While it can be more difficult to retire if you haven’t started setting money aside by the time you are in your 50s, it can be done. It will require a bit more work and aggressive saving on your part, taking advantage of the best interest rates in New Bedford for IRA Share Savings and money market accounts, but you can achieve your goals. It all starts with a New Bedford Share Savings at your local St Anne Credit Union. All you need to do is live or work in either Bristol or Plymouth counties in Southeastern Massachusetts to qualify for membership. Once you become a member, you can take advantage of all the great money-saving and money-growing opportunities available at our credit union in New Bedford.
How Much Money Will You Need?
This is the first and biggest question that must be asked in order to determine when you will be able to afford to retire. You must consider your monthly mortgage, rent, insurance, utilities, and all other living costs, such as car payments, fuel, and incidentals. If you have a pension, 401k through your employer or some other work-funded retirement plan, you will have a head start over those who have nothing backing them up, but it is still important to start saving as soon as possible to augment those funding opportunities.
Another benefit of membership at St Anne Credit Union in New Bedford is having the ability to work with our team of financial experts to determine which savings opportunity would help you to best reach your goals. There are advantages of using an IRA Share account, such as credit union member tax tips and savings, while there is also something to be said about the higher interest rates in New Bedford for money market accounts and certificates of deposit with regard to boosting your savings. To find out which is best for you and your individual money management, speak with a financial representative at St Anne Credit Union.
One of the best ways to build up your retirement savings at a local credit union in New Bedford is to start savings as much as you can right now. 401k and IRA savings opportunities can help you to boost savings without penalties, as persons who are aged 50 or older can contribute as much as $30,500 each year between those two types of savings. However, the limits and options can change each year, so it is important to speak with a representative about how to best shift your money from a New Bedford Share Savings account to a more aggressive savings program. Other savings options can be used in addition to IRA accounts.
Being aggressive doesn’t mean being foolish or reckless. When you take advantage of credit union member tax tips for retirement savings, you learn how to safely save money without over-reaching into risky areas. Any investments that you make, especially if you are saving for retirement in your 40s or 50s, should be done with care. While this doesn’t mean that you can’t invest in stocks, what it does mean is that you should balance it out with savings opportunities through member interest rates in New Bedford. This will help you to keep building your savings while you dabble in some additional investment areas.
Consider Boosting Your Income
No matter what type of work you do, there are always other ways to boost your income that will help you to increase your New Bedford Share Savings and investment opportunities. Cutting back on household expenses is one way, but it can be difficult, as many Americans have already cut their household budgets to the bone. Extra work, either through entrepreneurship or web-based services in addition to your “day job,” can be a great way to boost the amount of money that you are putting into your retirement savings accounts.
If you planned to retire in your early 60s, you might want to reconsider. Waiting just a few more years to age 70 can make a big difference, particularly in Social Security payments. Studies show that each year you delay your application after the minimum age, can increase benefits by as much as eight percent. That can make a big difference in the amount of Social Security you receive each month that can be used in addition to your savings accounts and retirement programs through St Anne Credit Union in New Bedford. Use this time to boost your income in other ways as well so you can ease into retirement without having to sacrifice your hopes and dreams for the future.
Join St Anne Credit Union
If you are interested in learning more about the advantages of membership at our credit union in New Bedford, give us a call at 508-993-0011 or stop by and speak with one of our agents at our location on Union Street. For over 100 years, St Anne Credit Union has provided residents and employees of Plymouth and Bristol counties with unique opportunities for financial growth and money management through a simple New Bedford Share Savings account. Join today and see why so many of your neighbors and co-workers trust St Anne Credit Union in New Bedford for all of their savings, investment, and financial needs.