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The not-for-profit financial cooperative guides working adults in making sustainable retirement plans.

[COLUMBIA, 04/26/2018] — Almost half of adult American have not made tangible retirement plans. They have not put aside savings for it, either, says Palmetto Citizens Federal Credit Union. The not-for-profit financial cooperative understands how crucial a retirement plan is, though, so it helps clients set goals, strategies, and timelines that match their retirement goals.

Early Planning for a Comfortable Retirement

Palmetto Citizens Federal Credit Union believes that it is never too early to start planning and saving for retirement. During working years, it pays to allocate a portion of the paycheck to a separate savings account or to long-term retirement plan investments. When the individual chooses to stop working, therefore, the accumulated amount contributes to a comfortable and successful retirement.

The not-for-profit financial cooperative also reminds clients of their right to claim the benefits of Social Security as well as of pension plans, such as a 401(k) and IRAs from former employers. It reminds clients, however, that waiting might be more beneficial in the long run. It gives Social Security benefits as an example:

  • Individuals get 25 percent less than their entitled benefits if they claim as early as 62 years old.
  • Individuals get 100 percent of their entitled benefits when they wait until the full retirement age of 66 before claiming.
  • Individuals may receive 35 percent more than their entitled benefits if they wait until they are 70 years old before claiming.

A financial advisor from the cooperative helps clients decide the most suitable approach to retirement plans.

Not-for-Profit Services that Contribute to Retirement Plans

Palmetto Citizens Federal Credit Union wants clients to have sustainable retirement plans. As such, it offers the following not-for-profit services that help with retirement:

  • Palmetto Citizens Trust & Investment Services
  • Savings Account
  • Online Calculators

The cooperative has a team of knowledgeable representatives who answer questions related to these services as well as to retirement in general.

About Palmetto Citizens Federal Credit Union

Palmetto Citizens Federal Credit Union is a financial cooperative that serves the residents of six counties in South Carolina. The cooperative prioritizes the financial needs of its members more than the potential profit it can make from them.

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