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All Kirtland CU branches and locations will be closed on Thursday, November 28 in observance of Thanksgiving.
We have engaged Forvis Mazars, LLP (Attn: Bud Hollenkamp, 1801 California Street, Ste. 2900, Denver, CO 80202) to perform member verifications. Kindly compare the balance of your accounts on your September 2024 statement WITH YOUR RECORDS. If balances do not agree, please address your discrepancies directly to Forvis Mazars, LLP. Include your name, truncated account number, and an explanation of the difference noted. A reply is not considered necessary unless a difference is noted.
ROUTING NUMBER: 307070050
By Kirtland Financial Services
When helping people get ready for retirement, financial professionals find the same issues come up over and over. Thinking ahead can spell the difference between a retirement with enough money and a stressful one with difficult decisions that you don’t want to make. Here are 7 retirement considerations that every investor should think about:
The goal with Social Security is not to get the most you can from the government in your lifetime. It is to optimize the amount you receive per month when you finally retire.
The earliest age you can start Social Security is 62. If you retire at 55 or 60, then you might want to claim it as early as you can. But if you plan to work past 70, like many, there is no reason to take Social Security before then. Doing so reduces the amount you can receive at your full retirement age (66 for baby boomers born before 1954). You can have a very nice bump in your benefits every year you postpone taking Social Security. That bump is often a better deal for you than starting early and taking the most money you can.
Your retirement might not be retirement. It could be about doing something different. For you, this might mean you take on part-time work, perhaps in the industry you spent decades in, or in an entirely different field. It can bring extra money and occupy your time. If this is what you want, then factor it into your plan. Hopefully, if you decide to work, it’s because you want to, not because you are short on income and have to. That’s where the strength of your regular savings comes in.
No one likes to think about it, but a major illness can upset even the best financial plan. You need to consider what will happen to your life if you are incapacitated. Medicare doesn’t cover all your health-care expenses, like nursing homes. There’s a good chance that you will need to pay for uncovered extras, but may lack sufficient income during the worst of your illness. What would you do if that occurs?
The place you spent your working years may be too costly in retirement. Plenty of lists exist of good locales to move to. What if your business didn’t do as well as you planned, and you sold it for less money than you expected? Maybe you will have to move to a less expensive state, where you could continue to live as comfortably as before? Uprooting your household will cause you some inconvenience, but maybe not so much that you have to seriously change your lifestyle.
Not going to work every day takes some adjusting. You might feel lonely. Your phone is going to ring much less. The people you spent tons of time with just fall off the map. You might feel that no one likes you. These are called the retirement blues. You might think you are prepared for all those newly empty hours, but most retirees are not.
If the market melts down in the first few years of retirement, you likely will have much less money than you planned, and you have to spend your nest egg faster than you expected. It is good planning to stress-test your finances by assuming you lose money at the outset of retirement.
You need one to help prepare for the best and the worst possible outcomes. Part of that process is scenario analysis that gives you an idea of how much you stand to lose under the worst case. Test your portfolio to make necessary adjustments. You might decide to postpone retirement, or to change your retirement goals.
Doing a financial plan once is not enough. Every year, you need to dust off the plan and go through the tests all over again. What you don’t want is to get to retirement and find out your assumptions never came true. That is unless you like potentially nasty surprises.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by RSW Publishing.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Kirtland Federal Credit Union and Kirtland Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Kirtland Financial Services, and may also be employees of Kirtland Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Kirtland Federal Credit Union or Kirtland Financial Services. Securities and insurances offered through LPL or its affiliates are:
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Kirtland Federal Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.
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CRPC®️ conferred by College for Financial Planning.
Routing Number: 307070050
6440 Gibson Blvd. SE, Albuquerque, NM 87108
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