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Available through CUSO Financial Services, L.P.


If you’re at a point in your life where the finish line (retirement) is within reach, it means you’ve worked hard for most of your adult life and should enjoy the fruits of your labor. But are you financially ready to retire? Whether you’re close to retiring or still have 10-15 years ahead of you, it’s important to review key areas to determine if you’ll be ready when that date arrives.

In this blog, we’ll cover four questions to ask yourself.

Have you saved enough?

Whether you’ve saved enough could depend on a few factors:

  • How often you reevaluated your retirement savings plan (a good rule of thumb is to review your progress every five years)
  • How long your retirement savings needs to last, and
  • Do you have a spouse or partner

With the help of an Advisor, you can make informed decisions, like increasing your retirement savings amount the closer you get to retirement or looking at different retirement savings options. An Advisor could also help you decide if you and your spouse should stagger your retirement and how to maximize your retirement income.

What are your living expenses?

In retirement, some expenses may decrease while others could increase. For example, commuting expenses most likely will decline, but what about healthcare costs? Evaluating your potential healthcare options and out-of-pocket expenses before retirement means you could start planning now.

For most people, the most significant expense is their home. If you’re able to, paying off your mortgage before retirement is a great financial goal. Doing so isn’t always possible. There are options to consider that could help alleviate the demand on retirement savings, like selling your house, buying a smaller and less expensive home, or refinancing your home loan to spread the remaining balance over 20-30 years.

Will you be debt-free?

Having debt while in retirement means another expense that your retirement savings needs to cover. For those currently in or close to retirement, the average debt (age 56+) ranges from over $40,000 to nearly $97,000. Taking the time now to pay off debt could help with your long-term retirement needs. Making a retirement budget could lessen your stress about money.

Can you stop working completely?

A part-time job while in retirement can have many benefits, like improving your retirement lifestyle as well as maintaining an active and social life. Before you make a post-retirement job commitment, make sure to speak with an Advisor who can review how working while retired could affect your retirement income, like Social Security benefits.

Planning for retirement isn’t one-size-fits-all. You’ll want to ensure a retirement plan is tailored to meet your personal needs. An Advisor can help! Monaye Nelson-Morgan, CFS* Financial Advisor, can be with you throughout your retirement journey to help. To get started, contact Monaye at

*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.

Before deciding whether to retain assets in an employer-sponsored plan or rollover to an IRA, an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock.

Fraud Webinar

Learn how to recognize the signs of a scam by joining us and AARP for the Protect Yourself Against Fraud (with a COVID Twist) Webinar! Visit our page to learn more about the webinar and to get the Zoom link.

Webinar Details:
Date: Tuesday, August 23, 2022
Time: 12:00 PM

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