Missoula Federal Credit Union

Planning for Retirement

Helpful tips in planning for your retirement

As time goes by, if things go well, we age gracefully. And as we prepare for aging financially that stage is referred to variously but still commonly as retirement, even though that word has taken on so many different meanings for people nowadays - with living healthily longer and with lifestyles becoming less predictably similar than they were in earlier times.

Whether we actually retire in our later years in a conventional sense is actually less the issue than simply preparing to live in senior years. It is more likely that more of us will be seeing them than it was even for our parents and grandparents.

As always the easy path to preparation is to start early, the earlier the better because of the time-value of money also known as compounding interest. There are many kinds of retirement plans now that have various tax-related incentives for savings for retirement.

There is a general appreciation that Social Security benefits, although universally available to all invested workers and distributed to most senior citizens upon reaching their retirement age, is not really satisfactory income for our golden years. It's simply not enough to live our still active lives so we need to plan on supplementing it with whatever savings (or revenue) we can muster independently, small or large.

Social Security also provides survivor benefits for our spouses and certain other immediate relations. So too should our independent retirement plans by way of our estates or other plans by passing our assets to named heirs in an orderly and economical (i.e., minimal tax) way.

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PlanIt - Plan It is an online toolkit designed to help baby boomers plan for—and achieve—financially secure retirement years.

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