We’ll Be With You Every Step of the Way.

Chuck Molloy LPL Financial Advisor

Whether you’re saving for your children’s education, planning for your retirement or securing your family’s financial future, you can depend on Erie Advisors to help you find strategies to address your long-term financial objectives. Unlike some financial companies, our focus is on investment strategies and service. You can feel confident that you’ll receive the same level of personal service together with the knowledge you need to make sound financial decisions.

Dave Garres LPL Financial Advisor

Through LPL Financial, Erie Advisors offers a vast array of exceptional wealth management products and services including:

• Comprehensive financial guidance

• Retirement planning and income strategies

• 401(K) transition assistance

• Investment management

• Insurance needs analysis

To learn more, call 814-897-2500 or contact Erie Advisors online at https://www.eriefcu.org/invest/appointment-request to schedule a complimentary consultation.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Erie Federal Credit Union and Erie Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Erie Advisors, and may also be employees of Erie Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Erie Federal Credit Union or Erie Advisors. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value

What Does it Take to Retire?

Think of those days when you can sleep in and spend the day doing whatever you want. To get there you need to plan how much money you’ll need to live on when you retire.

There isn’t a “one size fits all” method for calculating this amount; there are many factors to consider. For example, how much have you saved thus far? At what age do you wish to retire? Do you want to maintain your current lifestyle or are you planning to spend less? How much financial risk are you willing to take with your investments? You’ve also got to factor in the rate of inflation at the time of your retirement — it generally runs between 2% to 3%, but unexpected events, like a war and a pandemic, can obviously affect that figure.

There are many personal finance calculators available online to help you estimate your retirement goal and how to much you’ll need to save each year. They are usually set up so you can modify the assumptions to suit your circumstances and run different scenarios. Calculator.net offers a free simple calculator, but there are many others to choose from. The calculators allow you to enter different figures for different scenarios and decide how comfortable you are with each path.

But let’s run one scenario to give you a general idea of how much you will need to save by retirement age. Say you are 40 and want to retire at 67. Your current income is $60,000 and you want to maintain 75% of your current lifestyle. At retirement, you’ll need approximately $650,000 to support yourself for your remaining years.

That’s a lot of money, but remember, you don’t have to figure out how to get there by yourself. We can help you. Talk to one of our branch professionals for information about your retirement saving options.