Are You Ready for Retirement?

Retirement can be a magical time. Whether you want to travel the world or just sit on your porch with a good book, retirement allows you to do the things you enjoy most with the people you love. However, a happy, stress-free retirement requires careful planning to ensure your financial needs are met from your last day at work through some of the most enjoyable years of life.

Are you ready to enjoy all that retirement offers? Take this short quiz from Carthage Savings & Loan to see where you stand.

1. When should you start contributing to a retirement account?

1. When you’re close to retirement and/or have the extra money to do so
2. When your employer offers a retirement plan with matching funds
3. As early as possible

2. About how much income will you require for each year of retirement?

1. Whatever Social Security provides
2. About half of your preretirement income
3. Between 70% and 90% of your preretirement income

3. If your employer offers a retirement plan, how much should you contribute?

1. Nothing – you don’t think average people can afford to take money from their paychecks to fund retirement savings
2. A small amount, but you should keep a lot in your checking account for everyday expenses
3. As much as your employer will match

4. Which types of investments are best?

1. Only high-risk investments because they offer the most reward
2. A combination of high-risk and low-risk investments for a mix of reward and stability
3. The investments recommended by a seasoned financial professional who understands your priorities and goals

5. How often should you dip into your retirement account?

1. Anytime you need some extra cash
2. Only if there's something you really want to buy
3. Not until you are ready to retire unless there's an emergency that cannot be funded in any other way

6. If you're under 50, how much can you contribute to an IRA?

1. As much as you want
2. A certain percentage of your salary
3. Up to $5,500 a year to avoid excess contribution penalties

Check Your Answers

If you chose mostly As, you may not be in the best place for a comfortable retirement. Visit your nearest Carthage Savings & Loan branch for an appointment with one of our seasoned professionals to discuss your current financial status and the best way to ensure security later in life.

If you chose mostly Bs, you’re on the right track, but could use some input from a financial pro. Consider speaking with one of our team members for additional information about IRAs and other retirement savings options, as well as an accurate assessment of your financial needs.

If you chose mostly Cs, congratulations. You understand that planning for retirement is a life-long process – and that working with an expert is the best way to achieve success. You’re well on your way to enjoying all that retirement has to offer, and we’ll be here for you during every step.

Whether you’re just beginning to save for retirement or are counting down the days to your farewell party at work, Carthage Savings & Loan can help ensure you’re prepared to enjoy life after retiring. To learn more about how we can help, contact us online or call 800-232-0450 to speak with a representative.