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15 Retirement Savings Tips

An older couple sitting at desk looking at papers and iPad

Retirement Happens To Everyone: Start Saving Now

Let’s face it, saving money isn’t always easy, and saving for an event that is 20 or years more into the future is even harder. Many would compare saving for retirement to exercising. We all know we should do it, but we always seem to find a reason to put it off. However, retirement is in everyone’s future, so what better time to start saving than now? Below you’ll find 15 retirement savings tips to consider starting now. 


15 Retirement Savings Tips To Get You Started

  • Put a certain amount of each paycheck into your savings account, and gradually increase this amount over time. The longer you have to save, the more dividends you can earn. For information on Launch CU’s dividends, click here.
  • Don’t turn down a 401(k) match from your employer. Think of this as free money from your employer.
  • Consider investing in a IRA or Roth IRA. Launch CU offers both types of IRAs. For more information on Launch CU IRAs, click here.
  • Shop around for better auto, homeowners, and health insurance rates. Even though some insurance companies offer discounts to long-term policy holders, it doesn’t mean that you are saving as much money as possible. Make sure to conduct an annual review of your insurance expenses, and compare prices to ensure that you are getting the biggest bang for your buck.
  • Consider putting your tax refund into your savings account. As hard as it may be to not use your tax refund to buy yourself some new merchandise, your tax refund can provide you with a great opportunity to boost your retirement savings.
  • Learn to sick to a budget. Setting a monthly budget helps you to spend less money than you normally would. 
  • Bring your own lunch to work. Research suggests bringing your lunch to work can save you on average $2,500 a year or more. 
  • Pay off your credit card debt as soon as possible. Paying off this debt will increase your credit score and allow you to put those monthly payments towards your retirement account. 
  • Take inflation into account. The price of goods and services today will not be the same in 20 years. When you think about how much you will need to retire, take into consideration inflation.
  • Get rid of cable. With more and more companies coming out with streaming options you may be able to snag a cheaper streaming price than continuing to pay for cable packages. 
  • If you are married or in a committed relationship, figure out your retirement goals as a couple. This discussion should include what age each of you would like to retire at, the lifestyle that each of you desire after retirement, as well as where you wish to live after you retire.
  • Make a weekly meal plan. Making a meal plan helps to avoid spending money on eating out as well as overspending at the grocery store.
  • Stray away from making early retirement account withdrawals. If you decide to withdrawal from your account before the age of 59.5, you are subject to a 10% penalty fee, in addition to tax on the income. To avoid fees and taxes, leave your retirement account along.
  • Make a list before you go to the store, and stick to it. We are all guilty of going into a store for one thing and coming out with $100 in merchandise. Make a list before you go to the store and stick to this list to avoid overspending on unnecessary items.

We are pleased to announce the availability of the Launch Retirement and Investment Services Program. Some of the products and services available include:

  • 401(k) / Pension Rollovers*
  • Retirement Planning
  • Education Funding
  • Mutual Funds
  • Life Insurance
  • Long-Term Care Insurance
  • Wealth Management
  • Tax-managed Investing**

Learn more HERE

*Prior to requesting a rollover from your employer sponsored retirement account to an Individual Retirement Account (IRA), you should consider whether the rollover is suitable for you. There may be important differences in features, costs, services, withdrawal options and other important aspects between your employer sponsored retirement account and an IRA.

**Representatives are not tax advisors. For information regarding your specific tax situation, please consult a tax professional.

Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. 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. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America. CBSI-2878997.1-1219-0122


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