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Welcome To The Insighter!

Explore the latest happenings at Kirtland FCU and learn about important topics from around the financial world. Here’s your insight!

All Posts > Investments

Investments Retirement

 

New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money?

This concern is legitimate. Rates of spending are not uniform throughout retirement.

  1. The initial stage of retirement can be expensive. New retirees are eager to execute the plans they’ve made. As they travel, make purchases, and enjoy their new life, spending peaks.

  2. Retirees in their sixties should realize that their spending will likely decline as they age. 

  3. When retirees are well into their seventies, spending decreases further. In fact, Government Accountability Office data shows that people age 75–79 spend 41% less on average than people in their peak spending years (usually in the late 40s).

  4. Spending lowers even furthers as retirees enter their eighties. Once many retirees are into their eighties, they have traveled and pursued their goals to a great degree. Spending time with grandkids, rather than spending money, becomes the focus.

  5. One study finds that medical costs burden retirees mostly at the end of life. BlackRock’s 2017 study on retiree spending patterns found medical expenses only spiked for most retirees in the last two years of their lives. 

The Wealth Management Advisors at Kirtland Financial Services can help you plan for these shifts in spending while you’re building your retirement plan.

YOUR INITIAL CONSULTATION IS FREE!

At Kirtland Financial Services, a team of experienced Wealth Management Advisors is ready to help you bring your goals into focus and help you make a plan to work toward the financial future you want.

Your first visit is absolutely free! Sit down with your Wealth Management Advisor—they’ll get to know you and your goals, and you’ll learn about a wide variety of investing options. 


MAKE YOUR APPOINTMENT NOW!

 
Not NCUA Insured | No Credit Union Guarantee | May Lose Value
Securities and Financial Planning services offered through LPL Financial. A registered investment advisor. Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Kirtland Federal Credit Union and Kirtland Financial Services are not registered broker/dealers and are not affiliated with LPL Financial.
 

Investments Retirement


As Americans, we can take pride in the many things we do well. But there’s one thing that we could all do better— saving for the future. 

If you are already saving for your retirement through your employer-sponsored savings plan, each contribution you make brings you closer to your retirement goal. But are you saving as much as you can? 

Given the uncertainty surrounding the Social Security system, maybe it’s time to rethink your own saving habits. 

  1. Apply a raise or bonus to retirement savings. Boosting your contribution rate with each increase in pay you receive to move you closer to the maximum contribution allowed by your employer—$18,500 to a 401(k) plan (workers age 50 and older may add an additional $6,000 in catch-up contributions, subject to plan limits). 
  2. Cut back household expenses. Small savings can add up. Set up a monthly budget of income and expenses to help you find ways to cut back more. 
  3. Forgo a tax refund. If you typically get a tax refund, consider revising your W-4 form to reduce your withholding. Your paycheck will grow, allowing you to increase the amount you save in your employer’s retirement plan. 

It really doesn't matter how you save. The important thing is to build your retirement account in ways that work for you.
 
The team at Kirtland Financial Services is ready to help you put together a retirement plan that works for you. And your initial consultation is absolutely free!

 

MAKE YOUR APPOINTMENT NOW!

 
Not NCUA Insured | No Credit Union Guarantee | May Lose Value
Securities and Financial Planning services offered through LPL Financial. A registered investment advisor. Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Kirtland Federal Credit Union and Kirtland Financial Services are not registered broker/dealers and are not affiliated with LPL Financial.

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