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Retirement Readiness: Are You on Track?

12/10/2024

By: Lampco Federal Credit Union

Retirement Readiness: Are You on Track?

Retirement Readiness: Are You on Track?

Planning for retirement is one of the most important steps you can take toward securing your financial future. But how do you know if you're on track? At Lampco Federal Credit Union, we believe in helping our members plan wisely for retirement—no matter where you are on your journey.

Here are a few key steps to assess your retirement readiness:

  1. Start Saving Early: The earlier you begin saving, the more time your money has to grow. Take advantage of Lampco's IRA options to build tax-advantaged savings. Our team can help you choose the right account, whether it's a traditional IRA or a Roth IRA, based on your retirement goals.

  2. Understand Your Goals: Consider what you want your retirement to look like. Will you travel, downsize, or pursue hobbies? Knowing your goals will help you estimate how much you need to save.

  3. Review Your Current Savings: Are you on track with your contributions? Lampco’s online banking tools let you easily track and manage your retirement savings. Additionally, you can set up automatic contributions to ensure you stay consistent with your savings plan.

  4. Plan for Healthcare Costs: Healthcare expenses can be one of the biggest surprises in retirement. At Lampco, we’ve partnered with TruStage Insurance Agency to help you explore options for long-term care or supplemental insurance to ensure you’re financially prepared for unexpected medical expenses.

  5. Consult a Financial Advisor:
    Not sure if you’re saving enough or investing wisely? Lampco Federal Credit Union has partnered with Thurston Springer and Philip Lavelle, a registered associate of Thurston Springer, to bring you the financial services you need, including:

  • IRA and Retirement Plan Rollovers

  • Investment Management

  • 401(k), 403(b), Pensions, SEPs, and SIMPLES

  • Financial Planning

  • And more!

Retirement may feel far off, but planning today can give you the freedom and security you deserve tomorrow. With Lampco’s range of services, including IRAs, financial planning, and loans, we’re here to support you at every stage of your retirement journey. Visit us or schedule a consultation with one of our experts to get started on the path to a secure and comfortable retirement.