3 Common Retirement Regrets (And how to avoid them) | Premier Credit Union

Retirement is, for many, the ultimate goal of a lifetime of work, but can come with unexpected challenges.

Educational Resources Retirement & Investing Published October 8, 2024

3 Common Retirement Regrets (And how to avoid them) | Premier Credit Union

A special guest blog by our Wealth Advisor and Trust Officer, Lisa Grefe!

Start saving sooner for retirement rather than later.

Retirement is, for many, the ultimate goal of a lifetime of work, but can come with unexpected challenges. One common regret is around retirement savings: not starting soon enough and not amassing enough wealth to support the lifestyle you envision. According to the AARP 2024 Financial Trends Survey, 73% of still-working adults 50 and over are worried about having enough money to be financially secure during their retirement. Many people underestimate how much they need to maintain their lifestyle once they retire, when paychecks are no longer coming in. What is one thing you can do now? Prioritizing saving–starting sooner and saving more–can make a big impact, especially when that savings is in the form of retirement accounts and investment strategies that grow over time.

Have a plan for your retirement!

Not only is it important to have financial resources in retirement, but it’s also important to have a plan in place for how to use those resources. The AARP survey also found that 79% of adults over 50 who expect to retire have not built a plan for how to manage their money in retirement.  Additionally, retirees have to navigate a new way of life. Many retirees find they miss the social interactions and mental stimulation that work provided. Having a plan for how to spend your time–whether through hobbies, part-time work, or volunteering–can help you find a sense of purpose and contribute to your well-being.

Prioritize your retirement savings – but also your health!

Finally, a significant regret many retirees face is not prioritizing health during their working years. Your health is your wealth. You want to make sure in your Go Go years you can live life to the fullest. Financial burden for medical issues can quickly erode savings and quality of life. The best way to avoid this is by making health a priority before retirement: regular exercise, healthy eating, and regular medical checkups. Taking these proactive steps to support your health will not only help you live longer but enjoy retirement to the fullest.

As your dream of a work-free life comes closer to a reality, don’t let regret and lack of preparedness stand in the way of your retirement goals. It’s always a good idea to talk with a financial expert about your retirement goals and create a plan for long-term financial success in retirement. First Community Trust is proud to partner with Premier Credit Union members, to offer our wealth management services including financial planning, investment management, retirement planning, estate planning and trust administration. As your trusted partner, I’d be honored to meet with you to help you prepare for a retirement free from regret.

How FCT (First Community Trust) can help.

Meeting with your FCT wealth advisor/trust officer can be one of the most impactful steps in achieving long-term financial success in retirement. Here are some common questions we receive.

What does a wealth advisor do?

A wealth advisor provides expert guidance on managing and growing your assets, ensuring your financial decisions align with both your short-term needs and long-term goals. In addition, working with a wealth advisor gives you peace of mind.

Can you help me prepare for the unexpected?

Life is unpredictable, and having a trusted professional to guide you through these challenges allows you to focus on your life goals without added financial stress.

Do you charge a fee?  And do you have a minimum?

There is no fee for a consultation meeting with us to review your situation.  If we manage assets for you, then we charge a fee based on the percentage of assets we manage. We have a minimum fee of $500 for credit union members.

Are you a fiduciary?

Yes. We are required by law to act in each member’s best interest.

We would be honored to work with you. Please feel free to reach out for a second opinion on your portfolio and any retirement/investing questions you have.  We look forward to meeting you.

Please reach out to your advisor:

Lisa Grefe

[email protected]

(515) 518-1813

About us:

Premier Credit Union is a full-service financial institution serving Central Iowa, with branch offices in downtown Des Moines, Urbandale, West Des Moines, Ames, and Sioux City. At Premier, our mission and reason for existing is to Make Life Better for you, our member!

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Published October 8, 2024