BECOME A MEMBER
  • Become A Member
  • Contact Us
  • Login
  • Become A Member
  • Contact Us
  • Login
Camino Federal Credit Union new logo - See the New Look - New Logo Camino Federal Credit Union new logo - See the New Look - New Logo
  • Accounts
    • Checking
      • Elite Checking
      • Everyday Checking
      • Student Checking
      • Teen Checking
      • Digital Wallet
      • Apple Watch
      • Switch Kit
    • Savings
      • Membership Savings
      • Money Market Account
      • Certificate Accounts
      • Time Certificate Promotion
      • Refer A Friend
      • Individual Retirement Accounts (IRAs)
      • Summer Salary Savings
      • Christmas Club
      • Student Savings
      • Children’s Savings
      • Switch Kit
    • Credit Cards
      • Visa® Platinum with Rewards
      • Visa® Platinum with Low Variable Rate
      • Getting Started Visa®
      • Visa® Share-Secure
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • Loans
    • Auto Loans
      • Nearly New Auto Refinancing
      • New & Used Auto Loans
      • First Time Auto Loan Program
      • Second Chance Auto Loan Program
      • Lease Buy Out
      • Recreational Vehicle Loans
      • Motorcycle Loans
    • Personal
      • Credit Cards
        • Visa® Platinum with Rewards
        • Visa® Platinum with Low Variable Rate
        • Getting Started Visa®
        • Visa® Share-Secure
      • Share-Secure Loans
      • Personal Loans
      • Debt Consolidation Loans
      • Line of Credit
      • Furlough Loans
      • Smart Option Student Loan
    • Home Equity
      • Home Equity Loans
      • Home Equity Lines of Credit
    • Mortgages
      • Home Mortgages
      • Mortgages for Investment Properties
    • Rates
      • Auto Loans Rates
      • Credit Cards Rates
      • Bank Account Rates
      • General Loans Rates
      • Home Loans Rates
    • All Loans
  • Services
    • Online/Mobile Banking
      • Online Banking
      • Mobile Banking
      • Bill Pay & PopMoney
      • eStatements
      • Text Banking
      • Forms and Documents
    • Services
      • Surcharge-Free ATM Network
      • Shared Branching
      • Insurance Options from TruStage
      • Auto Buying Services
      • Telephone Banking
      • Additional Services
    • Lost or Stolen Card
    • Camino Workshop Series
    • Repay
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • About
    • About Camino
    • Become a Member
    • Community and Events
    • Location
    • Holiday Schedule
    • Careers
    • News
    • Advisor Appointment Center
    • Contact Us
  • Blog
  • Accounts
    • Checking
      • Elite Checking
      • Everyday Checking
      • Student Checking
      • Teen Checking
      • Digital Wallet
      • Apple Watch
      • Switch Kit
    • Savings
      • Membership Savings
      • Money Market Account
      • Certificate Accounts
      • Time Certificate Promotion
      • Refer A Friend
      • Individual Retirement Accounts (IRAs)
      • Summer Salary Savings
      • Christmas Club
      • Student Savings
      • Children’s Savings
      • Switch Kit
    • Credit Cards
      • Visa® Platinum with Rewards
      • Visa® Platinum with Low Variable Rate
      • Getting Started Visa®
      • Visa® Share-Secure
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • Loans
    • Auto Loans
      • Nearly New Auto Refinancing
      • New & Used Auto Loans
      • First Time Auto Loan Program
      • Second Chance Auto Loan Program
      • Lease Buy Out
      • Recreational Vehicle Loans
      • Motorcycle Loans
    • Personal
      • Credit Cards
        • Visa® Platinum with Rewards
        • Visa® Platinum with Low Variable Rate
