Set yourself up for a successful retirement with four easy steps.
When we look back at the previous year, we often consider ourselves successful based on what we accomplished during the last twelve months. This year it’s time to flip the script and measure our success this year by how we’ve prepared for the future. Retirement planning is one of the best things you can do to secure your financial future, and you can set yourself up for a successful 2025 in four easy steps.
Step 1: Perform a financial check up
In order to assess your retirement planning options, you first need a look at your larger financial picture. Review your budget from 2024 and see what worked and what didn’t—especially in terms of how much and how often were able to save.
Next, look at your current retirement savings, including any employer-sponsored plans and individual retirement accounts and tally up your current savings. This is also a good time to make note of your current investments and whether or not all of your retirement funds are actively invested.
Step 2: Confirm your target number
If you don’t already have a target retirement number—or if it’s been a while since you updated it—it’s time to set one. You can do this with aid of financial planning services, or you can find online tools to help you get a rough estimate.
You’ll utilize the savings tally you got in Step 1 plus your rate of savings to see if you’re on track to meet your target number. If you’re not, you can turn to your bank or credit union for help with financial planning.
Step 3: Pick the right retirement account
Depending on your current employment situation, you’ll have access to one or more of the following accounts:
- 401(k)
- Individual Retirement Account (IRA)
- Roth IRA
- Motion Picture Individual Account Plan
In Step 1 you made a list of your existing accounts and now it’s time to determine if you need to perform any rollovers—for instance moving an account from a previous employer to an individual account—to help consolidate and reduce any fees you’re paying.
Step 4: Confirm your contribution amount
Now that you know how much you’ve got saved, how much you’d like to have when you retire, and where you’re making your contributions, it’s time to set your contribution amount and confirm that you’re investing appropriately.
Your bank or credit union will likely provide investment services to help you understand your options and make an informed decision so you can meet your long-term goals.
Preparing for a successful 2025 and beyond starts today. To talk to an experienced investment professional who can provide you with a personalized retirement planning roadmap, contact First Entertainment today.
Michelle Lee, First Entertainment Credit Union Financial Advisor
323.845.4434
mlee@firstent.org
