Credit unions should focus on their members’ retirement needs

Retaining current members at any credit union is just as important as pulling in new ones. One smart way unions can get their current members’ attention and potentially sell more financial products is to focus on helping people plan for their retirement.

People nowadays retire at anywhere from 60 to 70 years old depending on their career trajectory and savings. Most need to begin planning ahead far in advance, but particularly 10 to 15 years ahead of the big day. Credit unions should focus on their members between the ages of 45 and 55 to ensure these people will be ready for retirement when the time comes.

Essential education
The first step to truly helping members plan for retirement is offering them not just products, but educational services. Many people aren’t aware of the cost of retirement and that their savings, Social Security and pensions may not be enough to cover their living and medical expenses after they stop working.

Credit unions should help their members calculate the estimated retirement savings they’ll need to live comfortably for 15 to 20 years after retirement. If the organization doesn’t have its own paperwork, it can use the U.S. Department of Labor’s worksheet, which is available online.

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