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Are Your retirement goals on track?

Blog Post
2 min read
Senior man and woman on a roller coaster

If you’re consistently saving money for retirement — congratulations! You might be financially ahead of the 75% of Americans who believe they won’t have enough money to live comfortably after they exit the workforce.  But before you snap on your party hat, raise a glass, and toss confetti, take some time to assess potential risks that might reveal you’re not saving enough for Life 2.0.  

A recent Center for Retirement Research study identified five risk factors savers should address to protect their financial futures. 

  1. Longevity Risk  – The likelihood of you outliving your savings
  2. Market Risk – The inherent volatility of the stock market and housing landscape
  3. Health Risk – The out-of-pocket costs for unexpected healthcare expenses or long-term care costs
  4. Family Risk – The changes to the household that impact finances, such as job loss, divorce, death of a spouse, or caring for a family member
  5. Policy Risk – The depletion of the Social Security benefit program, which is likely to result in a 25% reduction in payable benefits in the not-too-distant future

Here’s what you can do to minimize risk in each area and achieve your retirement savings goals.

Longevity Risk

  • Increase contributions to tax-advantaged retirement accounts
  • Ensure you take advantage of employer matching plans, such as 401(k) and Health Savings Accounts (HSAs)

Market Risk 

  • Review your investment accounts annually
  • Explore post-retirement housing options and locations
  • Meet with a financial professional before making drastic changes to your investment strategy

Health Risk

  • Eat healthier
  • Stay physically active
  • Schedule regular health checkups and screenings

Family Risk 

  • Double your emergency savings account balance
  • Review life insurance coverage to ensure it’s at least seven times your income

Policy Risk

  • Estimate your Social Security benefits, using the Social Security Benefit Calculator
  • Determine how a 25% reduction in Social Security benefits might affect your standard of living
  • Identify all sources of retirement income besides your savings. This might include pensions, small business revenue, private sector annuities, etc. Use the results to consider how you might increase your cash flow during retirement

It's easy to underestimate how much you’ll need in retirement when you’re unclear of the financial risks that come with growing older. However, knowledge can put you in a better position to minimize those risks by adjusting your savings plan now. Partner with SAFE's Investment Services to help you have reason to celebrate your financial future. 

 Our in-house financial professionals are available through the MEMBERS® Financial Services Program, offered through CUNA® Brokerage Services, Inc.*, a broker/dealer focused on serving credit union members. They offer a variety of financial services to SAFE members, including:  

  • Retirement Planning
  • Life Insurance Policies
  • Long-term Care Insurance
  • Individual and Managed Retirement Portfolios

Contact an in-house financial professional for a free consultation today!

Sumter, SC Branch
Jose Rigor
Contact: 803-469-8600 ext. 2346
Address: 185 West Wesmark Boulevard, Sumter, SC 29150

Kim Saunders
Contact: 803-469-8600 ext. 2361
Address: 185 West Wesmark Boulevard, Sumter, SC 29150