In This Blog, We'll Talk About:
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Establishing a Robust Retirement Budget: Prioritize creating and updating a budget to accurately forecast and manage retirement expenses, ensuring financial readiness for your non-working years.
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Organizing Finances and Debt Reduction: Simplify finances and reduce debt with personalized banking and lending solutions from Peach State Federal Credit Union.
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Optimizing Investments: Focus on regularly evaluating investments to ensure efficient growth of retirement savings and diverse investment opportunities.
No matter how old you are, having a sound retirement plan in place is a smart financial move. Retirement goals may differ for everyone, but having a plan in place that includes regular financial checkpoints is crucial for ensuring you're secure during your retirement years.
Why Financial Checkpoints Are Crucial for Retirees
Using financial checkpoints for your retirement goals is important because they can help you save and plan in a way that doesn’t seem overwhelming. Preparing for retirement now by using these financial checkpoints can give you and your family peace of mind, knowing that you're able to take care of your needs and easily manage your finances 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 – creating a budget. Building an accurate budget to determine your monthly expenses is key for knowing how much money you'll need to live comfortably in retirement. As you're creating your retirement budget, consider ways to reduce any unnecessary expenses to free up extra savings to meet your retirement goals.
Retirement Budgeting Tip: Download and use one of our '3 Budgeting Templates that Actually Work' to help you keep your finances on track now and into retirement.
Checkpoint 2. Declutter Your Financial Records
Many of us have financial documents in a variety of different safe-keeping places. This can range from storing hard copies in filing cabinets to saving electronic files on your computer. Before you retire, it's a good idea to simplify and organize all of your financial records like income taxes, monthly bills, and bank statements, as well as other financial documents in a safe place.
It's also a good time to begin your estate planning. Letting your family know where they can locate all your important files will help make settling your estate smoother.
Decluttering Financial Records Tip: Consider switching to eStatements and saving your account statements electronically. For added security and safety, regularly download your files to a USB drive, external hard drive, or cloud storage to allow access to your files on another device.
Checkpoint 3. Simplify Your Bank Accounts
Simplifying your financial accounts now in preparation for retirement is a smart way to manage your money for a stress-free financial future. Peach State understands the value of your dollar – especially during retirement – 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.
Simplifying Bank Accounts Tip: Consider designating another person with the authority to help manage your financial affairs. Depending on the scope of your needs, you may consider adding someone as joint to your accounts or preparing a legal document such as a Power of Attorney which gives financial authority to an individual.
Checkpoint 4. Review Your Credit Report
It's always a good idea to check your credit report regularly and the Federal Trade Commission offers this service annually at no charge. 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 better interest rates and terms on loans during your Golden Years of retirement.
Checkpoint 5. Prioritize Debt Payoff
To enjoy your retirement to its full potential and with less financial stress, it's 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 for things like high interest credit cards. Consider a Home Equity Loan, Personal Loan, or low-rate Visa Credit Card from Peach State for debt consolidation to lower interest rates and help you save more money before retirement. Paying off debts now means you'll have more financial flexibility during retirement.
Prioritize Debt Payoff Tip: Download and use our 'How to Get Out of Debt Fast Roadmap & Template' to learn how to start paying off debt using the proven debt snowball method.
Checkpoint 6. Re-evaluate Your Investments
Re-evaluating your investments to ensure your retirement savings are growing as quickly as possible is a savvy pre-retirement move. This re-evaluation 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 Peach State account that can help you save for the future.
Investment Tip: Look at opening or maximizing a Traditional IRA, Roth IRA, or IRA Certificates to make sure you're getting the most bang for your buck when it comes to saving for your retirement.
Peach State is Here to Help You Plan for Retirement
Peach State is here to help you with a variety of financial products, services, and investment solutions so you can enjoy a fulfilling retirement. From choosing the right savings plan for retirement to finding the best option for debt consolidation, preparing for retirement doesn’t have to be stressful.
We'll work with you to put a plan in place that'll help you achieve your financial goals so you can breathe easier and enjoy your retirement to its fullest! Contact us today to discuss options for simplifying your accounts, making the most of your assets, and preparing for the retirement lifestyle you've been working hard for and dreaming of.
