Library of Congress Federal Credit Union

Too often saving for retirement gets moved to the bottom of the financial planning to-do list. We’ve put together three tips to help beat that trend. 

Make Retirement a Top Priority

Retirement planning is a marathon, not a sprint. It begins with prioritizing – not postponing retirement plans. With many living longer, retirement funds have to stretch over a longer period of time and the potential long term financial repercussions of waiting could contribute to a diminished quality of life. First, take advantage of your employment plan and maximize matching contributions. But don’t stop there. Learn as much as possible about Social Security benefits, 401(k)s, IRAs and other investment opportunities that can help your money grow. Set aside time to think about how you envision retirement and estimate what you will need. Be sure to include housing, medical, travel, insurance and transportation in your overall retirement budget. It is never too early to start making plans to achieve your goals.

Build Your Investment IQ

Saving for the future is great. Even a simple savings account can do wonders. But the more you know about investing and retirement plans, the more you can get out of your investments. Check out the resources from the Securities and Exchange Commission (SEC). There are also hundreds of books on the subject.

Check out our financial education page packed with advice and resources. Also, sign up for free monthly webinars that cover topics to help plan for life’s most significant moments including retirement through our partnership with Library of Congress FCU Wealth Management Investment Advisor Mikael Hallstrom.

Become the CEO of Your Financial Life

As the President and CEO of your own financial life, you are in charge. Don’t be afraid to advocate for yourself at all times. Set SMART (Specific, Memorable, Achievable, Relevant, and Time-bound) goals and surround yourself with the right people to help you get there. That includes a financial advisor who understands where you want to be someday and knows how to help you get there.

Make time to invest in yourself at all times. Build your network of professionals, update your skills, constantly revise your resume, and ask for that promotion or raise as you build passive income streams and talk about money goals.

Stories From the Stacks Is Designed for You

The Stories from the Stacks blog is for everyone. From those facing financial challenges to those who simply want tips or a better understanding of their relationship with money, our blog is designed for anyone interested in advancing their financial life story. Let us know what topics you’d like us to explore next.