Save and Plan for the Future
Time is your biggest ally when it comes to saving for retirement.
It’s important to put some money aside, even if you can only afford to save a little.
You’ll need to have money on hand for unplanned expenses, big purchases, and your retirement. Choose the kind of savings plan that’s right for you, and start putting even a small amount of money away as soon as possible.
How much will you need for retirement?
Determine how much you’ll need to save, then develop a plan to achieve your goal.
Getting started with saving and investing
Get familiar with your options for saving, how to invest, what to watch out for, and how to come up with a savings plan.
Planning for emergencies
The unexpected can happen at any time, to anyone, which is why having some emergency savings is important.
Opening up a DC Credit Union Savings account has helped me put aside a small nest egg for retirement, which is absolutely important to me.
”Let’s take a look at your options for saving and investing
401k Retirement Plans
These are employer-sponsored retirement plans that allow you to deduct money from your paycheck and deposit it in a retirement account. Your savings are not taxed until you withdraw your money after the age of 65. Some employers match their employees’ contributions, adding to your savings potential.
Individual Retirement Accounts (IRAs)
This is a retirement savings account for individuals who don’t have an employer-sponsored plan. There are a few different types of IRAs, and each calendar year you can contribute up to a maximum dollar amount, which varies based on the type. DC Credit Union offers Traditional and Roth IRAs, both of which offer different advantages.
College 529 Savings Plan
Pre-paid tuition plans and college savings plans are both types of 529 plans, which are tax-advantaged savings plans that make it easier to save for future college costs.
Learn more about College 529 Savings plans
Savings Accounts
DC Credit Union also offers a range of savings accounts that allow you to save money and earn dividends on the cash held in that account. Some, like Money Market Accounts or Share Certificates, offer slightly higher dividend rates in exchange for a higher balance or longer term of investment.
Tips for saving
- Set your savings goals. Do you want to save for college? Retirement? A special event or a major purchase? How much will you need to save, and how much time do you have to save?
- Choose a set amount of money to save each month of pay period. Use direct deposit and payroll distribution to make it automatic and easy.
- Treat your monthly savings like one of your important bills, and make it a part of your budget.
Keep your savings in a separate account from the one you use for paying bills and regular spending. - Start saving now! Even if you start small, it adds up over time.
Calculators to help you save and plan for the future
Reclaim your future. Reclaim your security.
DC Credit Union IRAs and Share Certificates
Individual Retirement Accounts are a great way to save money for retirement. With a traditional IRA, your contributions are often tax-deductible and you accumulate earnings tax-deferred. Your contributions to a Roth IRA are never tax-deductible, but your money can be withdrawn tax-free.
Over 60? Become a Diamond Dividends member!
To honor our mature members, we offer a special package of benefits to those 60 and older:
- Money Market Account that earns higher dividends, with free checks for easy access.
- Visa Platinum Rewards card with NO fee.
- 6.0% APY when you save for a grandchild.
- $500 off Home Equity Line of Credit closing costs.
- Free Lunch & Learn seminars, special events, and more.