        • Getting Started Visa®
        • Visa® Share-Secure
      • Share-Secure Loans
      • Personal Loans
      • Debt Consolidation Loans
      • Line of Credit
      • Furlough Loans
      • Smart Option Student Loan
    • Home Equity
      • Home Equity Loans
      • Home Equity Lines of Credit
    • Mortgages
      • Home Mortgages
      • Mortgages for Investment Properties
    • Rates
      • Auto Loans Rates
      • Credit Cards Rates
      • Bank Account Rates
      • General Loans Rates
      • Home Loans Rates
    • All Loans
  • Services
    • Online/Mobile Banking
      • Online Banking
      • Mobile Banking
      • Bill Pay & PopMoney
      • eStatements
      • Text Banking
      • Forms and Documents
    • Services
      • Surcharge-Free ATM Network
      • Shared Branching
      • Insurance Options from TruStage
      • Auto Buying Services
      • Telephone Banking
      • Additional Services
    • Lost or Stolen Card
    • Camino Workshop Series
    • Repay
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • About
    • About Camino
    • Become a Member
    • Community and Events
    • Location
    • Holiday Schedule
    • Careers
    • News
    • Advisor Appointment Center
    • Contact Us
  • Blog
Camino Federal Credit Union
Login
  • Accounts
    • Checking
      • Elite Checking
      • Everyday Checking
      • Student Checking
      • Teen Checking
      • Digital Wallet
      • Apple Watch
      • Switch Kit
    • Savings
      • Membership Savings
      • Money Market Account
      • Certificate Accounts
      • Time Certificate Promotion
      • Refer A Friend
      • Individual Retirement Accounts (IRAs)
      • Summer Salary Savings
      • Christmas Club
      • Student Savings
      • Children’s Savings
      • Switch Kit
    • Credit Cards
      • Visa® Platinum with Rewards
      • Visa® Platinum with Low Variable Rate
      • Getting Started Visa®
      • Visa® Share-Secure
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • Loans
    • Auto Loans
      • Nearly New Auto Refinancing
      • New & Used Auto Loans
      • First Time Auto Loan Program
      • Second Chance Auto Loan Program
      • Lease Buy Out
      • Recreational Vehicle Loans
      • Motorcycle Loans
    • Personal
      • Credit Cards
        • Visa® Platinum with Rewards
        • Visa® Platinum with Low Variable Rate
        • Getting Started Visa®
        • Visa® Share-Secure
      • Share-Secure Loans
      • Personal Loans
      • Debt Consolidation Loans
      • Line of Credit
      • Furlough Loans
      • Smart Option Student Loan
    • Home Equity
      • Home Equity Loans
      • Home Equity Lines of Credit
    • Mortgages
      • Home Mortgages
      • Mortgages for Investment Properties
    • Rates
      • Auto Loans Rates
      • Credit Cards Rates
      • Bank Account Rates
      • General Loans Rates
      • Home Loans Rates
    • All Loans
  • Services
    • Online/Mobile Banking
      • Online Banking
      • Mobile Banking
      • Bill Pay & PopMoney
      • eStatements
      • Text Banking
      • Forms and Documents
    • Services
      • Surcharge-Free ATM Network
      • Shared Branching
      • Insurance Options from TruStage
      • Auto Buying Services
      • Telephone Banking
      • Additional Services
    • Lost or Stolen Card
    • Camino Workshop Series
    • Repay
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • About
    • About Camino
    • Become a Member
    • Community and Events
    • Location
    • Holiday Schedule
    • Careers
    • News
    • Advisor Appointment Center
    • Contact Us
  • Blog
12 Oct 2021

