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FutureIncome Strategies: 6 Steps to Planning Your Retirement

For many retired Americans, finding assets to cover everyday expenses can be a challenging endeavor. Making sure you have a defined strategy ahead of time can assist in making your transition to retirement go smoothly and help you better enjoy your newfound leisure time.

Understanding your lifestyle plans, identifying your income streams, and documenting your spending needs are all a part of proper retirement planning. Consider these six steps in preparing for your own retirement:

  1. Design a personal retirement plan.
  2. Review your essential and discretionary expenses.
  3. Evaluate your sources of retirement income.
  4. Identify and examine any potential disparities between planned income and expenses in retirement.
  5. Position your assets to help generate income and identify other potential income sources.
  6. Complete a Personal Assessment to help organize your finances and prioritize your needs. Bring this completed worksheet with you to a complimentary appointment with one our CFS* Investment Advisors to help you strategize your retirement!

Retirement Planning Milestones

  • 50 or Over — Catch-Up Contributions to IRAs and 401(k) Plans

  • 55 — Early Retirement

  • 59 1/2 — Avoid Early Withdrawal Penalty

  • 62 — Early Eligibility for Social Security Benefits

  • 67 — Eligible for Full Social Security Benefits

  • 70 1/2 — Required Minimum Distributions


*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Bay Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

**Before deciding whether to retain assets in an employer sponsored plan or roll over to an IRA an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock.

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