments, or accessing bank accounts.
There are two main types of power of attorney: durable power of attorney and springing power of attorney. A durable power of attorney remains in effect even if you become incapacitated or unable to make decisions for yourself. A springing power of attorney becomes effective only under specific circumstances, such as if you become incapacitated or unable to make decisions for yourself.
It's important to consider whether a power of attorney is necessary and, if so, which type is best for your individual needs and circumstances. It's also important to choose a trusted person to serve as your power of attorney and to communicate your wishes and expectations to them. By having a power of attorney in place, you can have peace of mind knowing that someone you trust will be able to manage your financial affairs if you are unable to do so.
Adventure Club is a program designed for seniors ages 55 and up who are looking for exciting new experiences and activities. The club offers a wide range of activities and events, such as day trips, outdoor adventures, cultural experiences, and educational opportunities. Whether you're looking to learn a new skill, try something new, or just have fun, Adventure Club has something for everyone. The club provides a supportive and inclusive environment where seniors can stay active and engaged. So why wait? Join Adventure Club today and start exploring all the world has to offer!