4 Tips on Saving for Retirement

by kwsm | posted in: Blog, Financial Tips | 0

Even if you’re early on in your career, saving for retirement can be an essential part of your financial plan. 


With these four tips, you can begin saving for retirement and making financial decisions that will help you achieve your financial goals now and during your future retirement. 

a woman puts a folded dollar bill into a piggy bank
One of the best advantages you can give yourself when saving for retirement is to start making contributions to your savings fund early in your life.

Contribute to a 401K

Your employer may offer something called a 401(k) plan. If your employer offers this and you are eligible, it may allow you to contribute pre-tax money from your paycheck to this retirement savings fund. 

 

On top of offering a 401K account, some employers offer 401K matching that can help make saving for retirement even easier. With 401K matching contributions, your employer would match and contribute the same dollar amount to your 401K each year that you yourself contributed. Typically if an employer offers this, they may have a max dollar amount that they are willing to match up to.

 

Since money for your 401K comes out of your paycheck before federal income taxes are taken from the paycheck, your take-home pay may only drop by a small dollar amount. 

 

A nice feature about 401Ks is that even if you leave that employer that offers this 401K option, you will have choices on what to do with your 401(k) account.

 

Pay Your Savings Account First

Before you start spending your paycheck on assorted expenses, a good tactic for saving for retirement can be  to take a certain amount of money each paycheck and put it directly into your savings account. 

 

Doing this for every paycheck for months or years can significantly help build up your savings “nest egg” prior to retirement. 

 

Open an IRA

Many financial institutions offer an IRA which stands for Individual Retirement Account. A Traditional IRA may be right for you depending on your income level and whether you have a workplace retirement plan (such as a 401K). Certain income levels are not eligible for a traditional IRA. 

 

Contributions to a Traditional IRA may be tax-deductible and the investment earnings have the opportunity to grow from interest without being taxed until you make withdrawals during retirement. Since contributions to this type of account are tax-deductible up-front, this can be a nice incentive to begin saving for retirement while also lowering the amount of federal taxes you owe on your income in a certain year. 

 

Start Saving as Early as Possible

Even if you can only contribute a couple hundred dollars or less every month, the earlier you start saving, the more years you will have to be saving for retirement, meaning in the long run, the more time this money has to collect interest and add up.

 

Saving for retirement as early as you can in your 20s or 30s also helps establish this healthy financial habit of setting aside a portion of your income for savings that you can utilize your whole life. 

 

Even if you began saving for retirement late or haven’t started saving for retirement, it isn’t too late, and there are steps you can take to increase your retirement savings or to achieve financial freedom in your retirement years.

 

Do you need help managing your finances? Let us know!

It can be challenging to balance your savings, loans, and other accounts all in one place. However, we offer many ways to manage your finances at Camino Federal Credit Union through our branch location, online banking, and mobile banking app. Please give us a call at 800-835-3400 to speak with one of our Member Advisors, or contact us online at caminofcu.org for more information.

banks Montebello, banks montebllo, camino credit union, Camino FCU, Camino FCU East LA, Camino FCU Interest Rates, Camino FCU Montebello, Camino FCU Rates, Camino Federal Credit Union, Credit Union East LA, Credit Union Los Angeles, credit union Montebello, Federal Credit Union Montebello, how to save for retirement, individual retirement accounts, ira, IRAs, retirement, retirement saving tips, save for retirement, savings account

Categories

  • Auto Loans
  • Blog
  • Budgeting
  • Debt Consolidation
  • Estate Planning
  • Financial Tips
  • In the Community
  • Loans
  • News & Events
  • Our Culture
  • Personal Loans
  • Promotion
  • Uncategorized

Camino Federal Credit Union new logo - See the New Look - New Logo

Montebello Branch

520 N Taylor Ave
Montebello, CA 90640
(323) 722-3400

 

Support

Consumer Protection

Lost or Stolen Card

Check Loan Status

Member Service

(800) 835-3400
Contact Us

Connect With Us

Equal Housing Lender
Equal Housing Lender
National Credit Union Administration
National Credit Union Administration
© 2023 - All rights reserved - Federally insured by NCUA, Equal Housing Lender | NMLS ID 666196     Disclosures Privacy Policy
Mobile Banking: Standard data & messaging rates apply.
If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-835-3400 for assistance.
Also, all products, services and information available on this website are also available at any of our physical branches, where we would be happy to assist you further.
We use cookies to personalize content and to analyze our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services.OKNoPrivacy policy
We use cookies to personalize content and to analyze our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services.OKNoPrivacy policy