Blog Details

News & Notes

Setting Retirement Goals and Planning for Tax Time

Dec 07, 2020

 

In general, Americans aren’t saving as much as we should. And when it comes to retirement, we could do a better job at investing in our futures with regular contributions to 401(k) plans and IRAs.

In her recent Redwood Credit Union webinar, Jean Chatzky suggested we aim for saving 15% a year. In reaching that goal, we should be able to build our retirement fund so that it covers about 45% of our pre-retirement income. The rest will come from Social Security to help us achieve a replacement rate of income that we should be able to comfortably live on.

As we move into a new year, we’d love to help you set goals to work toward your future. It’s never too late to get started or to make positive shifts. Here are the individual retirement account options you have at RCU—all of which come with no monthly fee:

  • Traditional IRAs
  • Roth IRAs
  • SEP IRAs
  • And more.

You can also roll funds into an RCU IRA from previous 401(k) plans or transfer IRA funds from another financial institution or investment company. Moving those accounts to us makes it easier to monitor your investments and simplify account information at tax time.

Contributions to a traditional IRA can be tax deductible and the deadline to contribute to them is normally the same as the deadline to file your tax return. So even though we’re in January, you still have until April to make your 2020 contributions. The annual contribution limit for 2020 and 2021 is $6,000 (or $7,000 if you're age 50 or older). Learn more about IRAs here.

We’re always here to discuss your options, so don’t hesitate to reach out to us. One of your benefits as an RCU Member is scheduling a free consultation with a financial advisor who can help you identify and implement strategies to attain your financial goals—for this year and years to come! Visit redwoodcu.org/investments to get started.

2020 was an unusual year and you may have additional tax questions. Here are a few good resources:

For additional help, please consult your trusted tax advisor.

 

 

Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.

 

CATEGORIES:
  • Life Planning & Education
  • Blog
  • Investing & Retirement

Join RCU Today

RCU Logo

Welcome!

Get started now

Join Now 

If you're interested in opening a Business, Trust, or other type of account, please visit your nearest branch.

Redwood Credit Union serves anyone living, working or owning a business in California’s Northern Bay Area, which includes the counties of Sonoma, Marin, Napa, Mendocino, Lake, San Francisco, Contra Costa and Solano. We look forward to serving you!

Choose Account Type

RCU Logo

Welcome!

Choose the Type of Account You Wish to Open

Personal       Youth

 

If you're interested in opening a Business, Trust, or other type of account, please visit your nearest branch.

Login Help

Need Help Logging in to RCU Online?

If you’ve forgotten your RCU Online banking Username, password, or other login information, follow the directions below to get help now.

Sign up today for RCU Online banking.

enroll now

Still need help?

Contact our Member Service Center at 1 (800) 479-7928, Monday through Friday from 7am to 8pm or Saturday from 8am to 5pm PST.