Money Management
Five-Year Retirement Countdown Checklist

The five years leading up to retirement are the ideal time to take stock of how prepared you are for the changes ahead. What will your lifestyle be like in retirement? How will you live within a different budget than during your working years? There's no one-size-fits-all solution for retirement, only a personalized strategy that works for you.

According to a 2013 study by Fidelity Investments on retirement readiness, 55% of Americans are in danger of not being able to cover basic expenses, such as housing and food, when they retire.* As you approach retirement, the assessment of your preparedness becomes even more important. Our team can help you anticipate, estimate, and calculate the retirement income you'll need, and determine how close you are to meeting that goal.

We'll help you answer these important questions:

  • Are you contributing enough to your retirement account so you receive the maximum employer match?
  • Have you identified all potential sources of income in retirement (part-time employment, rental property, etc.)?
  • Have you estimated what your cost of living may be in retirement, including healthcare costs?
  • At what age is it optimal for you to begin taking Social Security benefits?
  • What will your withdrawal strategy be once you are in retirement?
  • Will longevity be an issue that causes you to outlive your retirement money?
  • Have you chosen a target date for retirement?

Five, Four, Three, Two, One
Time is on your side when it comes to retirement planning, so the closer you get to retirement the more important it is to check items off your list. Not only will your money grow over time, but you'll also have the opportunity to pay down any lingering debt (auto loans, credit cards) that can have an effect on your retirement income stream.

Once you've figured out how much money you'll need to live on in retirement, you may want to consider a practice run living within your retirement budget. If the budget needs adjusting, we can help you identify appropriate strategies ahead of time so you can have confidence in your retirement years.

Not sure where to start? The experienced and knowledgeable team at Orange County's Retirement and Investment Services can provide trusted guidance for the important financial decisions in life. As you plan for retirement, we're with you all the way. To learn more, contact us at (888) 354-6228 ext. 7599 or visit us at www.orangecountyscu.org.

 

Not NCUA Insured No Credit Union Guarantee May Lose Value

Securities and Advisory Services offered through LPL Financial, member FINRA/SIPC and a registered investment advisor. Insurance products offered through LPL Financial or its licensed affiliates.
Orange County’s Credit Union and Orange County’s Retirement and Investment Services are not registered broker/dealers nor are they affiliated with LPL Financial.
*https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/picture-of-americas-retirement-readiness.pdf

Not NCUA Insured No Credit Union Guarantee May Lose Value

 

Securities and Advisory Services offered through LPL Financial. Member FINRA / SIPC and a Registered Investment Advisor. Insurance Products offered through LPL Financial or it's licensed affiliates.

Orange County's Credit Union and Orange County's Retirement and Investment Services are not registered broker/dealers nor are they affiliated with LPL Financial.

This site is designed for U.S. residents only. The services offered within this site are available exclusively through U.S. Representatives. LPL Financial's U.S. Investment Representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

Guarantees are based on the claim-paying ability of the issuing insurance company.

BrokerCheck