Financial Matters: On track to retire

PORTSMOUTH, Va. (WAVY) - Prior to retirement the primary goal is to grow your money. After retirement the mindset is to use those dollars to generate income that will last a lifetime for one or two people, if you are married.

When choosing a retirement income planner, inquire about their background and experience. The more years the planner has been designing retirement income strategies may be more important than the many acronyms behind his or her name. Interview your potential planner.

1. Meet with a retirement income specialist

• Evaluate projected retirement income streams
• Determine if projected income will be enough
•  May need to make financial adjustments

2. Design plan to generate future income

• Build increasing income for the future
• Design plan to provide income in 5 - 10 year time frames
• Invest to make sure client gets raises throughout retirement
• Peace of mind with a plan in place

For more information on how to start saving for your retirement, stop by any of the 14 BayPort Credit Union locations across Hampton Roads or click here to visit the website.