AFCU Money Matters - Winter 2008 - (Page 13)

the good life If you were born between 1946 and 1964, you are part of the baby boomer generation, also commonly referred to as the “Me Generation.” Those on the late end of this generation are raising kids and climbing the corporate ladder, while those on the early end are grandparenting and enjoying retirement. Although the trends, lifestyles and priorities vary throughout the generation, it’s clear the “Me Generation” shares one common goal — to provide financial security for themselves and their families. But, obtaining that financial security is becoming increasingly challenging. With retirement savings plans such as pensions and Social Security fading, college education costs soaring, and health care costs rising, baby boomers struggle to find a balance that will allow them to save for their children’s futures while securing their own. The following tips are provided to help baby boomers balance their financial obligations: • Determine how much retirement savings you will need. According to a recent Money magazine poll, 90 percent of baby boomers have not done a lot of retirement planning. Financial experts recommend you begin planning for your retirement as early as possible. There are a number of online savings calculators that can provide investment options, help you determine how much you need to save, and determine how long you will need to work. Visit our savings calculator at www.amerfirst.org, click on the Quick Link drop down menu “Calculators and Tools,” and choose “Savings Calculator.” • Prioritize retirement savings ahead of your child’s college expenses: Being part of the “Me Generation” doesn’t mean you have to be selfish, but you do need to look out for your own best interests. Remember that there are no retirement financial aid loans, but there are many financial aid plans available to help you pay for your children’s education. • Consider a Roth IRA account and contribute as much as possible to it. This unique account allows you to save for your retirement, while providing you the flexibility to withdraw funds for other qualifying expenses, such as a college education. • Consider ways to lower your monthly living expenses. Having a monthly budget that includes a savings strategy is essential. If you’re an empty-nester, consider moving into a home with a smaller mortgage payment. Look for other creative ways to lower your expenses now, and bank that extra money each month. American First can help determine what savings plans might best meet your life goals. Simply call us at 800/ 290-1112 or stop by any of our convenient branch locations. WINTER 08 13 BABY BOOMER BALANCE THE http://www.amerfirst.org

Table of Contents Feed for the Digital Edition of AFCU Money Matters - Winter 2008

AFCU Money Matters - Winter 2008 Contents News You Can Use Member Tips What’s Next? Motley Fool: A Tale of Two Borrowers Jean Chatzky: Extreme Jobs The Good Life Home Matters Money Smarts

AFCU Money Matters - Winter 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.