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How Much Money Will You Need in Retirement?9/26/2018

Have You Underestimated?

Presented by the MEMBERS Financial Services Program* located at SLFCU. The MEMBERS Financial Services program is offered through CUNA Brokerage Services, Inc.*, a broker/dealer focused on serving credit union members. CUNA Brokerage Services, Inc. is an affiliate of CUNA Mutual Group. For more information about CUNA Brokerage Services, Inc., please visit cunabrokerage.com.

HOW MUCH IS ENOUGH?

If you’re considering retiring in the near future, you may have heard that you’ll need about 70% of your final monthly salary to live comfortably in retirement. This estimate isn’t true for everyone, and it may not be true for you. Consider the following factors:

HEALTH

Most of us will face a major health problem at some point in our lives. Think about the costs of prescription medicines and recurring treatment for chronic ailments. These costs can take a bite out of retirement income, even with a great health care plan.

HEREDITY

If you come from a family where people frequently live into their 80s and 90s, you may live as long or longer. Imagine retiring at 55 and living to 95 or 100. You would need 40-45 years of steady retirement income.

PORTFOLIO

Many people retire with investment portfolios they haven’t reviewed in years, with asset allocations that may no longer be appropriate. New retirees sometimes carry too much risk in their portfolios, with the result being that the retirement income from their investments fluctuates wildly with changes in the market. Other retirees are overly conservative investors; their portfolios are so risk-averse that they can’t earn enough to keep up with even moderate inflation. Over time, they find they have less and less purchasing power.

SPENDING HABITS

Do you only spend 70% of your salary? Probably not. If you’re like many Americans, you probably spend 90-95% of it. Will your spending habits change drastically once you retire? Again, probably not.

WILL YOU HAVE ENOUGH?

When it comes to retirement income, a casual assumption may prove to be inaccurate. Consider meeting with a qualified financial professional who can help estimate your lifestyle needs and short- and long-term expenses.

Contact MEMBERS Financial Services to make a no-cost, no-obligation appointment at an SLFCU branch, or contact a financial professional online.

  • Juan Tabo, Jefferson, Cottonwood, Paseo, Rio Rancho, or Los Lunas branches: Call 505.237.3930
  • Edgewood, Kirtland, Tech Park, or Livermore branches: Call 505.237.7330

To learn more about the background of your financial professional and the firm for which they work, visit BrokerCheck by FINRA.


*MEMBERS Financial Services Financial Professionals are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty States of the United States of America. FR-2236394.1-0918-1020.

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information should not be construed as investment, tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.



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