Imagine your golden years. 

You don’t have to get up before 8:00 a.m. to commute to a job (even if just commuting to your desk in another room at home). But you do have time to volunteer, read books, or spend time with your grandchildren. You can take up a new hobby, take an afternoon nap or take an exotic trip that you never had time for when you were younger.

All you need is… money. A lot of it.

Depending on your health, your retirement could last just 10 years or it could be 40 years. Either way, you need to have a plan in place to pay for your basic needs — plus extra money to pay for the things you want.

Here are a few tips and things to think about.

Diversify your investments. If your workplace offers any sort of “match” for your retirement investment, usually with a 401(k) plan, start saving there. It’s helpful to get that “free money” from your employer toward your retirement. If you can do more, you should also consider an IRA and other long-term investments. Talk to a CommonWealth One Financial Network advisor about the options that will be best for you. The more you save (and the earlier you do it), the better off you’ll be!

Fill in the gaps. Some public service jobs and union jobs come with a pension. It’s a great employment benefit, knowing that you’ll get a regular payment after you retire. But don’t rest on your laurels! That pension payment may not be enough to sustain you, so you still need to have significant additional savings. (The same consideration goes to Social Security, which can be helpful but is unlikely to be enough to cover all of your expenses.)

Consider your health needs. Part of your retirement preparation should take your health needs into consideration. Medical expenses can add up very, very quickly, whether it’s a hospitalization or long-term assisted living care. You should talk to a financial advisor about whether long-term care insurance is right for you.

Never stop learning. Retirement strategies and investment tools change frequently, as do tax laws! Join CommonWealth One Financial Network Advisor Timothy States for a free retirement investment strategies webinar at 2:00 p.m. this coming Wednesday, September 27 and at 11:00 a.m. Thursday, September 28. You can register now at cofcu.org/events.

Request a free consultation: Investment Services | Retirement Planning VA DC | COFCU