Can You Afford to Retire?

Wayne Westland Federal Credit Union

elderly seniors coupleHave you ever sat down and figured out how much you’d need for a comfortable retirement? If not, don’t worry – you’re not alone! According to the U.S. Department of Labor (USDOL), fewer than half of all Americans have calculated how much they will need to save for retirement.

While it’s important to plan, it’s also important to set realistic, achievable goals. Know your options and ask questions. Set aside time to talk with your employer about retirement plans. Your employer may offer benefits like 401(k) plans which allow for an immediate tax deduction growth on your savings.

“While earlier generations of retirees relied on employer provided pensions, today’s workers will need to rely on their own work-related and personal savings for retirement,” said Stephen A. Cox, president and CEO of the Council of Better Business Bureaus. “That’s why it’s extremely important to have an alternate plan and save as much…

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