Credit unions need to educate members about retirement options

first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Retirement is an inevitability for everyone, but many people are not planning properly for their final years. The desire for short-term gratification sidetracks many individuals who should be thinking about their long-term financial security. Credit unions appeal to many people because they offer a more caring view of money management. Effectively educating members about the risks associated with a poorly planned retirement has the potential to keep members happy with their credit union far into the future.An unprepared populationA shocking number of people have not created a plan to ensure their financial security after retirement, and this will force them to dramatically change their quality of life. An alarming report released by the Federal Reserve earlier this year revealed 31 percent of U.S. households had no retirement savings or pensions. This becomes even more worrisome with the revelation that 19 percent of those between the ages of 55 and 64 lack any sort of retirement savings.“A shocking number of people have not created a plan to ensure their financial security after retirement.”Preparing for retirement is a necessary part of life. To put the problem in even sharper relief, a survey from the Employee Benefit Research Institute found that a full third of U.S. respondents had less than $1000 dollars saved. These people will be in serious financial trouble when they stop working and will be forced to change their lifestyles significantly. It’s critical that credit unions provide services that help members avoid this sort of situation. continue reading »last_img

Leave a Reply

Your email address will not be published. Required fields are marked *

*
*