By Gigi Hyland
“I always had a wall up when it came to retirement, and I didn’t want to think about it because I thought I would never have enough money. After being here today, I feel a lot better,” said Kandy, a participant of a Retirement Fair from the National Credit Union Foundation.
Kandy is like many other American’s who fear they are unable to save the amount necessary to retire comfortably. According to the Employee Benefit Research Institute’s Retirement Confidence Survey, only 22% of workers are confident they will have enough money in retirement. A Congressional testimony found that 45% of Americans have saved nothing towards retirement - not a dime.
Luckily for Kandy, and for those out there who fear they are not prepared for their financial future, there is a resource to help break down the wall.
At the National Credit Union Foundation (the Foundation), we are dedicated to helping credit union members every step of the way along life’s journey. Part of that journey is planning for retirement, a dream many people dwell on since they enter the workforce.
Therefore, the Foundation, in partnership with CUNA Mutual Group, have created a Retirement Fair experience designed to help credit union members achieve their dreams when it comes to retirement. The “Retire on Track” program is an interactive experience to help members of all ages develop better strategies for saving for retirement. Earlier this year, the program won a prestigious CUNA Diamond Award in the "Financial Education" category.
“The Retire on Track program helps members experience all of the decisions they’ll need to make in retirement about lifestyle, what will that lifestyle cost, and are they saving enough or how can they save more to be able to fund their retirement,” said Mark Lynch, Senior Program Manager at the National Credit Union Foundation.
Seven Lifestyle Booths
The experience is set up with seven lifestyle booths that participants visit during the fair. At each booth, they ponder a series of questions and then make assessments about how much they will most likely spend on that aspect of their retirement lifestyle. After visiting each booth they then hear how to link their lifestyle choices to their retirement savings.
To get a better understanding of a Retirement Fair, you can watch this short video that walks you through a fair. You can hear from participants who have just entered the workforce to those who are nearing retirement about the impact of participating in a Retirement Fair.
The “Retire on Track” program is available for credit unions to purchase and utilize to help credit union staff, members, and those in the community learn and better prepare for retirement. Organizations can order the program materials from the Foundation, which includes electronic files of everything you would need to hold a fair, including a comprehensive guide, PowerPoint presentations, handouts, posters, webinars, and more.
It’s never too early or too late to begin saving for retirement. Retirement Fairs can change your members’ lives, like it changed Kandy’s. She has gained confidence in herself, and has gained the tools and resources to retire on track.
Gigi Hyland is executive director of the National Credit Union Foundation. For info: www.ncuf.coop.