Union Home Plus | Retiree Financing Solutions
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FINANCING FOR RETIREES

Everything changes and you need to stay of top of things. Most of our grandfathers told us to “Never stop learning, planning or protecting”. But where or who do you get your information from that you can trust? Member Home Plus™ provides workshops and seminars to provide you with just that – trusted information you can use. Whether you have retirement plans on the horizon, are already retired or considering elder care options for yourself or a family member, we can help you navigate safely and confidently.

BEFORE DECIDING TO RETIRE

Five questions to ask yourself before deciding to retire.

What kind of lifestyle do I want?

Before calculating how much money you need to retire, the future of your pension or 401k, you need to consider what sort of lifestyle you want to have in retirement. Do you want to stay in your current home or downsize? Will you want to move to a bigger city or someplace warmer? Maybe you want to travel the world. No matter how you envision your retirement, you’ll need to plan ahead to fund it. Depending on your goals, you might need to save more than you originally planned. If you’re married, you’ll need to speak with your spouse to make sure your retirement plans are aligned.

What will my expenses in retirement be?

Many experts say that most people can expect to spend about 85 cents in retirement for every dollar spent before retirement. Depending on your health, however, you might need to save more to cover medical expenses. If you have a chronic condition or mobility issues, over time you might end up needing to spend more money to maintain your quality of living. With a financial planner, you can get a detailed cash-flow analysis and help managing taxes.

Will I have enough savings to cover my expenses?

Less than half of all union workers say they’ve ever tried to calculate how much money they will need to save to live comfortably in retirement, according to The 2015 Retirement Confidence Survey conducted by the Employee Benefit Research Institute. If your retirement savings or pension can’t sustain your mortgage, insurance and other typical costs, you might want to reconsider your current savings plan. You will also want to calculate your Social Security benefit to determine how it will affect your monthly budget.

What impact will taxes have on my retirement income?

Taxes don’t disappear when you stop working. In fact, your tax bill can take a big bite out of your retirement income. Up to 85% of your Social Security benefits might be taxable if you have income in addition to your benefits. Withdrawals from tax-deferred retirement accounts, such as traditional IRAs and 401(k)s, are also taxed. A financial planner can help you figure out how taxes will impact you in retirement and what strategies you can use to minimize your tax bill.

How much debt do I have?

The more debt you carry into retirement, the more retirement income you’ll need to pay off what you owe. When you’re deciding when to retire, you need to figure out how long it will take to pay off your existing debts. Should you pay off any high-interest debts that aren’t tax-deductible first, such as credit card balances? If you have good credit, should you refinance any high-interest debt that’s tax-deductible, such as a mortgage, to get the lowest rate possible?

DOWN PAYMENT HELP

Learn more about financing options by having a conversation with a Union Home Plus™ Advisor today.

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