Why the elderly need their credit union and how to help members save for a better retirement.
In December, MSNBC reported on new research that highlights a startling trend: nearly half of elderly Americans will live near or below the poverty level for at least one year. Experts recommend financial education and cooperative strength to support the impoverished, elderly demographic, a custom call for credit unions.
In this video from the Wall Street Journal, senior financial planner Christine Fahlund suggests pre-retirees spend more, save less, and work longer. Fahlund explains how the trade-off works: If a member stays in the workforce for five years after retirement age, the amount of added income combined with a higher social security check after retirement significantly increases retirement income.
These two reports outline different strategies to aid post-retirement members. The nearly impoverished and the working-to-save are two distinct groups within your membership, but credit unions have the opportunity to offer solutions in the form of education and planning. These are the solutions that will ease members' financial fears, whatever they might be.