Build a plan for your retirement lifestyle

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OCCU  -  08.23.2023

Retirement planning is not a one-size-fits-all process. We believe planning for retirement should be personalized to reflect the lifestyle you want to have when you retire. Picture your ideal retirement and answer the following questions to help you develop a plan:

  1. When do you want to retire? How many years is that from now?
  2. Where do you want to retire? Do you plan on staying in your hometown or moving to another state?
  3. What are your retirement goals? Do you want to spend time with your grandkids or travel the world?
  4. How will your lifestyle change in retirement? Do you plan on starting a hobby or volunteering?
  5. Will you have any additional sources of income in retirement?

Once you’ve answered these questions, it’ll be easier to determine how much income you’ll need to retire. If you plan to play golf and go fishing, you probably won’t need as much income as someone who wants to travel the world. You can get a better idea of the funds you’ll need with our Retirement Calculator. Once you know how much money you’ll need to retire comfortably, you’re ready to build your plan. Here’s how:

  1. Determine which retirement plans are best for you Identify the retirement saving options available to you. Some options include 401(k)s, 403(b)s, and Roth or traditional individual retirement accounts (IRAs). (Read more about the differences between them here.) If your employer matches 401(k) contributions, you can benefit from opening a plan through your workplace. If you work at a nonprofit, you can save by opening a 403(b). Outside of employer options, you can open a traditional IRA and potentially a Roth IRA, if eligible, through OCCU. Traditional IRAs are taxed upon withdrawal. Roth IRAs are taxed prior to contribution but provide tax-free withdrawals.  
  2. Adjust your budget to include retirement savings Saving for retirement should be a top priority, above college saving or buying a home. A retirement calculator can help you decide how much you should save every month. We know that other factors, such as existing debts and monthly expenses, affect decisions about how much is available to save for retirement. However, you should begin saving whatever you can as soon as you can. The earlier you start saving, the more you’ll earn in interest. Go through your budget to see what you can trim down. By cutting back on impulse shopping or eating out, you may be able to save more toward retirement.  
  3. Periodically review your retirement plan You don't want to be surprised by not having enough money when it's time to retire. It’s important to evaluate your retirement plan annually to ensure that you stay on course to reach your retirement goals. If you find you're falling behind, you may need to increase your contributions, reduce your monthly expenses or delay retirement.

The tips above are just a starting point. We recommend speaking with a member of the OCCU Investment Services13 to ensure you’re on track to reach your retirement goals. Give us a call at 541.681.6231 to set up an appointment. We’d love to help you fine-tune your plan.

13Securities offered through Securities America, Inc., member FINRA/SIPC.  Financial Advice & Investment Advisory Services offered through PFG Advisors, a Registered Investment Advisor (RIA). PFG Advisors, OCCU Investment Services, Oregon Community Credit Union and Securities America, Inc. are separate entities. Securities America and its representatives do not provide tax or legal advice; therefore it is important to coordinate with your tax or legal advisor regarding your specific situation.



Free and simple tools are available for research firms and financial professionals at INVESTOR.GOV/CRS, which also provides educational materials about broker-dealers, investment advisors, and investing. 
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