More than 15 million GenXers have hit the big 5-0, but most aren’t prepared for retirement. Here are a few tips to help you prepare:
Know your benefits plan! If your employer offers a retirement match plan, use it. Think of it as buy one, get one free for your retirement savings. With benefit fairs just around the corner, now is the time to find out exactly what your employer offers and how much you can contribute.
Put yourself first! Most GenXers have fallen into the “Sandwich Generation.” They not only need to provide for their children, but their aging parents as well. Pay yourself first. It may seem harsh, but if your finances aren’t enough to cover you through retirement, how are you going to help anyone else? Don’t allow yourself to become a burden to your children to cover your debt.
Put your raise toward your retirement. If you’ve been doing well with your current salary, then putting the raise away for your golden years is another way to boost your retirement without feeling like you’re sacrificing a lot.
Be optimistic! If you’re behind on saving, it’s not too late to catch up! Make a plan, make a budget and stick to it!
For more financial tips, visit your local credit union. HealthNet Federal Credit Union has proudly served Baptist Memorial Health Care employees and the health care community throughout the Mid-South for more than 60 years.