Contact Us Join Locations Help Online Banking
Washington State Employees Credit Union
Savings & Checking
Loans
Investments & Insurance
Credit Cards
Convenient Services
Business Services
Community Connections
Travel Tips
BALANCE
Decedent Account Guide
Financial Wellness
Identity Theft
New Day NW
Financial Lessons for Teens
Emergency Financial First Aid Kit
Fabulous After 50
Money Saving Deals on Financial Services
School Shopping
When Family Moves In
Recovering from ID Theft
Protect Your Identity
Saving for Retirement
Your Credit Score
Scam Awareness
Scholarships
Youth Education
Applications & Forms

 

<<< Back to New Day NW

Many people today have reached their 40s and don't have a good retirement plan in place. The good news is that it isn't too late to start and WSECU's Suzanne Klenk, who is a certified financial coach, provides some of the tools to help turn things around. 

Options for those in this situation

  • Extend your retirement date.
  • Consider part-time retirement - when you retire from your current job, find a part-time job to supplement your income.
  • Plan for the unexpected - start saving right now.

Saving: the easiest and the hardest step
Saving money is easy because it's simple math - we know we have to take a portion of our paycheck and set it aside for the future. It's also the hardest step because saving money isn't a habit for many of us. Making a commitment and the decision not to spend what we make is difficult. An effective way to do this is not to include the amount you want to save in your budget. Determine how much you're going to save, subtract that amount from your paycheck and then budget with the money you have left.  

Set up a savings plan
Financial planners have long said that we need to set 10-15% of our income aside. However, for those who are starting to save later in life, this can be a formula to fail because it's so overwhelming. If you're in this scenario, just start small. Set aside as much as you can without having to take it out of savings at the end of the month or use your credit card to make ends meet. The priority is to start the habit of saving...you can put larger amounts of money aside as time goes on.

Other ways to save

  • If you're in the habit of using your credit cards to make purchases, stop charging and only buy things you can afford by paying cash.
  • Create a spending plan.
  • Pay off your existing debt.
  • Once you've paid off your debt, start planning for your future in earnest. Find a good financial planner who can help coach you through the steps.

Have a financial question for Suzanne?
If you have a financial question you would like to ask Suzanne, please feel free to send her an e-mail.

Follow us on Facebook Follow us on Twitter Follow us on YouTube Follow us via RSS Follow us via RSS Shared Branching Network
About Us Careers Security Terms & Conditions
All rights reserved. Federally Insured by NCUA. Equal Housing Opportunity.
© 2014 Washington State Employees Credit Union (WSECU)