Meet our Financial Planning Partners, Steve Dean and Steve Gilman of Northeast Planning Associates. Steve Dean meets with members at our Mexico office by appointment on Thursdays. Call 369-9976 for an appointment. Steve Gilman meets with members at our Oxford branch by appointment on Mondays. Call 743-2638 to schedule an appointment.
Steve Dean	SteveGilman

Woulda, Coulda, Shoulda: What Retirees Wish They Had Done Differently

A number of surveys and studies show that many current retirees wish they had done something differently in preparing for retirement. Workers today have a golden opportunity to learn from their mistakes. These five lessons offer the insight to help you work toward the retirement of your dreams.

Save more—The 10% savings objective that was the standard years ago might leave you short down the road. These days a savings goal of 20% of gross income is a better target, with that percentage going up the later you start.

Plan for more expenses in retirement—Many retirees say they spend as much as, or more than, when they worked. As a general guideline, plan on replacing at least 80% to 100% of pre-retirement income.

Be realistic about working in retirement—Despite plans to pursue some sort of employment in retirement, most retirees never do return to work.

If you intend to keep working past 65, now is the time to ask employment counselors or your company’s human resources department for advice about continuing your career.

Pay more attention to retirement planning— To be really well prepared, you must have a strategy for how you will manage and allocate your investments throughout your retirement years; from which accounts you will draw your income, and how much you can afford to take out each year; how you will insure yourself so that your medical and long-term health-care needs are covered; and, how your estate will ultimately be managed and distributed.

Invest more aggressively when you are young—Generally speaking, higher returns come with higher risk. 

You can't afford to take big risks in your 50s and 60s, so the time to invest for maximum growth is when there are decades between you and retirement.

Before you begin an investment plan, first determine your risk tolerance (how willing you are to endure ups and downs in your portfolio value). This will help you determine how much of your portfolio comfortably could be invested in various types of stocks.

We can help get you on the road to smart retirement planning.

Do you have a Financial Plan? Are your financial decisions supporting that plan?

No matter what your age, income level or profession, planning for your future can turn your visions into reality. Oxford Federal Credit Union offers our members access to financial planning, investments, long-term care and insurance services through Northeast Planning Associates, Inc.

The cornerstone of the planning process is a comprehensive, individualized financial plan prepared especially for you. A Financial Planner will objectively analyze your current situation and assist you in laying the foundation to help you achieve and protect your dreams. Whether your objectives involve retirement, reducing your tax burden, proper advice on allocation of your investment portfolio or protecting your assets, an advisor can prepare a personalized plan with specific courses of action for you to consider.

For more information about Steve Dean CLICK HERE.
For more information about Steve Gilman CLICK HERE.

Financial Planner offers advisory services through Northeast Planning Associates, Inc. (NPA), a registered investment advisor.  Securities and advisory services offered through Linsco/Private Ledger (LPL), member FINRA/SIPC.  Not NCUA Insured, No Credit Union Guarantee, May Lose Value.  Oxford Federal Credit Union, NPA and LPL are not affiliated.  59 Main Street, Madison, ME 04950 (207) 782-1641 
The financial professionals associated with this site may only discuss or transact securities business with residents of the following states: AZ, CT, FL, GA, ME, NH, and OK.