USC Credit Union Blog

USC Credit Union Blog

Retirement: Planning for the Future at Every Age

Posted by Pierce Conway on Aug 17, 2017 3:38:58 PM

It’s never too early (or too late) to begin building your wealth for retirement.

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 over- whelmed when you look at the big picture. However, by breaking your retirement savings goal into manage- able 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!

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Retirement Saving Options to Consider

Posted by Alexa on Sep 15, 2014 12:21:00 PM

 

When it comes to retirement savings, you have options to consider. Here is a list of some of those options and information that can help you make the best decision. 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!

Traditional IRA
An IRA is an Individual Retirement Account. Deposits to a traditional IRA are not taxed and your contributions will grow “tax-deferred,” meaning you will pay taxes on the money when you withdraw it.
• Income limits: Anyone with earned income (younger than 70½) can contribute.

• Tax-deductible? Yes, on both state and federal returns for the year you make the contributions.

• Withdrawals: Qualified distributions can begin at 59½, but the first distribution cannot occur until
five years after the first contribution. Also, contrbutions (but not earnings) can be withdrawn penalty- and tax-free anytime.

• Required Minimum Distributions (RMDs): Begin at age 70½ 

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It's Never Too Early to Prepare for Retirement. Start Planning Today!

Posted by Alexa on Aug 22, 2014 11:30:00 AM

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!

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