Planning For Retirement

You've worked hard and are looking forward to retirement. Before you begin that chapter in your life, take the steps that will ensure your retirement years are as comfortable as possible.

Calculate Your Retirement Savings
How much will you need for retirement? That will depend on your goals and
lifestyle decisions as well as available resources like employer provided pension
and retiree health benefits. For a quick look at how much you will need to save
before retirement, use the Retirement Planner Calculator.

Develop a Retirement Plan
Establish a retirement savings plan. Set up a savings program like a 401(k), annuity, mutual fund and/or open an individual retirement account. These savings vehicles can help put your money to work for you. To help you with your retirement plan, Financial Plus has partnered with the LPL Financial Group. These investment professionals will bring you access to a full range of investment and financial planning services. They can help you to tailor a portfolio of investments to fit your particular situation. For a no cost or obligation consultation, contact an FPCU member service representative today at 815-433-1496 to set up an appointment for you.

Pay Yourself First

To help you save, establish an automatic transfer from your paycheck to your savings account. When you receive bonuses or raises, take a portion of that money and deposit it in your retirement account.

Refer to your budget before spending on impulse. By delaying a major purchase, you have time to think about whether you want to spend or save the money. You're not left with buyer's remorse.

Educate yourself on money savings topics such as the power of compounding. To read articles on a variety of topics related to retirement, click on Home & Family Finance.

Individual Retirement Accounts (IRAs)
Tax advantages of an IRA can be a tremendous help in reaching your goals for financial security (consult your tax advisor regarding the tax benefits). An IRA allows you to save in a tax deferred account. With a tax deferred IRA, you don't pay tax on the dividends until age 70 ½, when you are required to begin taking yearly withdrawals from your account. Financial Plus has a variety of IRA plans to choose from. For more information, contact one of our Member Service Representatives and/or click here to review the individual IRA options available to you.

Savings Accessibility
The Credit Union can help you find the best way to take advantage of your retirement savings. Available are high-liquidity options like Money Market accounts (CUPID Accounts) to long or short term Share Certificates. (click here for current Share Certificate rates) Accessing your money is easy. Simply contact FPCU by phone at 815-433-1496, in person or through our online banking services.

Pass on Your Life Lessons
Promote Credit Union membership in your family and among your friends. Membership with a Credit Union saves you money. Encourage children and grandchildren to save. Children learn money habits from their families.

It's important to start kids out early with a solid program of saving. Financial Plus offers a Wiley Wabbit Savings Club for kids through age 9, which provides incentives and prizes for children to make saving and learning fun. For kids age 10 through 19, the Credit union offers a Tweens n' Teens Savings Club. This club also offers incentives and contests to help encourage these members to save. They learn to manage their own finances and receive a head start in establishing good credit as a young adult.