READY FOR RETIREMENT?
Whether retirement has finally arrived or it’s approaching rapidly, you’ve worked hard
for a long time to get here. Bringing your career to an end (or even cutting back on the
amount of time you devote to work) leads to all sorts of changes and forces you to make
many important decisions that will determine the quality of the years ahead. Indiana
Members Credit Union created this guide to help you make the right choices for your
situation and needs.
HOW WELL HAVE YOU PREPARED?
While most people will spend plenty of time thinking about what they’d like to do in their retirement years, far fewer actually take the time or the steps to prepare. According to Money Magazine, one-third of Americans have no retirement savings, and another 23 percent have only been able to save less than $10,000. (Only 13 percent have managed to put away at least $300,000.) Continue reading
- Minimal 3.5% down payment
- Down payment can be a gift or loan to the borrower from an eligible source
- Sellers may pay 6% towards closing costs
- Cash reserves are not required
The Federal Housing Administration (FHA) is an agency within the Department of Housing and Urban Development. FHA loans are designed to help low-to moderate-income creditworthy families by offering a mortgage with lower down payment requirements and less restrictive qualifying criteria. Continue reading
Why Do People Put Off Saving for Retirement?
A lack of money is but one answer.
Provided by Gregg Perrey and Jeff Olbina
Common wisdom says that you should start saving for retirement as soon as you can. Why do some people wait decades to begin?
Nearly everyone can save something. Even small cash savings may be the start of something big if they are invested wisely.
Sometimes, the immediate wins out over the distant. To young adults, retirement can seem so far away. Instead of directing X dollars a month toward some far-off financial objective, why not use it for something here and now, like a payment on a student loan or a car? This is indeed practical, and it may be necessary. Even so, paying yourself first should be as much of a priority as paying today’s bills or paying your creditors.
Some workers fail to enroll in retirement plans because they anticipate leaving. They start a job with an assumption that it may only be short term, so they avoid signing up, even though human resources encourages them. Time passes. Six months turn into six years. Still, they are unenrolled. (Speaking of short-term or transitory work, many people in the gig economy never get such encouragement; they have no access to a workplace retirement plan at all.) Continue reading