Saving for Retirement | Cleveland Bradley County Teachers Federal Credit Union

The team at Cleveland Bradley County Teachers Federal Credit Union knows that while you love what you do as a teacher, chances are that you are not going to want to be a teacher forever. Therefore, it’s important to start saving for retirement with that very first paycheck.

Planning for a Successful Retirement

First, you need to get a plan in place. You have a destination you want to reach—retirement. Now, you need to figure out the path to get there. How much can you budget from each paycheck to put into your retirement fund? Does your school match your 401K contributions, or is there another way to get more out of your return when it comes to saving for retirement? These are all questions you need to ask yourself when planning for retirement.

Second, take a look at your mortgage. Now, you might be thinking what your mortgage has to do with your retirement. But, one of the biggest tasks most people want to take care of before retirement is paying off their mortgage. Mortgages are one of the biggest expenses of a person’s life. Therefore, by taking away the biggest expense before retirement, you’re able to have more money for other things instead of having to use it on a mortgage payment.

Third, as you receive raises while climbing the corporate ladder, try to keep your living expenses on the same path as they are now. If you are able to bank more of the money and live within your current means, you will be many steps ahead of the game, and will be able to enjoy an easier, less stressful retirement.

Finally, working a little bit longer than you originally had in mind can also help you when saving for your retirement. Every year you work over your planned timeline is one more year you are able to contribute and grow your retirement fund. So, what’s one more year of working—or even two years? Actually, it could add up to be a lot!

Are you on the right track for retirement? Visit Cleveland Bradley County Teachers Federal Credit Union to learn how you can start a savings account to do just that.