If you’re struggling to save enough for retirement—or to determine what your savings goals should be in the first place—turn to Hawaiian Financial Federal Credit Union. We are a full-service credit union that can assist with all aspects of retirement planning to help you build a more secure future. Here are just some of the ways our knowledgeable team will help you devise a savings strategy. 

3 Ways to Maximize Your Retirement Savings 

1. Account for Inflation 

There are a number of formulas that can determine how much money you need for a comfortable retirement, but they don't always account for inflation. While the precise figure varies from year to year, most financial institutions use a target inflation rate of 2%. Because of this rate, every dollar you save in 2020 will have considerably less purchasing power in 2040. To ensure you put away enough, talk to a financial advisor about your current assets and liabilities, career trajectory, and long-term goals. They’ll weigh this information against the target inflation rate to calculate approximately how much you’ll need. 

2. Open an IRA

Opening an individual retirement account (IRA) is a sound investment that will pay off when you finally leave the workforce. If you opt for a traditional IRA, you can deduct contributions during the tax year that you make them. If you opt for a Roth IRA, on the other hand, you can withdraw funds upon reaching age 59½ without being taxed on your earnings. In 2020, accountholders can contribute up to $6,000 (or $7,000 if they’re over 50) to their IRAs. 

3. Attend a Financial Planning Workshop

At Hawaiian Financial Federal Credit Union, we are committed to protecting our members’ financial security and helping them grow their retirement savings. Join us on March 11 and March 28 at the INPAC Wealth Solutions headquarters, 1001 Bishop St, Ste 2300, for a free retirement workshop led by INPAC Wealth Solutions’ very own principal wealth advisor, Troy Wada. Troy will explain the various expenses you should account for during retirement, as well as the market cycles and inflation rates that could influence them. He will also share strategies for maximizing your savings by devising ambitious but attainable goals. If you are interested in attending either date, please RSVP with Carey at (808) 784-4006 or e-mail carey@greamplanlive.com.  We hope to see you there!

With hundreds of millions of dollars in assets and over 60,000 members across Hawaii, Hawaiian Financial Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about our broad array of services online, follow us on Facebook, Twitter, and Instagram for news and updates, or call (808) 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.