Collins Community Credit Union

6 Steps to Planning the Perfect Retirement

Many of us start dreaming of retirement soon after we enter the workforce. We look forward to lazy days and frequent travelling, wintering in Florida and spending time with our families, or having the time to pursue our hobbies. But, to escape into retirement from the daily drudgery of a job, we must attain one thing: financial security.

Published on Aug 28, 2018

That said, saving for retirement is easier said than done. It requires a lot of planning and even more dedication. Without a hefty amount of savings, many of us risk working well into our seventies and eighties. So, if you’d like to be beach-bound and carefree by 65, here are a few steps to start taking today.

Start now. 

The earlier that you begin saving, the more you’ll be able to save, and the sooner you’ll be able to retire. (Ideally, a person should start investing in their 401k while still in their twenties.) Even if it’s not much, start saving today.

Know your needs. 

Experts recommend having 70% of your pre-retirement annual salary for every year of retirement, but that number can vary based on a variety of factors: whether your mortgage is paid, whether you want to travel, taking into account any health issues, etc. So, sit down, set some goals, and calculate accordingly!


There are a variety of options when it comes to saving. Certain people prefer an IRA, others take advantage of their employer’s 401k options, and some opt for alternate methods (like brokerage accounts or various investments). Regardless of your preferred method of saving, the premise is simple: just save.

Take advantage of your employer’s options. 

While not every job comes with retirement plans, it’s important to know your options when it comes to pensions and 401k. Many employers offer perks like 401k matching, and it would be wise to take advantage of that perk!

Stick to your goals. 

It can be tempting to dip into your savings from time to time but try to avoid the temptation. Instead, stick to your goals and adjust your spending. Consider options that make your retirement stash less accessible, like automatic 401k withholdings.

Check out basic investment opportunities. 

While gambling with your retirement savings is a bad idea, doing some calculated research and investing in low-risk stocks or trusts can be a wise financial maneuver. Talk to a financial advisor if you have questions or would like assistance with investing.

We all dream of retirement, but it’s time to start preparing for it. Start saving today!

You may be interested in...

Lifestyle Savings Account

You’re unique and so are your savings goals. Ignite your dreams with a Lifestyle Savings Account from Collins Community Credit Union.

Savings Ltd.

Ignite your financial future!

The Collins Savings Ltd. Savings account is a basic savings account that helps you achieve your financial goals.

Schedule Your Free Financial Review Today

Become a Member