Are You Costing Yourself Your Retirement? | Cleveland Bradley County Teachers Federal Credit Union

The trouble with retirement is that you never get a day off.—Abe Lemons

Who is ready to not have a day off from retirement? Isn’t retirement something we all work for in life? Unfortunately, one in three people living in the United States have less than $5,000 saved for retirement.

Our team at Cleveland Bradley County Teachers Federal Credit Union wants to make sure you are doing all you can to set up your retirement fund for success by avoiding some common mistakes. Read on as we take a look.

Mistake 1: Depending Too Much on Social Security

While the concept of Social Security is to help cover retirement, it is not something to bank your retirement on, especially since there may not be much of a Social Security basket left for people in the future.

Plus, the point of Social Security was never to cover your entire income. In fact, most Americans only receive around $1,470 a month when it comes to their retirement check. Therefore, it is important to make sure you have multiple avenues when it comes to building your retirement fund.

Mistake 2: Not Considering Healthcare Needs

As we age, we need our healthcare benefits more and more often. However, once we are no long working in a company that provides health insurance, it is up to us in retirement to find a plan that fits our budget.

But health care does not come cheap. Therefore, it’s important to consider both the cost of health insurance as well as the costs associated with copays, coinsurance and deductibles.

First examine whether your job will provide you with post-retirement access to health insurance. If it does not, then look around for options.

Mistake 3: Not Starting Retirement Savings Early

Many people mistakenly think that they don’t need to start saving for retirement until later in life. Or they simply don’t think about retirement savings at all.

But it’s vitally important to set yourself up for success by beginning retirement planning and savings early in your career. Doing so gives you a bigger cushion—and length of time to save.

Are you ready to start saving for retirement? Give Cleveland Bradley County Teachers Federal Credit Union a call today!