News

Are you saving enough for retirement?

May 29, 2017

Have you ever wondered: "Am I really saving enough for retirement?"

Do you wonder how your retirement savings compare with others your age?

  • The average person in their twenties has around $16,000 in retirement savings.
  • The average person in their thirties has saved about $45,000.
  • Americans in their forties have median retirement savings of around $63,000.
  • Americans in their fifties have median retirement savings of about $117,000.

Americans in their sixties have median retirement savings of approximately $172,000.1 

You may have saved much more - but have you really saved enough?  

You may need to save more for retirement than you realize. It is very common for people to underestimate their retirement savings and retirement income needs. Whether you are 5 years or 35 years away from retiring, you need to be confident that you are doing the right things for financial future - saving enough, investing what you save in a way that is appropriate for you, and managing risks to your savings.    

Now is a great time to check and see if you are on track toward your retirement savings goal. Call us at Members Financial Services, Located at: FirstLight Federal Credit Union, so that we may quickly review how you are doing so far. If anything about your retirement saving or investing strategy needs adjusting, is it better to plan those adjustments now than to regret not making them later.

MEMBERS Financial Services Representative, Julie Brand: 915-564-3328

MEMBERS Financial Services Representative, Phillip Boyd, 915-564-3257

MEMBERS Financial Services Representative, Erik Jaime: 575-541-9941

 Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC , a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members.

Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.

1 - investopedia.com/articles/personal-finance/011216/average-retirement-savings-age-2016.asp [12/8/16]

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