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
14 Oct 2019

5 Ways to Financially Prepare For Retirement

by kwsm | posted in: Blog | 0

Although retirement may seem far away for some, it is always a good idea to start planning as early as possible. You work hard to provide for yourself and/or your family today, but how focused are you on providing for yourself 10, 20, 30 years or more from now?

Our family at Camino Federal Credit Union wants to make sure you and your family are prepared financially for life down the road. We’ve put together 5 of our best tips for you to consider!

 

1. Open a Retirement Account

It is never too early to start saving. If you can just put a little away each month or with each paycheck, you can really build up a nest egg for the future. The best way to do this is by opening a retirement account. Most people like to use a 401K or an IRA as a way to build their savings. To learn more in-depth about the benefits and differences of each, you can read this breakdown that we put together.

 

2. Consider Healthcare Plans

If you are fortunate enough to have health benefits from your employer, you and/or your family are covered today. When you retire, you might need a completely different plan based on your circumstances at the time. Understanding the current coverage you have now could benefit you in the future. For example, some unions and corporations have clauses that offer lifetime health benefits if you work a specific number of years for that company or in that union.

As healthcare is a major issue for Americans today, this is an area you shouldn’t overlook. If this isn’t an option for you, we recommend factoring the expenses of healthcare into your retirement plan in advance and knowing what your options are.

 

3. Calculate Your Fixed Expenses

This tip is more for people nearing retirement. What will your financial situation look like when you retire? You’ve probably done a good job budgeting for life up to this point, but you’ve likely had an income to rely on. Calculate what your monthly output could be during retirement for things like mortgage/rent, utilities, subscriptions, etc.

As with all budgets, determining what is a “need,” and what is a “want” is important. You may need to cut back or make changes to keep you on track financially.

 

4. Create Your Wanderlust List for Retirement

If you’ve developed a good nest egg (see step 1), you may spend your retirement comfortably. It will also allow you to do the things you may not have been able to do earlier in life, like travel or pick up a hobby.

What do you dream of doing when you retire? Is it traveling? Perhaps you’ve been interested in golf or buying that classic car? Depending on what your answer is, you might want to plan accordingly. If you want a lavish lifestyle, start saving for those golden years now.

 

5. Pay Off Debt

Debt is a growing crisis for Americans, and no generation is immune.

Business Insider recently partnered with Morning Consult about debt and the stress associated with it.
Of those that answered, more than half of all millennials and Gen X respondents said that they were stressed “some” or “a lot” about their credit card, personal loan, or student loan debts:
Of the 51.5% of millennials who have credit card debt, 67.4% are stressed
Of the 54.5% of Gen X who have credit card debt, 64.3% are stressed
Of the 24.3% of millennials who have personal loans, 62% are stressed
Of the 24.6% of Gen X who have personal loans, 62.5% are stressed

Gen X is most stressed about credit card debt, while millennials are most stressed about student-loan debt. If you can, avoid debt.

If you owe some money, consider a plan to eliminate it. Camino Federal Credit Union can help you create a plan for your future. You can talk to one of our Member Advisors by calling us at 800-835-3400. We are here to help you on your financial journey.

banks los angeles, banks Montebello, budgeting, Camino banks Cerritos, Camino FCU, Camino FCU East LA, Camino FCU Interest Rates, Camino FCU Montebello, Camino FCU Rates, Camino Federal Credit Union, credit union Cerritos, Credit Union East LA, Credit Union Los Angeles, credit union Montebello, debt, Federal Credit Union East La, Federal Credit Union Montebello, Finance, Financial Planning Steps To Support A Career Change, Home Mortgage Loans Montebello, Personal Finances, Personal Loans East LA, Personal Loans Montebello, Reduced Spending, retirement, retiring, savings, savings account, savings accounts

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