There are now 100 million credit union members across the U.S., the Credit Union National Association announced Tuesday. Combined, credit unions have $1.1 trillion in assets. And credit unions are attracting millennials at a rapid pace, which is good news for the future.
But even if they are no longer a tiny corner of the banking universe, credit unions remain small when compared to commercial banks, which hold $14.8 trillion in assets. Despite their rapid growth, credit unions still represent only 7.4 percent of banking assets. To put things in perspective, JP Morgan Chase (JPM) and Bank of America (BAC) have combined assets of $4.5 trillion: two banks have four times the assets of all the nation's credit unions combined.
Generally speaking, financial experts say you’ll need 70% of your annual pre-retirement income in order to maintain your standard of living in retirement. That statement may have you wondering when you should begin saving, and the simple answer is now. As with any big project, it’s easy to become overwhelmed when you look at the big picture. However, by breaking your retirement savings goal into manageable steps no matter when you start, you’ll find that the process becomes less intimidating. In fact, armed with information you gather along the way, we even propose that the process can be an exciting adventure! It’s USC Credit Union’s goal to be your financial partner for life and to empower you to own your future. Let’s get started!