Retirement | MyCreditUnion.gov

Planning for Your Future

Planning for Retirement

Between longer life expectancies and fewer employers offering traditional pension plans, it’s a good idea to take an active role in planning for retirement. You can talk with your local credit union about retirement savings vehicles, including IRAs and Roth IRAs. Here are some other things to consider.
Types of Retirement Plans (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- Individual Retirement Arrangements (IRAs) (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- Roth IRAs (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- 401(k) Plans (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- 403(b) Plans (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- SIMPLE IRA Plans (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Savings Incentive Match Plans for Employees)
- SEP Plans (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Simplified Employee Pension)
- SARSEP Plans (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Salary Reduction Simplified Employee Pension)
- Payroll Deduction IRAs (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- Profit-Sharing Plans (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- Defined Benefit Plans (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- Money Purchase Plans (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- Employee Stock Ownership Plans (ESOPs) (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- Governmental Plans (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- 457 Plans (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
- Help with Choosing a Retirement Plan (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
Required Minimum Distributions (RMDs) (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)
You cannot keep retirement funds in your account indefinitely. Generally, you have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner. Learn about RMDs and ho
Social Security Benefits

How do you know what your retirement benefits might be so you can plan? Learn about federal Social Security benefits and how to create a safe and secure my Social Security account to view estimates of your future retirement, disability and survivors benefits.
Delayed Retirement and Second Careers

Delaying retirement may improve your finances, but it comes with its own set of challenges and may not be possible for everyone. If considering a delayed retirement or late-in-life career change, take a look at factors to consider and how other people have made the change.
Civil Service Retirement (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)

The Office of Personnel Management provides retirement information and resources for new, prospective and current employees, federal retirees and their family members, as well as for federal benefits officers.
Avoiding Retirement Fraud (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)

Retirees are often the target of fraud. However, with some basic understanding of how scam artists work, you can avoid fraud and protect your hard-earned money. Learning how to invest safely can mean a huge difference in your retirement years.
Retirement Estimator (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)

The Social Security Administration’s Retirement Estimator gives estimates based on your actual Social Security earnings record.

Building Wealth

Don’t pass on the opportunity to get a jump-start on saving for retirement. The longer you save the more time you have to take advantage of compounding interest. Save a little now and reap big rewards later.

TIP: Build an emergency fund so you don’t have to rely on credit cards or your retirement savings for unexpected expenses.