LANSING, MICH. (2/23/15)--Only about half of Americans are saving for retirement through a work retirement plan, according to the U.S. Bureau of Labor Statistics. To help give Michigan residents the tools they need to better prepare for their golden years, Michigan credit unions, led by the Michigan Credit Union League (MCUL), are doing their part to give people the tools to help them plan.
Michigan credit unions are working to ease retirement money fears through MCUL's partnership with the state for the free Reinventing Mi Retirement workshops, which were held last year throughout the state (Michigan Monitor Feb. 20). The workshops provided information on topics such as Social Security, avoiding scams and investing. Participants could also meet with an expert for a one-on-one financial checkup.
Empowering people of all ages to become proficient money managers is an integral part of the credit union philosophy.
"Providing opportunities for members to make the connections between small decisions that make big impacts down the line is at the core of what we are all about," league Executive Vice President/Chief Operating Officer Ken Ross said.
That line of thinking was echoed at a Route Your Retirement Fair held in Freeland in October. It was put on by the Northeast Region Bankruptcy Taskforce, which is comprised of seven Saginaw credit unions. The message was clear: It's never too early to start socking away money.
At the Route Your Retirement Fair, people went booth to booth gauging what percentage of their income they would need in categories such as recreation, housing and medical once a steady paycheck is no longer coming in. CUNA Mutual Group offers these retirement saving tips: Make a plan, budget accordingly and take full advantage of any employer match.